NO.PZ202405210200000104
问题如下：
Based on the information given, what is the expected rate of return on Country A’s equities using the Grinold–Kroner model?
选项：
A.10.0%
B.10.3%
C.10.6%
解释：
E(Re) ≈ 𝐷/𝑃 + (%Δ𝐸 − %ΔS)+ %ΔP/E
E(Re) ≈ 2.25% + [5.25% − (− 2.0%)] + 0.5% =
10.0%
如题为什么这里是+2%不是-2%呢？这个delta s的概念不是特别清楚