NO.PZ2015121810000026
问题如下:
All else equal, which of the following would most likely explain the fall in price of a particular company’s shares?
选项:
A.The expected inflation rate falls.
B.The company’s future cash flows are expected to increase.
C.The yield to maturity on real default-free investments rises.
解释:
C is correct.
According to the fundamental pricing equation, the market value of an asset is affected by economic factors that affect the asset’s expected future cash flows, default-free interest rates, expected inflation rates or the asset’s risk premium. From Equation 1 in Section 2.1, expected cash flows are in the numerator, while expected inflation and the real risk-free rate are in the denominator. Consequently, a rise in the real risk-free rate (the yield to maturity on a default-free instrument) will lead to a fall in the price of a risky asset like stock by increasing the rate at which its cash flows are discounted.
考点:Equities and The Equity Risk Premium
解析:股票的价格和债券一样,也可以通过未来现金流折现求和计算。
A, expected inflation rate 影响的是分母折现率,通货膨胀率下降,分母变小,股票价格变大。
B, future cash flows影响的是分子未来现金流,分子变大,股票价格变大。
C, yield to maturity on real default-free investments 影响的是分母折现率,分母变大,股票价格变小。因此选C
请问为什么higher inflation expectation会导致hight P/E?