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run up是什么意思？

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NO.PZ201601200500004606

问题如下：

6. Are Smith’s two comments about his analysis correct?

选项：

Both of his comments are correct.

Both of his comments are incorrect.

His first comment is correct, and his second comment is incorrect.

解释：

A is correct.

Both of Smith’s statements are correct.

If there was a pre-announcement run-up in Quadrant’s price because of speculation, the takeover premium should be computed based on the price prior to the run-up. Because the comparable transaction approach is based on the acquisition price, the takeover premium is implicitly recognized in this approach.

不太明白这个词义

嗨，爱思考的PZer你好：

Comment 1 是说：如果在公告前，Quadrant 的股价因为投机而上涨 run-up，那么收购溢价 takeover premium 应该根据上涨前的股价计算

这是课后题第 12 题，我个人觉得和课后题第 10 题，其实关联挺强的，可以在第 10 题的基础上，理解这个 Comment

在第 10 题中，使用可比公司分析法 comparable company approach，用第 9 题计算出来的平均股价 35.21，乘以平均收购溢价 17.26%，得出预估的公允收购价格为 41.29

其中平均收购溢价 17.26%，是通过计算三笔最近的可比收购交易的数据计算得出

比如第一家公司 Quadrant，收购前股价 stock price pre-takeover 为 24.9，收购股价acquisition stock price 为 28，所以其收购溢价为 12.45% (28.00/24.90-1)

根据 Comment 1 的描述，假如 Quadrant 的股价因为投机而上涨，比如收购前股价不是 24.9，而是 27；那么使用可比公司分析法，计算三家公司的平均收购溢价时，Quadrant 的收购溢价，还是用 28.00/24.90-1 计算，而不是用 28.00/27.00-1 计算

原理请参考原版书 P266 的附注 21: 分析师必须注意到任何交易前的价格跳跃，这可能是由于市场上的收购投机而发生的。在这些情况下，分析师在计算收购溢价时，应选用一个对股票价格产生任何投机影响之前的、有代表性的价格

"The analyst must be careful to note any pre-deal jump in the price that may have occurred because of takeover speculation in the market. In these cases, the analyst should apply the takeover premium to a selected representative price from before any speculative influences on the stock price."

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

run up是什么意思？

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