国际投资收益 Returns with FX ■在美国,投资的收益函数是两因数函数 Return in Us is a function of two factors 1.外国市场的收益 Return in the foreign market 2.汇率收益 Return on the foreign exchange 256
25-6 国际投资收益 Returns with FX 在美国，投资的收益函数是两因数函数 Return in US is a function of two factors 1. 外国市场的收益 Return in the foreign market 2. 汇率收益 Return on the foreign exchange
国际投资收益 Returns with X (1+ rus)=(1+FM(1+ rx) us=国际投资的美元收益 return on the foreign investment in US Dollars FM=外国市场的本币收益 return on the foreign market in local currency rFx=汇率收益 return on the foreign exchange
25-7 国际投资收益 Returns with FX (1 + rUS) = (1 + rFM) (1 + rFX) rUS = 国际投资的美元收益 return on the foreign investment in US Dollars rFM = 外国市场的本币收益 return on the foreign market in local currency rFX = 汇率收益 return on the foreign exchange