NO.PZ2015121802000042
问题如下：
A stock with beta of 0.5 is selling for $30 and pay $4 dividend at year end, if the price should be $32 at year end. The stock is undervalued or overvalued? Assuming the risk-free rate is 8%, expected market return is 16%.
选项：
A.The sotck is undervalued, investor should buy it.
B.The stock is overvalued, investor should short it.
C.The sotck is fairly valued, investor should buy it.
解释：
A is correct.
Expected return on CAPM = 8 + 0.5(16 - 8) = 12%
Estimated return on stock = (32 - 30 + 4) / 30 = 20%
The estimated return is higher than expected return on CAPM, indicating that the stock is undervalued, investor should buy it.
不是很理解market expect return和CAPM计算出来的return分别是什么？
market expect return不是市场上大家认为的收益率么？如果大家认为应该值的更高（market expect reutrn更大），那不就是股票被低估吗？
怎么答案跟我想的相反
