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papher · 2020年01月19日

问一道题：NO.PZ2015120604000033 [ CFA I ]

  1. CFA I
  2. Portfolio

问题如下：

Tom buys one share of stock at $30 now, and one more shares at $35 after one year. At the end of year 1, the stock paid $5 dividend per share. At the end of t2, Tom sold 2 shares for $40 each. Calculate the time-weighted rate of return on this investment.

选项：

A.

9.88%.

B.

15.00%.

C.

23.13%.

解释：

C  is correct.

During the year1, the hoding return is (35 + 5) / 30 - 1= 33.33%,

During the year2, the hoding return is 80 / 70 - 1 = 14.29%

Time-weighted return = [(1.33)(1.14)]0.5 - 1 = 23.13%

第二年的HPR＝80/70-1是因为第2年初的股票价格是35per share, 2支就是70？不用考虑分红的资金流出？

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1 个答案

星星_品职助教 · 2020年01月19日

同学你好，

第一年末的股价是35，就相当于第二年开始以35为基数来算第二年的HPR。不用考虑第一年的分红。

可以简单理解为第一年末把股票先按35卖了，然后又重新按照35买回来了，所以第二年算HPR的时候，初始投资金额就是35.

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