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标题: HPY for multiple years [打印本页]

作者: invic 时间: 2011-9-20 14:24 标题: HPY for multiple years

Hi,

On page 318 in Volume IV, the three year HPY for three annual returns is calculated as R=(1+R1)*(1+R2)*(1+R3)-1

where R1,R2,R3 are the three annual returns.

Is this formula correct? I was thinking that the product of the returns should be raised to (1/3) to calculate it correctly.

Please help if you know the answer! Thanks.

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