NO.PZ2022123001000153
问题如下：
At the
beginning of the year, an investor holds EUR10,000 in a hedge fund. The investor
borrowed 25 percent of the purchase price, EUR2,500, at an annual interest rate
of 6 percent and expects to pay a 30 percent tax on the return she earns from
his investment. At the end of the year, the hedge fund reported the information
in Exhibit 1:
Exhibit 1:
Hedge Fund Investment
The
investor’s after-tax return on the hedge fund investment is closest to:
选项：
A.3.60 percent
3.98 percent
5.00 percent
解释：
C is correct.
The first step is to compute the investor’s net return from the hedge fund
investment. The net return is the fund’s gross return less managerial and
administrative expenses of 1.60 percent, or 8.46% – 1.60% = 6.86%. Note that
trading expenses are already reflected in the gross return, so they are not
subtracted.
The second step
is to compute the investor’s leveraged return (the investor borrowedEUR2,500
(25 percent) of the purchase), calculated as: follows
RL =
Rp + VB/ VE ( Rp − rD )=
6.86% + 2, 500/7, 500 ( 6.86 % − 6%)= 6.86% + 0.33 × 0.86% = 7.15% .
The
final step is to compute the after-tax return: After-tax return = 7.15% (1 –
0.30) = 5.00%.
我有一个疑问，为什么是先算杠杆收益再减去税？而不是先减去税再算杠杆收益？
