NO.PZ2023040402000022
问题如下:
Jose Rivera estimates the forward-looking equity risk premium using the Gordon growth model (GGM). Rivera adds 1.50% to the risk premium he has computed to account for the additional small firm risk premium associated with BTP.
Using Exhibit 1 and Rivera's adjustment, the risk premium for BTP stock according to the Gordon growth model is closest to:
选项:
A.5.77%.
5.61%.
7.02%.
解释:
First compute the GGM equity risk premium and then add Rivera’s adjustment for small firm risk premium. Computations are as follows:
GGM equity risk premium estimate = Dividend yield on the index based on year-ahead aggregate forecasted dividends and aggregate market value + Consensus long-term earnings growth rate ̶ Current long-term government bond yield
GGM下,ERP不是等于Re-Rf么,为什么还要加上风险溢价