NO.PZ2015120604000033
问题如下:
Tom buys one share of stock at $30 now, and one more shares at $35 after one year. At the end of year 1, the stock paid $5 dividend per share. At the end of t2, Tom sold 2 shares for $40 each. Calculate the time-weighted rate of return on this investment.
选项:
A.9.88%.
B.15.00%.
C.23.13%.
解释:
C is correct.
During the year1, the hoding return is (35 + 5) / 30 - 1= 33.33%,
During the year2, the hoding return is 80 / 70 - 1 = 14.29%
Time-weighted return = [(1.33)(1.14)]0.5 - 1 = 23.13%
在第一期算收益时,股票价格已经涨到了35,虽然没有抛售,但表示我能够以35的价格卖出股票,获得收益,所以是正号,表示现金流流入。
为什么呢?现金流应该是纯投入或者提取呀,为什么股票的涨跌也算呢?我理解的是如果股票抛售赚了钱才算,为什么没抛售也算呢?