问题如下：
A Canadian company in the consumer staples sector with a required rate of return of 7.35%. Recent media reports suggest that ABC might be a takeover candidate. Peters and her team estimate that if a new government takes office in Canada, then the ABC will likely grow by 3.5% indefinitely.
If Peters and her team use the Gordon growth model and assume that Company ABC stock is fairly valued, then which of the following would most likely be true?
选项：
A.The total return of ABC stock will be 10.85%.
The dividend yield of ABC stock will be 3.85%
The stock price of ABC will grow at 7.35% annually
解释：
In the Gordon growth model, Total return = Dividend yield + Capital gains yield (i.e., constant growth rate). When a stock is fairly valued, the expected total return will equal the required return or discount rate (i.e., 7.35%). In the case of ABC, the total return is 7.35% and the capital gains yield is 3.5%. Therefore, the dividend yield is 7.35% – 3.5% = 3.85%
可不可以这样理解：
GGM：ERP = r-rf=dividend yield+g-rf
r= rf+ERP
CAPM: r=rf+β*risk premium
所以 ERP = β*risk premium = dividend yield+g
ERP 和 risk premium 是两回事
