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考拉 · 2023年12月23日

哪里可以直接判断这就是给EQUITY 计算return 了呢

  1. CFA III
  2. Capital Market Expectations

NO.PZ2022122601000063

问题如下：

Minglu Li is an analyst for REDD and specializes in the consumer credit industry. Last year (2012), Li and her team gathered data to determine the expected return for the industry, shown in Exhibit 1.


After considering a number of approaches, Li and her team decided to use the bond-yield-plus-risk-premium method. Based on Exhibit 1 and the method used by Li's team, the expected return for the consumer credit industry in 2012 was closest to:

选项：

A.12.4% B.12.2% C.12.8%

解释：

Correct Answer: B

The bond-yield-plus-risk-premium method sets the expected return to the yield to maturity on along-term government bond plus the equity risk premium (12.2% = 3.8% + 8.4%).

中文解析：

债券收益+风险溢价法是指长期政府债券到期时的预期收益率加上股票风险溢价(12.2% = 3.8% + 8.4%)。

 题目求expected return for the consumer credit industry，但是并没明确这个收益率是给EQUITY或BOND算的，哪里可以直接判断这就是给EQUITY 计算了呢

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源_品职助教 · 2023年12月25日

嗨，从没放弃的小努力你好：


题干有说用“bond-yield-plus-risk-premium”的方法，这个方法本身就是在债券收益基础上，去加上股票高于债券的溢价，所以本题是求计算股权的收益

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