有点晕了，所以ST model最终算出来的结果E(r)是required return?

NO.PZ202105270100000502 问题如下 Baseon expectations for changes in integration with the globmarket, all else being equal, the Singer–Terhamol implies thBar shoulshift capitfrom Country A to: A.only Country B.only Country C.both Countries B an B is correct.Bar expects the equity market in Country C (emerging market) to become more fully integratewith the globmarket while Country A (a velopemarket) remains highly integrate All else being equal, the Singer– Terhamol implies thwhen a market becomes more globally integrate(segmente, its requirereturn shoulcline (rise). prices aust to a lower (higher) requirereturn, the market shoulliver even higher (lower) return thwpreviously expecteor requirethe market. Therefore, the allocation to markets thare moving towarintegration shoulincrease If a market is moving towarintegration, its increaseallocation will come the expense of markets thare alrea highly integrate This will typically entail a shift from velopemarkets to emerging markets. Bar预计，C国(新兴市场)的股票市场将与全球市场更加全面地融合，而A国(发达市场)的股票市场仍将高度融合。在其他条件相同的情况下，Singer - Terhaar模型表明，当一个市场变得更加全球一体化(细分)时，其所需回报应该下降(上升)。当价格调整到一个更低(更高)的要求回报时，市场应该提供比先前预期或市场要求更高(更低)的回报。因此，应该增加对正在走向一体化的市场的配置。如果一个市场正在走向一体化，其配置的增加将以已经高度一体化的市场为代价。这需要从发达市场转向新兴市场。 按照何老师讲的内容，越分散要求的收益率越高，越整合要求的收益率月底。按照这个思路，应该选择去分散的国家呀，这样得到的回报率是高的。但是我看助教的一些又是从价格的角度来考虑，同时提到了事前和事后，我觉得的比较含糊，是依据答案来，而不是根据题目本身。麻烦助教从题目本身出发，结合这个知识点系统的帮我梳理一下吧，谢谢。

NO.PZ202105270100000502 问题如下 Baseon expectations for changes in integration with the globmarket, all else being equal, the Singer–Terhamol implies thBar shoulshift capitfrom Country A to: A.only Country B.only Country C.both Countries B an B is correct.Bar expects the equity market in Country C (emerging market) to become more fully integratewith the globmarket while Country A (a velopemarket) remains highly integrate All else being equal, the Singer– Terhamol implies thwhen a market becomes more globally integrate(segmente, its requirereturn shoulcline (rise). prices aust to a lower (higher) requirereturn, the market shoulliver even higher (lower) return thwpreviously expecteor requirethe market. Therefore, the allocation to markets thare moving towarintegration shoulincrease If a market is moving towarintegration, its increaseallocation will come the expense of markets thare alrea highly integrate This will typically entail a shift from velopemarkets to emerging markets. Bar预计，C国(新兴市场)的股票市场将与全球市场更加全面地融合，而A国(发达市场)的股票市场仍将高度融合。在其他条件相同的情况下，Singer - Terhaar模型表明，当一个市场变得更加全球一体化(细分)时，其所需回报应该下降(上升)。当价格调整到一个更低(更高)的要求回报时，市场应该提供比先前预期或市场要求更高(更低)的回报。因此，应该增加对正在走向一体化的市场的配置。如果一个市场正在走向一体化，其配置的增加将以已经高度一体化的市场为代价。这需要从发达市场转向新兴市场。 衡量好不好到底是看收益率还是看资产的估值呢？从收益率角度来说，低是不好的，但是资产价格就高了

NO.PZ202105270100000502问题如下 Baseon expectations for changes in integration with the globmarket, all else being equal, the Singer–Terhamol implies thBar shoulshift capitfrom Country A to:A.only Country B.B.only Country C.C.both Countries B anC. B is correct.Bar expects the equity market in Country C (emerging market) to become more fully integratewith the globmarket while Country A (a velopemarket) remains highly integrate All else being equal, the Singer– Terhamol implies thwhen a market becomes more globally integrate(segmente, its requirereturn shoulcline (rise). prices aust to a lower (higher) requirereturn, the market shoulliver even higher (lower) return thwpreviously expecteor requirethe market. Therefore, the allocation to markets thare moving towarintegration shoulincrease If a market is moving towarintegration, its increaseallocation will come the expense of markets thare alrea highly integrate This will typically entail a shift from velopemarkets to emerging markets. Bar预计，C国(新兴市场)的股票市场将与全球市场更加全面地融合，而A国(发达市场)的股票市场仍将高度融合。在其他条件相同的情况下，Singer - Terhaar模型表明，当一个市场变得更加全球一体化(细分)时，其所需回报应该下降(上升)。当价格调整到一个更低(更高)的要求回报时，市场应该提供比先前预期或市场要求更高(更低)的回报。因此，应该增加对正在走向一体化的市场的配置。如果一个市场正在走向一体化，其配置的增加将以已经高度一体化的市场为代价。这需要从发达市场转向新兴市场。 是选择更分割的国家，因为风险更高的要求回报率高？还是选择更整合的国家，因为风险低，回报低，折现出来的资产价值会提高？

NO.PZ202105270100000502 问题如下 Baseon expectations for changes in integration with the globmarket, all else being equal, the Singer–Terhamol implies thBar shoulshift capitfrom Country A to: A.only Country B.only Country C.both Countries B an B is correct.Bar expects the equity market in Country C (emerging market) to become more fully integratewith the globmarket while Country A (a velopemarket) remains highly integrate All else being equal, the Singer– Terhamol implies thwhen a market becomes more globally integrate(segmente, its requirereturn shoulcline (rise). prices aust to a lower (higher) requirereturn, the market shoulliver even higher (lower) return thwpreviously expecteor requirethe market. Therefore, the allocation to markets thare moving towarintegration shoulincrease If a market is moving towarintegration, its increaseallocation will come the expense of markets thare alrea highly integrate This will typically entail a shift from velopemarkets to emerging markets. Bar预计，C国(新兴市场)的股票市场将与全球市场更加全面地融合，而A国(发达市场)的股票市场仍将高度融合。在其他条件相同的情况下，Singer - Terhaar模型表明，当一个市场变得更加全球一体化(细分)时，其所需回报应该下降(上升)。当价格调整到一个更低(更高)的要求回报时，市场应该提供比先前预期或市场要求更高(更低)的回报。因此，应该增加对正在走向一体化的市场的配置。如果一个市场正在走向一体化，其配置的增加将以已经高度一体化的市场为代价。这需要从发达市场转向新兴市场。 看了其他同学以及助教们对这道题的提问和回答，依然不是太明白。首先，这种题目的解题思路什么？考的是哪一个知识点？其次，就题目而言，A 国家集中度比较高，是要投一个集中度也比较高，还是比较分散的国家呢？根据这题答案，貌似是要投一个集中度也很高的国家，那根据集中度越高，越一体化，不是收益率越低吗？