答案和详解如下：
Q3. An investor buys one share of stock for $100. At the end of year one she buys three more shares at $89 per share. At the end of year two she sells all four shares for $98 each. The stock paid a dividend of $1.00 per share at the end of year one and year two. What is the investor’s time-weighted rate of return? A) 0.06%. B) 6.35%. C) 11.24%. Correct answer is A) The holding period return in year one is ($89.00 − $100.00 + $1.00) / $100.00 = -10.00%. The holding period return in year two is ($98.00 − $89.00 + $1.00) / $89 = 11.24%. The time-weighted return is [{1 + (-0.1000)}{1 + 0.1124}]1/2 – 1 = 0.06%. Q4. Assume an investor makes the following investments: § Today, she purchases a share of stock in Redwood Alternatives for $50.00. § After one year, she purchases an additional share for $75.00. § After one more year, she sells both shares for $100.00 each. There are no transaction costs or taxes. The investor’s required return is 35.0%. During year one, the stock paid a $5.00 per share dividend. In year two, the stock paid a $7.50 per share dividend. The time-weighted return is: A) 23.2%. B) 51.7%. C) 51.4%. Correct answer is C) To calculate the time-weighted return: Step 1: Separate the time periods into holding periods and calculate the return over that period: Holding period 1: P0 = $50.00 D1 = $5.00 P1 = $75.00 (from information on second stock purchase) HPR1 = (75 − 50 + 5) / 50 = 0.60, or 60% Holding period 2: P1 = $75.00 D2 = $7.50 P2 = $100.00 HPR2 = (100 − 75 + 7.50) / 75 = 0.433, or 43.3%. Step 2: Use the geometric mean to calculate the return over both periods Return = [(1 + HPR1) × (1 + HPR2)]1/2 − 1 = [(1.60) × (1.433)]1/2 − 1 = 0.5142, or 51.4%. | 
发表于 2009-4-9 09:27
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