开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

awen · 2023年08月22日

解释一下复利公式怎么推导出来

  1. CFA III
  2. Capital Market Expectations

NO.PZ2022122601000073

问题如下：

Fiske prefers to forecast the average annual return for US large-cap equities over the next 10 years using the Grinold–Kroner model and the data in Exhibit 2.

Using the data in Exhibit 2 and Fiske’s preferred approach, the estimated expected annual return for US large-cap equities over the next 10 years is closest to:

选项：

A.7.9% B.7.6% C.7.4%

解释：

Correct Answer: B

The Grinold–Kroner model formula is E(R) = D/P ‒ ∆S + i + g + ∆P/E

First, compute the compound annual growth rate of the P/E: (15.0/15.6)1/10 – 1 = ‒0.4%.

Next, compute, as a percentage, the expected return per the Grinold–Kroner model formula:

E(R) = 2.1 ‒ (‒1.0) + 2.3 + 2.6 – 0.4 = 7.6

中文解析：

Grinold-Kroner模型公式为E(R) = D/P -∆S + i + g +∆P/E

首先，计算市盈率的复合年增长率:(15.0/15.6)1/10 - 1 = - 0.4%。

接下来，根据Grinold-Kroner模型公式，以百分比计算预期收益:

E(r) = 2.1 - (- 1.0) + 2.3 + 2.6 - 0.4 = 7.6

(15.0/15.6)1/10 – 1 = ‒0.4%.

这公式怎么推导呢？看不懂

（1+r)^10=(1+current rate)(1+future rate)?也不对啊，不会推

添加评论
1 个答案
已采纳答案

源_品职助教 · 2023年08月22日

嗨，爱思考的PZer你好：


举个例子，如果15.0和15.6之间相隔了2年。

那么15.0/15.6就代表了从第0年到第2年的总变动率。假设两年中平均的年化变动率为R

那么（1+R）^2=15.0/15.6，所以R=(15.0/15.6)^1/2-1

同理，实际题目里是相隔了是相隔了10年，那么把上述式子里的1/2替换成1/10即可


----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

  • 1

    回答

  • 1

    关注

  • 331

    浏览
相关问题

NO.PZ2022122601000073问题如下 Fiske prefers to forecast the average annureturn for US large-capequities over the next 10 years using the GrinolKroner mol anthe ta inExhibit 2.Using the ta in Exhibit 2 anFiske’s preferrepproach, the estimateexpecteannureturn for US large-cequities overthe next 10 years is closest to: A.7.9%B.7.6%C.7.4% CorreAnswer: BThe GrinolKronermol formula is E(R) = P ‒ ∆S + i + g + ∆P/EFirst, compute the compounannugrowth rate ofthe P/E: (15.0/15.6)1/10 – 1 = ‒0.4%.Next, compute, a percentage, the expectereturnper the GrinolKroner mol formula:E(R) = 2.1 ‒ (‒1.0) + 2.3 + 2.6 – 0.4 = 7.6 中文解析GrinolKroner模型公式为E(R) = P -∆S + i + g +∆P/E首先，计算市盈率的复合年增长率:(15.0/15.6)1/10 - 1 = - 0.4%。接下来，根据GrinolKroner模型公式，以百分比计算预期收益:E(r) = 2.1 - (- 1.0) + 2.3 + 2.6 - 0.4 = 7.6 如题，repurchase yiel加不是将股权增加了吗？

2023-11-19 16:18 1 · 回答

NO.PZ2022122601000073问题如下 Fiske prefers to forecast the average annureturn for US large-capequities over the next 10 years using the GrinolKroner mol anthe ta inExhibit 2.Using the ta in Exhibit 2 anFiske’s preferrepproach, the estimateexpecteannureturn for US large-cequities overthe next 10 years is closest to: A.7.9%B.7.6%C.7.4% CorreAnswer: BThe GrinolKronermol formula is E(R) = P ‒ ∆S + i + g + ∆P/EFirst, compute the compounannugrowth rate ofthe P/E: (15.0/15.6)1/10 – 1 = ‒0.4%.Next, compute, a percentage, the expectereturnper the GrinolKroner mol formula:E(R) = 2.1 ‒ (‒1.0) + 2.3 + 2.6 – 0.4 = 7.6 中文解析GrinolKroner模型公式为E(R) = P -∆S + i + g +∆P/E首先，计算市盈率的复合年增长率:(15.0/15.6)1/10 - 1 = - 0.4%。接下来，根据GrinolKroner模型公式，以百分比计算预期收益:E(r) = 2.1 - (- 1.0) + 2.3 + 2.6 - 0.4 = 7.6 为什么-（-1%），为什么不直接加1%

2023-08-22 23:51 1 · 回答

NO.PZ2022122601000073问题如下 Fiske prefers to forecast the average annureturn for US large-capequities over the next 10 years using the GrinolKroner mol anthe ta inExhibit 2.Using the ta in Exhibit 2 anFiske’s preferrepproach, the estimateexpecteannureturn for US large-cequities overthe next 10 years is closest to: A.7.9%B.7.6%C.7.4% CorreAnswer: BThe GrinolKronermol formula is E(R) = P ‒ ∆S + i + g + ∆P/EFirst, compute the compounannugrowth rate ofthe P/E: (15.0/15.6)1/10 – 1 = ‒0.4%.Next, compute, a percentage, the expectereturnper the GrinolKroner mol formula:E(R) = 2.1 ‒ (‒1.0) + 2.3 + 2.6 – 0.4 = 7.6 中文解析GrinolKroner模型公式为E(R) = P -∆S + i + g +∆P/E首先，计算市盈率的复合年增长率:(15.0/15.6)1/10 - 1 = - 0.4%。接下来，根据GrinolKroner模型公式，以百分比计算预期收益:E(r) = 2.1 - (- 1.0) + 2.3 + 2.6 - 0.4 = 7.6 老师好，可否下这道题p/e的计算？为什么用复利？

2023-08-21 21:14 3 · 回答

NO.PZ2022122601000073 问题如下 Fiske prefers to forecast the average annureturn for US large-capequities over the next 10 years using the GrinolKroner mol anthe ta inExhibit 2.Using the ta in Exhibit 2 anFiske’s preferrepproach, the estimateexpecteannureturn for US large-cequities overthe next 10 years is closest to: A.7.9% B.7.6% C.7.4% CorreAnswer: BThe GrinolKronermol formula is E(R) = P ‒ ∆S + i + g + ∆P/EFirst, compute the compounannugrowth rate ofthe P/E: (15.0/15.6)1/10 – 1 = ‒0.4%.Next, compute, a percentage, the expectereturnper the GrinolKroner mol formula:E(R) = 2.1 ‒ (‒1.0) + 2.3 + 2.6 – 0.4 = 7.6 中文解析GrinolKroner模型公式为E(R) = P -∆S + i + g +∆P/E首先，计算市盈率的复合年增长率:(15.0/15.6)1/10 - 1 = - 0.4%。接下来，根据GrinolKroner模型公式，以百分比计算预期收益:E(r) = 2.1 - (- 1.0) + 2.3 + 2.6 - 0.4 = 7.6 如题

2023-07-20 21:49 1 · 回答