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小火炉 · 2024年07月27日

这道题用到的是哪个公式，可不可以用公式的写出计算过程，是哪个知识点

  1. CFA III
  2. Capital Market Expectations

NO.PZ2020012201000007

问题如下：

Alena,CFA, was updating her firm’s projections for US equity returns.If she believed that in the long run that the US labor input would grow by 0.9% perannum and labor productivity by 1.5%, that inflation would be 2.1%, that the dividend yield would be 2.25%, and that there would be no further growth in P/E, what is likely to have been her baseline projection for continuously compounded long-term US equity returns?

选项：

A.

6.75%

B.

5.5%

C.

5.85%

解释：

A is correct

解释：

在长期，一国股票市场的CAPITAL APPRECIATION的增长率等于该国GDP的增长率(本题P/E增长率为0也证实了这一点)。那么本题CAPITAL APPRECIATION就等于计算该国GDP的增长率。此后再加上股息增长率就可以得到股权市场的增长率。

Her baseline projection is likely to have been 6.75% = 0.9% + 1.5% + 2.1% + 2.25%

依照公式可得：. 6.75% = 0.9% + 1.5% + 2.1% + 2.25%

rt 这道题用到的是哪个公式，可不可以用公式的写出计算过程，是哪个知识点

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1 个答案

源_品职助教 · 2024年07月29日

嗨，从没放弃的小努力你好：



这道题考察的是APPLICATION OF GROWTH ANALYSISI TO CME这个知识点，在讲义P31开始。

具体公式设计这部分老师笔记的推导，可以概括为：

labor input would +labor productivity =劳动带来的增长。

 dividend yield 理解为资本的增长。

劳动增长+资本增长+通胀率=GDP的增长。

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