<div>有关Time-weighted rate of return的例题:(见Schweser Study Notes P143-P144)</div><div><br/></div><div>Time-weighted rate of return</div><div><br/></div><div>A share of stock is purchased at t=0 for $100, and at the end of the next year, t=1, another share is purchased for $120. </div><div>At the end of year 2, both shares are sold for $130 each. At the end of both years 1 and 2, the stock paid a $2.00 per share</div><div>dividend. What is the annual time-weighted rate of return for this investment? (This is the same investment as the preceding </div><div>example.)</div><div><br/></div><div>Answer:</div><div><br/></div><div>Step1: Bread the evaluation period into two subperiods based on timing of cash flows.</div><div> Holding period 1: Beginning value = $100.00</div><div> Dividends paid = $2.00</div><div> Ending value = $102.00</div><div> </div><div> Holding period 2: Beginning value = $240.00 (2 shares)</div><div> Dividends paid = $4.00 ($2 per share)</div><div> Ending value = $260.00 (2 shares)</div><div><br/></div><div>我的问题是:在Step 1中,Holding period 2的Beginning value为什么是$240。如何得出这个结果的。我自己是认为:$222。就是把Holding period 1中的所有values加在一起。我不知道怎么得来$240的。同样,在notes后面的练习题目里的第13题也是,我不知道$130是怎么得来的。</div><div><br/></div><div>烦请老师解答。</div><div><br/></div><div>谢谢。</div>
|