博迪_投资学第九版_英文答案(8)

博迪_投资学第九版_英文答案

b. In the absence of a split, Stock C would sell for 110, so the value of the

index would be: 250/3 = 83.333

After the split, Stock C sells for 55. Therefore, we need to find the

divisor (d) such that: 83.333 = (95 + 45 + 55)/d d = 2.340

c.

12. a.

b. The return is zero. The index remains unchanged because the return for each stock separately equals zero. Total market value at t = 0 is: ($9,000 + $10,000 + $20,000) = $39,000 Total market value at t = 1 is: ($9,500 + $9,000 + $22,000) = $40,500 Rate of return = ($40,500/$39,000) – 1 = 3.85% The return on each stock is as follows:

rA = (95/90) – 1 = 0.0556

rB = (45/50) – 1 = –0.10

rC = (110/100) – 1 = 0.10

The equally-weighted average is:

[0.0556 + (-0.10) + 0.10]/3 = 0.0185 = 1.85%

13.

14. The after-tax yield on the corporate bonds is: 0.09 × (1 – 0.30) = 0.0630 = 6.30% Therefore, municipals must offer at least 6.30% yields. Equation (2.2) shows that the equivalent taxable yield is: r = rm /(1 – t)

a.

b.

c.

d. 4.00% 4.44% 5.00% 5.71%

15. In an equally-weighted index fund, each stock is given equal weight regardless of

its market capitalization. Smaller cap stocks will have the same weight as larger

cap stocks. The challenges are as follows:

Given equal weights placed to smaller cap and larger cap, equal-

weighted indices (EWI) will tend to be more volatile than their

market-capitalization counterparts;