NO.PZ2015121810000026
问题如下：
All else equal, which of the following would most likely explain the fall in price of a particular company’s shares?
选项：
A.The expected inflation rate falls.
B.The company’s future cash flows are expected to increase.
C.The yield to maturity on real default-free investments rises.
解释：
C is correct.
According to the fundamental pricing equation, the market value of an asset is affected by economic factors that affect the asset’s expected future cash flows, default-free interest rates, expected inflation rates or the asset’s risk premium. From Equation 1 in Section 2.1, expected cash flows are in the numerator, while expected inflation and the real risk-free rate are in the denominator. Consequently, a rise in the real risk-free rate (the yield to maturity on a default-free instrument) will lead to a fall in the price of a risky asset like stock by increasing the rate at which its cash flows are discounted.
考点：Equities and The Equity Risk Premium
解析：股票的价格和债券一样，也可以通过未来现金流折现求和计算。
A， expected inflation rate 影响的是分母折现率，通货膨胀率下降，分母变小，股票价格变大。
B， future cash flows影响的是分子未来现金流，分子变大，股票价格变大。
C， yield to maturity on real default-free investments 影响的是分母折现率，分母变大，股票价格变小。因此选C
“yield to maturity on real default-free investments ”这个部分是什么含义？具体如何影响到股价？
