西红柿面 · 2024年03月25日
NO.PZ2022101402000009
问题如下：
An analyst is estimating a forward-looking ERP for a market based on the following information:
Using the Grinold-Kroner model, the estimates of the ERP is closest to:
选项：
A.2.16%
B.4.24%
5.18%
解释：
B is correct.
The ERP using the forward-looking approach is calculated as
ERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96
ERP = 5.20 – 0.96 = 4.24%.
Expected income component，对应 DY。这个东西为什么老师上课讲的时候是对应的分红部分呢（见下图）
王琛_品职助教 · 2024年03月27日
嗨，努力学习的PZer你好：
就是这道题里面，DY的部分，用的是表中Expected income component的数值，为什么这两个可以画等号呢
1
投资股票的收益来源有两种
第一种是期间的股利收入
第二种是期末的资本利得
Expected income component 对应的就是期间收入的收益 DY dividend yield 呀
2
同学提问时的截图，其实是老师讲完一遍原理之后的总结部分
建议同学可以再听一下原理部分
对应基础班讲义墨迹版 P147
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
NO.PZ2022101402000009 问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16% B.4.24% C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 答案中算式为什么还有“-0 ”这一项呢？ERP=/P0 + △P/P=/P0 + △P/E +△EPS这里的△EPS不就是“expectegrowth of reEPS=2.7%”吗？
NO.PZ2022101402000009问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16%B.4.24%C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 这里的rf不是回归的值么，是不是应该用历史的短期债来回归出来，还是直接就用当前的短期债
NO.PZ2022101402000009 问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16% B.4.24% C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 1.8%-1.2%是什么意思
NO.PZ2022101402000009 问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16% B.4.24% C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 为什么用0.96 不用 3.15？
