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Hugo(Xie Lanzhi) · 2020年03月22日

问一道题：NO.PZ2015121802000019

  1. CFA I
  2. Portfolio

问题如下：

Calculate the periodic money-weighted rate of return on the investment based on the following information:

At t=0, buy a share of stock for $45.

At t=1, buy another share of the same stock for $55.

At t=2, sell both shares for $65

The stock paid a dividend of $1 per share at t = 1 and at t =2.

选项：

A.

23.8%.

B.

22.0%.

C.

21.5%

解释：

C is correct.

Use calculator's cash flow functions and follow the steps as: CF0 = -45; CF1 = -55+ 1 = -54; CF2 = 65 x 2 + 2 = 132; CPT IRR =21.5%.

为什么在T1的时候只加了1只股票的股利？T1时候不是又买了一只吗？

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1 个答案

丹丹_品职答疑助手 · 2020年03月22日

嗨，从没放弃的小努力你好：


同学你好，画现金流量图可能比较容易理解这道题，T=0时，买入一直股票，这只股票在t=1时获得了每股1元的分红，同时在t=1时购买又购买了一只股票，在T=2时刻，因为持有两share 所以分得红利2元。本题可以理解为，股票分红不是买入就可以分红，必须持有一段时间才能享有分红的利益；也可以认为股票分红是有红利登记日的，红利登记日一般早于红利发放日所以在T=1时刻发放的不是在T=1时刻刚刚购买的股票。个人认为第一种方法针对本题更好理解。希望可以帮到你


-------------------------------
努力的时光都是限量版，加油！


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