第9章资本资产定价模型 (CAPM):BottomUpInc.(BU)andTopDownInc.(TD).(MMF)whichyieldsarisk-freeinterestrateof5%.股票的需求与均衡价格DEMANDFORSTOCKSANDEQUILIBRIUMPRICESSigmaFundisanewactivelymanagedmutualfundthathasraised$,,ifastockisexpectedtopayastreamofleveldividends,,DEMANDFORSTOCKSANDEQUILIBRIUMPRICES股票的需求与均衡价格,yieldthefund’$220million,SigmawantsapositioninBUof$220,000,=$177,540,000,or$177,540,000/39=4,552,308shares,andapositioninTDof$220,000,=$42,460,000,whichcorrespondsto1,088,putedfromtheforecastofyear-,say,ashareofBUcouldbepurchasedatalowerprice,Sigma’,ifBUsharesweresellingatahigherprice,DEMANDFORSTOCKSANDEQUILIBRIUMPRICES股票的需求与均衡价格DEMANDFORSTOCKSANDEQUILIBRIUMPRICESSigma’sdemandcurveforBUstockisgivenbytheDesiredSharescolu
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