NO.PZ202405210200000602
问题如下：
Assuming a forecast horizon of 10 years, what is Hawk’s equity market per annum return forecast for Country B?
选项：
A.4.5% B. 4.7% C.5.0%解释：
Grinold–Kroner model: E (Re ) ≈ D / P + (% Δ E − % Δ S) + % Δ P / E
D / P = Dividend yield
% Δ E = Expected nominal earnings growth return
% Δ S = Expected net share repurchases
% Δ P / E = Expected percentage change in the P/E ratio
= 3.0% + [1.0% − (−0.5%)] + 0.2% = 4.7%
我理解 E的变化不是应该 GDP的增速 再额外加上 公司的盈利增速么。现在不记得了但总感觉之前做过类似的题是加 GDP的增速的
