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little yao · 2023年08月19日

这一题是什么考点？还在考纲里吗

  1. CFA III
  2. Capital Market Expectations

NO.PZ2018091901000057

问题如下：

An Australian investor currently holds a A$240 million equity portfolio. He is considering rebalancing the portfolio based on an assessment of the risk and return prospects facing the Australian economy. Information relating to the Australian investment markets and the economy has been collected in the following table:

Using the information in the table, calculate the historical Australian equity risk premium by the “equity-vs-bonds” premium method.

选项：

A.

4.6%

B.

2.7%

C.

1.8 %

解释：

C is correct.

The historical equity risk premium is 1.8%, calculated as follows:

Historical equity returns – Historical 10-year government bond yield = Historical equity risk premium

4.6% – 2.8% = 1.8%

解析：

Historical equity returns=historical 10-year government bond yield + Historical equity risk premium，根据此等式，我们就可以反求出Historical equity risk premium= 4.6% – 2.8% = 1.8%注意到题目要求的是历史数据 ， 所以求解此题时都应该用表格第一列的数据 。

这一题是什么考点？还在考纲里吗

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1 个答案

源_品职助教 · 2023年08月21日

嗨，从没放弃的小努力你好：



这道题其实就是用BUILDING BLOCK的方法求股权收益。

只不过把equity-vs-bonds”的 premium看成了一个整体。

BUILDING BLOCK的方法还在考纲里。

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努力的时光都是限量版，加油！

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