幾個讀 CFA Level 1 notes 的問題 - 金融分析師

By Puput
at 2008-04-15T23:45
at 2008-04-15T23:45
Table of Contents
小弟念的是 stalla study guides, 目前念到 Quantitative Methods 1
因為本身不具財務背景, 因此有些地方不是很懂, 想請教高手
第一: P 2-40
算 Rtw 時, 他數字居然套錯 ... (害我重複算了好多便才發現 =.=)
那不是重點, 重點是最後他算出的 Rtw 值 = 5.78%
而下面的說明說:
"in this case, the timing of the client's actions had a negative affect
on the protfolio's overall return"
我不是很明白, 為什麼得出來的值明明是正值
卻是 negative affect呢?
第二: P 2-42
計算 T-bill 的 effective annual yield (EAY)
holding period return (HPY) 已知是 0.55%
而 EAY = (1+HPY)^(365/t)-1
where t = the number of days remaining to maturity
題目有一段話是這樣:
" the investor ... on a 90-day T-bill ... Two months later, the investor
decides on a house and sells the T-bill for ..."
所以, 書上給的解答是:
EAY = (1+55%)^(365/60) -1 = 3.39%
但, t 的定義不就是離到期時還有多久嗎?
題目說投資人買了90天期的票券, 兩個月後賣掉
離投資到期日不就應該只剩30天嗎?
所以 t 不是應該等於 30 才對嗎? 為什麼是 60呢?
煩請前輩指點迷津
小弟今晚就卡在這地方走不出去了 @@
感恩
--
因為本身不具財務背景, 因此有些地方不是很懂, 想請教高手
第一: P 2-40
算 Rtw 時, 他數字居然套錯 ... (害我重複算了好多便才發現 =.=)
那不是重點, 重點是最後他算出的 Rtw 值 = 5.78%
而下面的說明說:
"in this case, the timing of the client's actions had a negative affect
on the protfolio's overall return"
我不是很明白, 為什麼得出來的值明明是正值
卻是 negative affect呢?
第二: P 2-42
計算 T-bill 的 effective annual yield (EAY)
holding period return (HPY) 已知是 0.55%
而 EAY = (1+HPY)^(365/t)-1
where t = the number of days remaining to maturity
題目有一段話是這樣:
" the investor ... on a 90-day T-bill ... Two months later, the investor
decides on a house and sells the T-bill for ..."
所以, 書上給的解答是:
EAY = (1+55%)^(365/60) -1 = 3.39%
但, t 的定義不就是離到期時還有多久嗎?
題目說投資人買了90天期的票券, 兩個月後賣掉
離投資到期日不就應該只剩30天嗎?
所以 t 不是應該等於 30 才對嗎? 為什麼是 60呢?
煩請前輩指點迷津
小弟今晚就卡在這地方走不出去了 @@
感恩
--
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金融分析師
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