答案和详解如下：
Q4. An analyst managed a portfolio for many years and then liquidated it. Computing the internal rate of return of the inflows and outflows of a portfolio would give the: A) money-weighted return. B) time-weighted return. C) net present value. Correct answer is A)
The money-weighted return is the internal rate of return on a portfolio that equates the present value of inflows and outflows over a period of time. Q5. Time-weighted returns are used by the investment management industry because they:
A) are not affected by the timing of cash flows. B) result in higher returns versus the money-weighted return calculation. C) take all cash inflows and outflows into account using the internal rate of return. Correct answer is A)
Time-weighted returns are not affected by the timing of cash flows. Money-weighted returns, by contrast, will be higher when funds are added at a favorable investment period or will be lower when funds are added during an unfavorable period. Thus, time-weighted returns offer a better performance measure because they are not affected by the timing of flows into and out of the account. Q6. Why is the time-weighted rate of return the preferred method of performance measurement?
A) Time-weighted returns are not influenced by the timing of cash flows. B) Time weighted allows for inter-period measurement and therefore is more flexible in determining exactly how a portfolio performed during a specific interval of time.
C) There is no preference for time-weighted versus money-weighted.
Correct answer is A)
Money-weighted returns are sensitive to the timing or recognition of cash flows while time-weighted rates of return are not.
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发表于 2008-12-30 16:57
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