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皓月 · 2023年03月02日

公式里面那个0是哪个元素？

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

NO.PZ202210140200000104

问题如下：

An estimate of the ERP consistent with the Grinold-Kroner model is closest to

选项：

A.

2.7%

B.

3.0%

C.

4.3%

解释：

B is correct.

i = 4% per year (long-term forecast of inflation)

g = 4% per year (growth in real GDP)

Δ (P/E0 = 1% per year (growth in market P/E)

dy = 1% per year (dividend yield or the income portion)

Risk-free return = rf = 7% per year (for 10-year maturities)

Using the Grinold-Kroner model, the ERP estimate is

ERP = {1.0 + 1.0 +[4.0 + 4.0 + 0.0)] } – 7.0 = 3.0%.

The premium of 3.0% compensates investors for average market risk, given expectations for inflation, real earnings growth, P/E growth, and anticipated income.


这里的这个 0.0 是啥？

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王琛_品职助教 · 2023年03月02日

嗨，爱思考的PZer你好：


S 股份数的变化哈

请参考基础班讲义墨迹版 P146

相当于题目为了简化，不涉及股份数的变化，更简单了

如果涉及股份数的变化，根据课上讲的例题的考查角度，直接求和即可，不会有陷阱啥的

请参考基础班讲义墨迹版 P149

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