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问题如下：

Explain what additional step(s) Wuyan should have taken in the process of setting capital market expectations.

Wuyan reports that after repeatedly searching the most recent 10 years of data, she eventually identified variables that had a statistically significant relationship with equity returns. Wuyan used these variables to forecast equity returns. She documented, in a separate section of the report, a high correlation between nominal GDP and equity returns. Based on this noted high correlation, Wuyan concludes that nominal GDP predicts equity returns. Based on her statistical results, Wuyan expects equities to underperform over the next 12 months and recommends that the firm underweight equities.

Commenting on the report, John Tommanson, an investment adviser for the firm, suggests extending the starting point of the historical data back another 20 years to obtain more robust statistical results. Doing so would enable the analysis to include different economic and central bank policy environments. Tommanson is reluctant to underweight equities for his clients, citing the strong performance of equities over the last quarter, and believes the most recent quarterly data should be weighted more heavily in setting capital market expectations.

选项：

解释：

The process of setting capital market expectations (CMEs) involves the following seven steps:

A Specify the set of expectations needed, including the time horizon(s) to which they apply.

B Research the historical record.

C Specify the method(s) and/or model(s) to be used and their information requirements.

D Determine the best sources for information needs.

E Interpret the current investment environment using the selected data and methods, applying experience and judgment.

F Provide the set of expectations needed, documenting conclusions.

G Monitor actual outcomes and compare them with expectations, providing feedback to improve the expectation-setting process.

The first step, which specifies the set of expectations needed, is carried out by the firm. Wuyan, in developing a statistical model based on a dividend discount method, researched the historical data seeking to identify the relevant variables and determined the best source of data for the model. In her report, she also noted her interpretation of the current economic and market environment. To complete the process, Wuyan should complete Steps 6 and 7. Wuyan should provide the set of expectations needed, documenting the conclusions, and include the reasoning and assumptions underlying the projections. Then, she should monitor the actual outcomes and compare them with the expectations, providing feedback to assess and improve the accuracy of the process. The comparison of the capital market expectations estimated by the model against actual results provides a quantitative evaluation of forecast error. The feedback from this step can be used to improve the expectation-setting process.