老师,算endowment required return时,是 spending rate+ inflation+expense,还是(1+spending rate)*(1+inflation)*(1+expense)?
lynn_品职助教 · 2024年02月17日
嗨,努力学习的PZer你好:
老师,算endowment required return时,是 spending rate+ inflation+expense,还是(1+spending rate)*(1+inflation)*(1+expense)?
都可以,乘法要精准一点,协会貌似更喜欢考乘法
对于目标是Support in perpetuity、并且Maintain the purchasing power(real value)的Endowment/Foundation,计算Required return时,公式是:
近似算:Nominal return = spending rate + inflation + management fee
也可以用乘法算精确的:
(1+Spending)(1+Inflation)(1+ management fee)=(1+nominal return)
----------------------------------------------加油吧,让我们一起遇见更好的自己!