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Jon · 2023年04月16日

GK模型在哪节课讲的？是不是今年的新考点？

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

NO.PZ202210140200000104

问题如下：

An estimate of the ERP consistent with the Grinold-Kroner model is closest to

选项：

A.

2.7%

B.

3.0%

C.

4.3%

解释：

B is correct.

i = 4% per year (long-term forecast of inflation)

g = 4% per year (growth in real GDP)

Δ (P/E0 = 1% per year (growth in market P/E)

dy = 1% per year (dividend yield or the income portion)

Risk-free return = rf = 7% per year (for 10-year maturities)

Using the Grinold-Kroner model, the ERP estimate is

ERP = {1.0 + 1.0 +[4.0 + 4.0 + 0.0)] } – 7.0 = 3.0%.

The premium of 3.0% compensates investors for average market risk, given expectations for inflation, real earnings growth, P/E growth, and anticipated income.

GK模型在哪节课讲的？是不是今年的新考点？请指出具体的章节需要回看

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2 个答案

王琛_品职助教 · 2023年04月23日

嗨，从没放弃的小努力你好：


哪里获得墨迹版笔记 

就在每门学科「讲义下载」的列表里哈，找名称中带有「墨迹版」的讲义即可，包括基础班和强化班，目前均有墨迹版

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王琛_品职助教 · 2023年04月17日

嗨，努力学习的PZer你好：


1）GK模型在哪节课讲的？请指出具体的章节需要回看

资本成本章节 -> ERP -> Forward-Looking Approach -> Macroeconomic modeling

请参考基础班讲义墨迹版 P146

 

2）是不是今年的新考点？

是的，第三章资本成本、第四章企业重组，都是新增章节

如果同学之前学过 2022 版考纲，建议看一下我们制作的 2023 课程内容变化，详细列出了 2023 的资料变化，以企业发行人学科为例

请参考：https://pzacademy-teaching1.yuque.com/vgrhmf/mdomgt/abfao2?singleDoc# 《CFA II 2023年课程变化汇总》

除了新增的三、四章，建议同学同样关注第二章 ESG 中变化的几个考点哈

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

Jon · 2023年04月23日

哪里获得墨迹版笔记

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