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manman · 2023年01月07日

老师,没看懂这题考啥

* 问题详情,请 查看题干

NO.PZ202210140200000103

问题如下:

In the current interest rate environment, using a required return on equity estimate based on the short-term government bond rate and a historical ERP defined in terms of a short-term government bond rate would be expected to:

选项:

A.

bias long-term required return on equity estimates upward

B.

bias long-term required return on equity estimates downward

C.

have no effect on long-term required return on equity estimates.

解释:

A is correct. The required return reflects the magnitude of the historical ERP, which is generally higher when based on a short-term interest rate (as a result of the normal upward-sloping yield curve), and the current value of the rate being used to represent the risk-free rate. The short-term rate is currently higher than the long-term rate, which will also increase the required return estimate. The short-term interest rate, however, overstates the long-term expected inflation rate. Using the short-term interest rate, estimates of the long-term required return on equity will be biased upward.

考点是啥,没有找到对应知识点

1 个答案

王琛_品职助教 · 2023年01月09日

嗨,努力学习的PZer你好:


1

这道题是课后题第 3 题,考点是使用历史估计法计算 ERP,顺带考了 CAPM 公式

其实这道题,老师在课上,专门当成例题,仔细讲了一遍

请参考基础班讲义墨迹版 P135-137

2

这道题,从之前在权益学科开始,就有很多同学问

2023 年考纲挪到了企业发行人学科,考点原理是不变的

个人建议,同学再仔细听一下老师的讲解,毕竟是上课讲过的例题,而且老师专门做了板书讲解,原理一定要掌握

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