金程問(wèn)答
老師，原版書(shū)184頁(yè)在公式下面有一段話，不明白這段話想要表達(dá)的知識(shí)點(diǎn)在哪里？ This argument applies to the capital appreciation component of equity returns. It does not supply a way to estimate the other component: the dividend yield. An estimate for the dividend yield (annual dividends/market value) can be obtained by noting that the dividend yield equals the dividend payout ratio (dividends/profit) divided by the profit multiple (market value/profit). The analyst may set any two of these three ratios and infer the third.
老師，麻煩講解下原版書(shū)233頁(yè)的example 4 ，這兩個(gè)小題都不是很理解，謝謝老師
老師，原版書(shū)的221頁(yè)的例題1，沒(méi)有看明白題目對(duì)2年和7年的解釋?zhuān)柯闊├蠋熤v解下，謝謝
請(qǐng)問(wèn)原版書(shū)reading10第203頁(yè)提到的early expansion中的yield curve 是前半部分陡峭，后半部分可能平坦。請(qǐng)問(wèn)前半部分和后半部分是什么意思？另外，late expansion階段的inward是什么意思（見(jiàn)圖3）？謝謝！
老師好，ARCH那里沒(méi)聽(tīng)懂，視頻中講的是因?yàn)闅埐畹牟▌?dòng)不穩(wěn)定 ，所以普通線性預(yù)測(cè)不可用了，需要用ARCH預(yù)測(cè)方差。我想問(wèn)一下這里的普通線性預(yù)測(cè) 是什么意思？方程 是什么，沒(méi)聽(tīng)懂
原版書(shū)第221頁(yè)的xample 1 對(duì)于2年和7年的分析和計(jì)算沒(méi)有看懂，麻煩老師講解下？謝謝
原版書(shū)的教材213頁(yè)的這段話如何理解？以及“overshooting”如何理解？ With floating exchange rates, the link between interest rates and exchange rates is primarily expectational. To equalize risk-adjusted expected returns across markets, interest rates must be higher (lower) in a currency that is expected to depreciate (appreciate). This dynamic can lead to the exchange rate “overshooting” in one direction to generate the expectation of movement in the opposite direction.
原版本185頁(yè)的例題的第三問(wèn)，問(wèn)的是需要什么調(diào)整，答案是說(shuō)要把這些年的由于PE增長(zhǎng)帶來(lái)的51.3%的增長(zhǎng)除以年份，在截圖的note中寫(xiě)著，如果是5年，就除以5，然后從第二問(wèn)中的計(jì)算結(jié)果中減去這個(gè)計(jì)算值，但是第二問(wèn)的計(jì)算中已經(jīng)是按照PE的增長(zhǎng)是0 的情況計(jì)算了，為什么還要減去呢，那就是負(fù)增長(zhǎng)了
這是原版書(shū)中的一段話，對(duì)于通脹在預(yù)期內(nèi)和超出預(yù)期，對(duì)債券產(chǎn)品的影響，但是不是很理解，希望老師解釋下：Because the cash flows are fixed in nominal terms, the effect of inflation is transmitted solely through the discount rates (i.e., the yield curve). Rising (falling) inflation induces capital losses (gains) as the expected inflation component of yields rises (falls). If inflation remains within the expected cyclical range, shorter-term yields rise/fall more than longer yields but have less price impact as a result of shorter duration. If, however, inflation moves out of the expected range, longer-term yields may rise/fall more sharply as investors reassess the likelihood of a change in the long-run average level of inflation. Persistent deflation benefits the highest-quality bonds because it increases the purchasing power of the cash flows, but it is likely to impair the creditworthiness of lower-quality debt. （1）為什么通脹在預(yù)期內(nèi)，收益率曲線更平坦，超出預(yù)期，收益率曲線更陡峭？ （2）通脹在預(yù)期內(nèi)，資本利得的損失會(huì)減少？ （3）通脹如果超出預(yù)期，為什么長(zhǎng)期的收益率波動(dòng)更大？ 謝謝老師
increasing yield 為什么對(duì)應(yīng)的是positive impact
完全分割的情況下，sharp ratio(i)=sharp ratio(GM)?
這課程是最新錄制的嗎？為什么老師講課時(shí)說(shuō)現(xiàn)在是2019年
R11第7題，為什么cap rate是用current計(jì)算的？能否說(shuō)下GK，ST，和這個(gè)模型計(jì)算預(yù)期收益率的時(shí)候，那些數(shù)據(jù)要用current，哪些要用forecast的？為什么？
R11第五題，能否講下corporate governance risk主要是什么？另外這個(gè)點(diǎn)在基礎(chǔ)班講義大概什么地方，完全沒(méi)印象也找不到了～
R11第三題A，為什么算equity premium的時(shí)候不用考慮div income？即CG 4.6% +div 2.6% - bond 2.8%？ 第三題C，為什么算風(fēng)險(xiǎn)溢價(jià)是用expect 的equity - current 的bond？不應(yīng)該取同一時(shí)點(diǎn)么？
程寶問(wèn)答
