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WINWIN8 · 2023年08月20日

b选项的意思

NO.PZ2023041102000033

问题如下:

Based on the latest data, an analyst projects that 3.25% real growth in the future and 3.75% inflation. He also forecasts that over the long run, equity market will return 13.5% per year—11% annual appreciation and 2.5% dividend yield—forever. Assuming the macroeconomic forecasts are accurate, which conclusion can be obtained underlie the forecast of 11% equity market appreciation (over the long run)?

选项:

A.expansion in the P/E multiple is zero B.the combined contribution from expansion in the P/E multiple and change in shares outstanding of GDP is 4% C.there is not enough information to obtain the conclusion.

解释:

Using the Grinold-Kroner framework, equity market returns can be attributed to (1) dividend yield, (2) expansion/contraction of the price-to-earnings ratio, (3) nominal GDP growth, and (4) change in shares outstanding. The macroeconomic forecast indicates that nominal GDP will grow at 7% (3.25% real + 3.75% inflation). So, the analyst’s forecast of 11% equity market appreciation implies a 4% annual combined contribution from expansion in the P/E multiple and/or change in shares outstanding of GDP over the long run.

b选项里的 “ change in shares outsanding of gdp" 这一项是指公司股票的流通量变化,但为什么表述为”of gdp“呀? 怎么理解呢...

谢谢

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已采纳答案

笛子_品职助教 · 2023年08月21日

嗨,努力学习的PZer你好:


b选项里的 “ change in shares outsanding of gdp" 这一项是指公司股票的流通量变化,但为什么表述为”of gdp“呀? 怎么理解呢...

Hello,亲爱的同学~

这是个英翻中的问题。确实这段英文的阐述,不太容易读得懂。

它的意思是:因为有PE扩张和S变动,股票收益比GDP多出来4%。

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努力的时光都是限量版,加油!

WINWIN8 · 2023年08月21日

原来如此!是说它俩oustanding of gdp. (比gdp表现好,我本来以为是说shares outstanding (在外发行的股票) 谢谢助教

笛子_品职助教 · 2023年08月22日

嗨,从没放弃的小努力你好:


原来如此!是说它俩oustanding of gdp. (比gdp表现好,我本来以为是说shares outstanding (在外发行的股票) 谢谢助教

也谢谢同学的好评。加油哦~,祝考试顺利~

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加油吧,让我们一起遇见更好的自己!

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