T-Bills: d=0(no coupon) Pt+1 is known only if time t+l is the maturity date of the t-bill otherwise. it's uncertain 2.T-Bonds d= coupon payment again, Pt+I is known only if t+ l is the maturity date of the bond 3. Stocks l= dividend 1 Is unknown
HPR provides a useful device for simplifying the complex reality of investment analysis. Although no panacea, it allows an analyst to focus on the most relevant horizon in a given situation and offers a good measure of performance over such a period
◼ HPR provides a useful device for simplifying the complex reality of investment analysis. Although no panacea, it allows an analyst to focus on the most relevant horizon in a given situation and offers a good measure of performance over such a period
多期回报率和复利 例子:一种股票现价为46元,假设一年后价 格为50元,两年后价格为56元;在第一年中 红利为15元,第二年中红利为2元,假设每 次分红都在年末进行,求这种股票在这两年 中的持有期收益率HPR,以及以复利计算时 的每年持有期收益率HPR
◼ 多期回报率和复利 ◼ 例子：一种股票现价为46元，假设一年后价 格为50元，两年后价格为56元；在第一年中 红利为1.5元，第二年中红利为2元，假设每 次分红都在年末进行，求这种股票在这两年 中的持有期收益率HPR，以及以复利计算时 的每年持有期收益率HPR
假设红利支付后马上投资 t+2 time t time t+1 time t+2
◼ 假设红利支付后马上投资
Define o Ri+1 gross return from time t to t+1 R+2 gross return from time t+1 to t+2 R1+2(2) gross return from time t to time t+2 1+2(2)=R1+2(2)-1 net return from time t to time t+2