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请教L1一个问题: Time Weighted Rate of Return

09 Level 1 Notes P141例题。不懂Time Weighted Rate of Return的计算方法……[em04]

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, 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 dividend. What is the annual time-weighted rate of return for this investment?

为什么Holding period 1的Ending value是$120, Holding Period 2的Beginning Value是$240, Ending Value是$260? 多谢!!!!

如果是3年的话,是不是应该算立方根呢?  多谢!!!!

[此贴子已经被作者于2008-12-23 20:36:14编辑过]

恩,确实有疑问。Holding Period 1的ending value应该是122。Holding Period 2 的 Beginning Value 应该是240,ending value 应该是264。

问题里面没有说dividend会被reinvest。所以可能不应该把dividend作为投资算到下期Beginning value。

在这里如果是3年的话应该计算立方根。但是算不算开根应该是根据你这些乘起来的return是不是from different holding period来决定。比如半年的return是1.02,另外半年的回报是1.03,那么计算这一个holding period return的时候就不需要开根。
分享知识。My experience my thoughts. For future financial managers. www.ffmanagers.com

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