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aileen20180623 · 2021年11月17日

解法这么想对吗?

* 问题详情,请 查看题干

NO.PZ201512300100000305

问题如下:

5. Common stock issues in the above market with average systematic risk are most likely to have required rates of return:

选项:

A.

between 2 percent and 7 percent.

B.

between 7 and 9 percent.

C.

9 percent or greater.

解释:

C is correct.

Based on a long-term government bond yield of 7 percent, a beta of 1, and any of the risk premium estimates that can be calculatedfrom the givens (e.g., a 2 percent historical risk premium estimate or 4.3 percent supply side equity risk premium estimate), the required rate ofreturn would be at least 9 percent. Based on using a short-term rate of 9 percent, C is the correct choice.

这题是不是4.3(上一小问题)*1+7%=11。3>9%

2 个答案

王园圆_品职助教 · 2021年11月18日

嗨,从没放弃的小努力你好:


同学你好,解释里有说哦~~如果按长期政府债券7%或者短期政府债券9%的基准来看,按照题目中说的该公司是average systematic risk——所以β是1,按照题干第四行开始“the geometric mean return..."这句话,就是历史上的市场收益率比政府债券利率高2%的意思。

那就可以得到该公司的要求回报率至少是7%+2%或者9%+2%,都大于9%哦~~


当然,本题比较特殊,如果你按前一题计算的4.3%的ERP计算的话,会得到更高的值:7%+4.3%或者9%+4.3%;

所以无论怎么计算,都是会得到一样的选项C的答案的哦~



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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

王园圆_品职助教 · 2021年11月17日

嗨,爱思考的PZer你好:


同学你好,我的建议是最好不要把一道大题中的后一小问和前一小问联系起来回答哦~~因为CFA考试大部分时候每个小问之间都是互相独立的,如果把前一题作为后一题答题的基础假设,很可能会得到错误的答案(除非题目明确说了用前一问的假设或答案作为基础做答)

这一道题最好的解题思路在解析中已经给出了哦~~解析中说的supply-side model见以下讲义:

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

aileen20180623 · 2021年11月18日

那我就不是很明白为啥9%

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