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LouisLiu · 2024年05月17日

CFA III, 主观计算题是否需要写文字版公式

  1. CFA III
  2. Capital Market Expectations

NO.PZ2020012102000008

问题如下：

An analyst at a real estate investment management firm seeks to establish expectations for rate of return for properties in the industrial sector over the next year. She has obtained the following information:

Estimate the expected return from the industrial sector properties based on the data provided.

选项：

解释：

The expected change in the cap rate from 5.7% to 5.5% represents a (5.5% – 5.7%)/5.7% = 3.5% decrease.
Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7% + (1% + 1.5%) – (–3.5%) = 11.7%.
Note: As the cap rate is expected to decrease, property values are expected to increase, hence the cap rate change contributes to the expected return.

解析：

上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。

使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.

注意到，由于 cap rate预期会下降，物业价值预期会上升，因此上限税率的改变对预期回报有贡献。

老师好，请问考试的时候主观题公式我直接像下边写数字行嘛，需要写文字版公式吗：



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4 个答案

源_品职助教 · 2024年05月28日

嗨，努力学习的PZer你好：



好滴，感谢同学的反馈~

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加油吧，让我们一起遇见更好的自己！

源_品职助教 · 2024年05月23日

嗨，努力学习的PZer你好：


那再请问下同学是否有影响是老师讲到这道题，或是讲房地产部分的时候说了这句话？

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加油吧，让我们一起遇见更好的自己！

LouisLiu · 2024年05月28日

老师我看了下笔记，位置好像在通关秘籍的CME，讲Forecasting real estate returns。何老师在那个附近好像说过一句 写公式也可能给分

源_品职助教 · 2024年05月21日

嗨，从没放弃的小努力你好：


同学能具体告知下是哪个课程（基础班、强化班、经典题、总复习），哪部分视频么（视频名称），我去确认下。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

LouisLiu · 2024年05月22日

老师问看的是Capital Market Expectation的通关秘境，所以是混合的课程，然后具体哪个视频已经记不住了，我都看完了

源_品职助教 · 2024年05月20日

嗨，从没放弃的小努力你好：


可以不用写文字版公式哈，同学图片中这样写是可以的。请问同学是在哪里听到需要写公式么？

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

LouisLiu · 2024年05月21日

老师好，何老师讲的课里有时候会说考试的时候写一下文字版本公式可能会给分，但是也说时间紧可能来不及

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