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2022-07-21 06:07官網(wǎng)題，All else being equal, the Singer–Terhaar model implies that when a market becomes more globally
官網(wǎng)題，All else being equal, the Singer–Terhaar model implies that when a market becomes more globally integrated (segmented), its required return should decline (rise). As prices adjust to a lower (higher) required return, the market should deliver an even higher (lower) return than was previously exp
所屬：CFA Level III > Capital Market Expectations 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個回答
Nicholas助教
2022-07-21 10:50
該回答已被題主采納
同學(xué)，早上好。
這里的意思是如果有更高的要求回報率，則折現(xiàn)到今天的價格是更低的。
這里題目中說明A完全融合，B會更加分割，C會更加融合，那么發(fā)達國家的資金會涌向回報率更高的市場，因為B市場開放性不足，則會更多涌入C國家。
可以換個角度理解，因為資金的轉(zhuǎn)移應(yīng)該從高風(fēng)險國家轉(zhuǎn)移到低風(fēng)險國家，折現(xiàn)率降低，資產(chǎn)價格上升。所以應(yīng)該找B和C國家中風(fēng)險較低的國家，其折現(xiàn)率更低，資產(chǎn)價格上漲，獲益。
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