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Luna · 2020年05月17日

问一道题：NO.PZ201512300100000305 第5小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

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.

老师好，这题想再问一下，题中给到的信息ERP=2%，但是从本题第1小题和第2小题角度考虑，这个ERP分别是偏大了和偏小了，另外几何平均算法ERP偏小，最终怎么来判断Re是大于9%？
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2 个答案

Debrah_品职答疑助手 · 2021年03月04日

嗨，爱思考的PZer你好：


Kevinzhu同学，数字都在题目里啊，哪个数字找不到吗？

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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！

Debrah_品职答疑助手 · 2020年05月18日

同学你好，这道题目可以用4.3%，Re=Rf+β*ERP，其中Rf=7%，ERP=4.3%，Re>9%

也可以用历史上的ERP=2%，Re=Rf+β*ERP=7%+2%=9%

从CFA的出题来看，下面的题目的判断和上面的题目一般都是独立的，如果引用上面的结论，一般是计算题引用数字，定性判断引用的比较少。所以如果题目不明确指出“通过前面的判断”之类的表述，建议你不要这么考虑问题，会把简单问题复杂化。

 

kevinzhu · 2021年03月04日

公司里面的数据是怎么取的?

treepple · 2021年06月12日

2%不是长期国债的几何平均值吗，为什么是ERP呢？

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NO.PZ201512300100000305 问题如下 5. Common stoissues in the above market with average systematic risk are most likely to have requirerates of return: A.between 2 percent an7 percent. B.between 7 an9 percent. C.9 percent or greater. C is correct.Baseon a long-term government bonyielof 7 percent, a beta of 1, anany of the risk premium estimates thccalculaterom the givens (e.g., a 2 percent historicrisk premium estimate or 4.3 percent supply si equity risk premium estimate), the requirerate ofreturn woulleast 9 percent. Baseon using a short-term rate of 9 percent, C is the correchoice. the short-en yiel are 9 percent an10-yematurities, yiel are 7 percent.The geometric mereturn relative to 10-yegovernment bonreturns over 10years is 2 percent per year.这两句话是不是前后矛盾啊？还是说我理解错了

2022-05-22 20:55 1 · 回答

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2022-05-10 14:22 1 · 回答

NO.PZ201512300100000305 这题是不是4.3（上一小问题）*1+7%=11。3>9%

2021-11-17 17:16 2 · 回答

NO.PZ201512300100000305 请问 Baseon using a short-term rate of 9 percent, 这句是说此题中算re要用9%的短期无风险利率来算么？为什么？

2021-08-19 13:26 1 · 回答

NO.PZ201512300100000305 between 7 an9 percent. 9 percent or greater. C is correct. Baseon a long-term government bonyielof 7 percent, a beta of 1, anany of the risk premium estimates thccalculaterom the givens (e.g., a 2 percent historicrisk premium estimate or 4.3 percent supply si equity risk premium estimate), the requirerate ofreturn woulleast 9 percent. Baseon using a short-term rate of 9 percent, C is the correchoice.老师你好，不知道这道题题干中画红线的句子是什么意思？是如何得知ERP为2%的？以及β为1题目原文中也没有提及好像。

2021-07-07 13:02 1 · 回答