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陳泰傑 · 2021年10月18日

不知要用名目的還是實際的

  1. CFA III
  2. Capital Market Expectations

NO.PZ2020012102000008

问题如下：

An analyst at a real estate investment management firm seeks to establish expectations for rate of return for properties in the industrial sector over the next year. She has obtained the following information:

Estimate the expected return from the industrial sector properties based on the data provided.

选项：

解释：

The expected change in the cap rate from 5.7% to 5.5% represents a (5.5% – 5.7%)/5.7% = 3.5% decrease.
Using the expression E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7% + (1% + 1.5%) – (–3.5%) = 11.7%.
Note: As the cap rate is expected to decrease, property values are expected to increase, hence the cap rate change contributes to the expected return.

解析：

上限率从5.7%到5.5%的预期变化为(5.5% -5.7%)/5.7% = 3.5%。

使用表达式E(Rre) = CapRate + NOI growth rate – %ΔCapRate = 5.7%+ (1% + 1.5%) – (–3.5%) = 11.7%.

注意到，由于 cap rate预期会下降，物业价值预期会上升，因此上限税率的改变对预期回报有贡献。

考試時要如何知道題目問的是名目利率 還是實際的利率.


這題要如何知道,還是考試的時候這個公式我直接視為考的是名目利率可以嗎


講義好像沒有特別的說要用名目的還是實際的利率

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源_品职助教 · 2021年10月18日

嗨，爱思考的PZer你好：



一般情况下，如果同时给出一个经济参数和通胀率，那么给出的经济参数默认就是实际利率。

比如本题中，通胀率是单独给的，那么先前给出的NOI就是一个实际值，它加上通胀值后才能得到一个名义值。

如果是实际考试，一般考试会说的更明确一些。

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