问题如下：
3. Based on Exhibit 1 and White’s notes, which of the following is least consistent with White’s conclusion regarding Bema’s announcement?
选项：
A.Bema’s bonding costs will be higher than Aquarius’s.
B.Bema will have a lower degree of operating leverage than does Aquarius.
C.Bema will have a lower percentage of tangible assets to total assets than does Aquarius.
解释：
B is correct.
If Bema’s degree of operating leverage declines relative to that of Aquarius, Bema’s business risk will also decline relative to Aquarius. All else being equal, this decline would be expected to increase Bema’s market value relative to Aquarius; e.g., by decreasing Bema’s cost of equity.
- 能解释下经营杠杆吗，为什么delta EBIT/ delta Sales可以反应经营杠杆，而且越低越好？
- Bond cost就是让管理层少花钱，那不就对股东有利吗，为什么是不以股东利益最大化为前提的cost？
