notes book1 pp.153页  理解题的第二题第二问的答案是不是有错误啊？有点闹不明白：（题目抄录如下）

L.Adams buys 1000 shares of Morris Tool stock for $35 per share. One year later the stock is $38 per share and has paid a dividend of $1.5 per share.Adams reinvests the dividends in additional shares at the time. At the end of the second year, the shares are trading for $37 and have paid $2 dividends over the period.

L.Burns buys 500 shares of Morris Tool stock for $35 per share. One year later the stock is $38 per share and has paid a dividend of $1.5 per share.Adams reinvests the dividends in additional shares at the time and also buys 500 additional shares. At the end of the second year, the shares are trading for $37 and have paid $2 dividends over the period.

Q1:

Compare the annual time-weighted returns for the accounts of the two investors(no calculation required)

Q2:

Compare the annual money-weighted returns for the accounts of the two investirs(no calculation required)

第一个问题没有异议，两者是一样的。

第二个问题，答案是这么说的：

The performance of the stock(annual total return)was better in the first year than in the second . Since Burns increased his holdings for the second period by more than Adams, the Burns account has a greater weight on the poorer returns in a money-weighted return caculation and will have a lower annual money-weighted rate of return over the two-year period than Burns.

看不懂了，是不是写错啦。  这答案到底是说Adam的money-weighted return高呢？  还是相反？

抛去这答案不看，通过计算，是不是Burns的money-weighted return更高啊？

[此贴子已经被作者于2009-11-27 11:20:03编辑过]