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张欣佳 · 2024年05月23日

考试时候怎么打表达式？

  1. CFA III
  2. Capital Market Expectations

* 问题详情，请 查看题干

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%

考试时没有delta，怎么打出来表达式最省时间且规范？

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1 个答案

源_品职助教 · 2024年05月24日

嗨，从没放弃的小努力你好：


可以在后面价格括号，括号里写CHANG

或者直接写数字，不需要写文字公式表达

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加油吧，让我们一起遇见更好的自己！

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NO.PZ202212260100002402 问题如下 Calculate the expecteannualequity return using the GrinolKroner mol (assume no change in the number ofshares outstanng). The GrinolKroner mol statesththe expectereturn on equity is the sum of the expecteincome return(2.4%), the expectenominearnings growth return (7.3% = 2.3% from inflation+ 5.0% from reearnings growth) anthe expecterepricing return (–3.45%). The expectechange in market valuation of–3.45% is calculatethe percentage change in the P/E level from the current14.5× to the expectelevel of 14.0×: (14 – 14.5)/14.5 = –3.45%. Thus, theexpectereturn is 2.4% + 7.3% – 3.45% = 6.25% 中文解析GrinolKroner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 GrinolKroner mol,l (assume no change in the number of shares outstanng).the expecteannuequity return=expecteannuincome return+expecteannunominearning growth +expecterepricing returnexpecteannuincome return=2.4%expecteannunominearning growth=5%+2.3%=7.3%expecterepricing return=(14-14.5)/14.5=-3.45%the expecteannuequity return=2.4%+7.3%+(-3.45%)=6.25%

2024-01-25 18:14 1 · 回答

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2024-01-11 11:11 1 · 回答

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2024-01-04 00:02 1 · 回答