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未命名 · 2018年11月13日

问一道题:NO.PZ2016021706000031 [ CFA I ]

问题如下图:

    

选项:


A.

B.

C.

解释:


啊啊啊,这个D1到底是2.5还是2.5*(1+5%),有的题目乘以1+g,有的题目没有,搞不清楚啊啊啊,有的答案是不是有问题啊啊啊

1 个答案

发亮_品职助教 · 2018年11月14日

用GGM模型算Equity的Required return时,分子的Dividend是下一期的Dividend,对应的标识是D1;

题干描述的是:the expected dividend next year is 2.5

所以这个2.5就是D1,直接代入上面的GGM变形公式;


有的题目给定的是现在时刻的Dividend,即D0;所以要分子要带 D1= D0×(1+g)

一定要注意题干描述的是哪个时期的Dividend;

比如下面这道题给的就是D0

所以如果这道题要用GGM算Required return的话,分子需要用:2×(1+g)


 

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