开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

胡馨梦 · 2021年06月14日

算出来12%

  1. CFA I
  2. Portfolio

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.

初始价格30，年末分红4 年末价格32 所以价值应该是36  刚刚开始价格30*1.2=36 价格相等 不是应该选C么
添加评论
1 个答案

丹丹_品职答疑助手 · 2021年06月14日

嗨，努力学习的PZer你好：


同学你好，题干的意思是，估计的收益率会高于capm求的说明目前的价格被低估了，应当买入。注意到我们求的的收益率是指的是未来的收益率

----------------------------------------------
努力的时光都是限量版，加油！

  • 1

    回答

  • 0

    关注

  • 562

    浏览
相关问题

NO.PZ2015121802000042 问题如下 A stowith beta of 0.5 is selling for $30 anp$4 vinyeen if the prishoul$32 yeen The stois unrvalueor overvalue Assuming the risk-free rate is 8%, expectemarket return is 16%. A.The sotis unrvalue investor shoulbuy it. B.The stois overvalue investor shoulshort it. C.The sotis fairly value investor shoulbuy it. A is correct.Expectereturn on CAPM = 8 + 0.5(16 - 8) = 12%Estimatereturn on sto= (32 - 30 + 4) / 30 = 20%The estimatereturn is higher thexpectereturn on CAPM, incating ththe stois unrvalue investor shoulbuy it. 不是很理解market expereturn和CAPM计算出来的return分别是什么？market expereturn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 expereutrn更大），那不就是股票被低估吗？怎么答案跟我想的相反

2024-06-26 16:28 1 · 回答

NO.PZ2015121802000042问题如下 A stowith beta of 0.5 is selling for $30 anp$4 vinyeen if the prishoul$32 yeen The stois unrvalueor overvalue Assuming the risk-free rate is 8%, expectemarket return is 16%.A.The sotis unrvalue investor shoulbuy it.B.The stois overvalue investor shoulshort it.C.The sotis fairly value investor shoulbuy it.A is correct.Expectereturn on CAPM = 8 + 0.5(16 - 8) = 12%Estimatereturn on sto= (32 - 30 + 4) / 30 = 20%The estimatereturn is higher thexpectereturn on CAPM, incating ththe stois unrvalue investor shoulbuy it.这里那个百分之二十是用 holng perioreturn 的公式算出来的是吗？

2024-03-28 16:56 1 · 回答

NO.PZ2015121802000042 问题如下 A stowith beta of 0.5 is selling for $30 anp$4 vinyeen if the prishoul$32 yeen The stois unrvalueor overvalue Assuming the risk-free rate is 8%, expectemarket return is 16%. A.The sotis unrvalue investor shoulbuy it. B.The stois overvalue investor shoulshort it. C.The sotis fairly value investor shoulbuy it. A is correct.Expectereturn on CAPM = 8 + 0.5(16 - 8) = 12%Estimatereturn on sto= (32 - 30 + 4) / 30 = 20%The estimatereturn is higher thexpectereturn on CAPM, incating ththe stois unrvalue investor shoulbuy it.

2023-12-06 20:35 1 · 回答

NO.PZ2015121802000042问题如下A stowith beta of 0.5 is selling for $30 anp$4 vinyeen if the prishoul$32 yeen The stois unrvalueor overvalue Assuming the risk-free rate is 8%, expectemarket return is 16%.A.The sotis unrvalue investor shoulbuy it.B.The stois overvalue investor shoulshort it.C.The sotis fairly value investor shoulbuy it.A is correct.Expectereturn on CAPM = 8 + 0.5(16 - 8) = 12%Estimatereturn on sto= (32 - 30 + 4) / 30 = 20%The estimatereturn is higher thexpectereturn on CAPM, incating ththe stois unrvalue investor shoulbuy it.expectereturn 为什么不能用PV0=/R来算？ 折现率的R不是expectereturn吗 谢谢

2023-10-29 11:06 1 · 回答

NO.PZ2015121802000042问题如下A stowith beta of 0.5 is selling for $30 anp$4 vinyeen if the prishoul$32 yeen The stois unrvalueor overvalue Assuming the risk-free rate is 8%, expectemarket return is 16%.A.The sotis unrvalue investor shoulbuy it.B.The stois overvalue investor shoulshort it.C.The sotis fairly value investor shoulbuy it.A is correct.Expectereturn on CAPM = 8 + 0.5(16 - 8) = 12%Estimatereturn on sto= (32 - 30 + 4) / 30 = 20%The estimatereturn is higher thexpectereturn on CAPM, incating ththe stois unrvalue investor shoulbuy it.老师帮忙看一下嗷，这个逻辑我没太理清楚，但我已经记住正确答案了

2023-10-28 12:26 1 · 回答