CARRICK_SUN · 2023年01月09日
NO.PZ2022101402000009
问题如下：
An analyst is estimating a forward-looking ERP for a market based on the following information:
Using the Grinold-Kroner model, the estimates of the ERP is closet to:
选项：
A.2.16%
B.4.24%
5.18%
解释：
B is correct.
The ERP using the forward-looking approach is calculated as
ERP = {1.8 – 1.2 + (1.9 + 2.7 + 0.0)} – 0.96
ERP = 5.20 – 0.96 = 4.24%.
讲义118页说Forward-looking estimate计算ERP的时候，Rf要选择Current Long-term government bond yield，是不是题目里的3个月收益率也不太好
NO.PZ2022101402000009 问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16% B.4.24% C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 答案中算式为什么还有“-0 ”这一项呢？ERP=/P0 + △P/P=/P0 + △P/E +△EPS这里的△EPS不就是“expectegrowth of reEPS=2.7%”吗？
NO.PZ2022101402000009问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16%B.4.24%C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 这里的rf不是回归的值么，是不是应该用历史的短期债来回归出来，还是直接就用当前的短期债
NO.PZ2022101402000009 问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16% B.4.24% C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. Expecteincome component，对应 。这个东西为什么老师上课讲的时候是对应的分红部分呢（见下图）
NO.PZ2022101402000009 问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16% B.4.24% C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 1.8%-1.2%是什么意思
NO.PZ2022101402000009 问题如下 analyst is estimating a forwarlooking ERP for a market baseon the following information:Using the GrinolKroner mol, the estimates of the ERP is closest to: A.2.16% B.4.24% C.5.18% B is correct.The ERP using the forwarlooking approais calculateasERP = {1.8 – 1.2 + (1.9 + 2.7 – 0.0)} – 0.96ERP = 5.20 – 0.96 = 4.24%. 为什么用0.96 不用 3.15？
