NO.PZ2023080903000026
问题如下：
Consider the investment summarized in the table below:
Year Activity
Start of Year 1 One unit purchased at $90
End of Year 1 $5.00 dividend/unit paid and one additional unit purchased at $135
End of Year 2 $5.00 dividend/unit paid and both units are sold for $130 per unit
If dividends are not reinvested, how does the money-weighted return compare to the time-weighted return?
选项：
A.Lower
The Same
Higher
解释：
TWR = [(1 + HPRYear 1) × (1 + HPRYear 2)]1/2 − 1.
Where: HPRYear 1 = ($135 − $90 + $5)/$90 = 55.56%
HPRYear 2 = ($260 − $270 + $10)/$270 = 0%
Therefore, TWR = [(1 + 0.5556) × (1 + 0%)]1/2 − 1 = 24.72%.
The money-weighted rate of return (MWR) can be calculated using the formula provided in the text.
Using the cash flow (CF) function of a financial calculator:
CF0 = −$90
CF1 = (−$135 + $5)
CF2 = ($260 + $10)
Solving for IRR: MWR or IRR = 15.43%.
MWR更取决于投资者投资的时期？比如刚投就降价了，是MWR还是TWR来着？
