Robin Leadbeater

V-I is a ratio though so should be independent of the actual flux under some scenarios eg partial obscuration by a completely opaque medium or by one which semi-transparent but absorbs equally at all wavelengths. We can therefore rule out these scenarios based on this. I agree though for scenarios where there is an additive effect eg starspots (or like your flares) the absolute magnitudes need to be considered to separate out the two components. Fortunately there is plenty of  V mag data and the spectra cover the full passband so the spectra could be converted to absolute magnitude