NO.PZ202212260100002402
问题如下：
Calculate the expected annual equity return using the Grinold–Kroner model (assume no change in the number of shares outstanding).
选项：
解释：
The Grinold–Kroner model states that the expected return on equity is the sum of the expected income return (2.4%), the expected nominal earnings growth return (7.3% = 2.3% from inflation + 5.0% from real earnings growth) and the expected repricing return (–3.45%). The expected change in market valuation of –3.45% is calculated as the percentage change in the P/E level from the current 14.5× to the expected level of 14.0×: (14 – 14.5)/14.5 = –3.45%. Thus, the expected return is 2.4% + 7.3% – 3.45% = 6.25%
中文解析：
Grinold-Kroner模型指出，预期股本回报率是预期收入回报率(2.4%)、预期名义收益增长回报率(7.3% =通胀带来的2.3% +实际收益增长带来的5.0%)和预期再定价回报率(-3.45%)的总和。市场估值预期变化- 3.45%的计算方法是市盈率水平从当前的14.5倍变化到预期的14.0倍的百分比:(14 - 14.5)/14.5 = - 3.45%。因此，预期收益率为2.4% + 7.3% - 3.45% = 6.25%
using the Grinold–Kroner model,l (assume no change in the number of shares outstanding).
the expected annual equity return=expected annual income return+expected annual nominal earning growth +expected repricing return
expected annual income return=2.4%
expected annual nominal earning growth=5%+2.3%=7.3%
expected repricing return=(14-14.5)/14.5=-3.45%
the expected annual equity return=2.4%+7.3%+(-3.45%)=6.25%
