NO.PZ202206070100000104 问题如下 Given O’Reilly’s forecasts for the Europemarket, the expectelong-term equity return using the GrinolKroner mol is closest to: A.7.35%. B.6.35%. C.8.35%. SolutionC is correct. The GrinolKroner mol estimates the expectereturn on equity follows: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-(- 1) +0.15 =8.35% whereE(Re) = expecterate of return on equityP = expectevinyielΔE = expectepercent change in totearnings%ΔS = expectepercent change in number of shares outstanng%ΔP/E = expectepercent change in the price-to-earnings ratio(%ΔE – %ΔS) = the growth rate of earnings per share%ΔE = nominearnings growth = reearnings growth + long-term inflation + corporate premium=2.50% + 1.75% + 1.00%=5.25%Alternatively, the expectereturn from the GrinolKroner mol cexpressethe sum of:Expectecash flow (Income) return: P – %ΔS = 1.95 – (1.00) = 2.95Expectenominearnings growth return = %ΔE = 5.25 (shown above)ExpectePricing return: %ΔP/E = 0.15ExpecteReturn = 8.35%A is incorrect. It incorrectly omittethe cline in shares outstanng from the calculation.B is incorrect. It incorrectly aethe cline in shares outstanng insteof subtracting it.C是正确的。GrinolKroner模型估计的预期股本回报率如下: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-(- 1 )+0.15 =8.35% E(Re) =预期净资产收益率P =预期股息收益率%ΔE =总收益预期变化百分比%ΔS =流通股数量的预期变动百分比%ΔP/E =预期市盈率变动百分比(%ΔE - %ΔS) =每股收益增长率%ΔE =名义收益增长=实际收益增长+长期通胀+公司溢价=2.50% + 1.75% + 1.00%= 5.25%或者，GrinolKroner模型的预期收益可以表示为:预期现金流(收入)回报:P - %ΔS = 1.95 +(1.00) = 2.95预期名义收益增长回报率= %ΔE = 5.25(如上所示)预期定价回报率:%ΔP/E = 0.15预期回报率= 8.35%A是不正确的。它错误地从计算中忽略了流通股的下跌。B是不正确的。它错误地增加了流通股跌幅，而不是减去它。 这道题目第四个小问，这句话不是求long term吗，为什么不只用vinyiel的加上nominG增长率为6.2%就好了
NO.PZ202206070100000104 问题如下 Given O’Reilly’s forecasts for the Europemarket, the expectelong-term equity return using the GrinolKroner mol is closest to: A.7.35%. B.6.35%. C.8.35%. SolutionC is correct. The GrinolKroner mol estimates the expectereturn on equity follows: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-- 1 +0.15 =8.35% whereE(Re) = expecterate of return on equityP = expectevinyielΔE = expectepercent change in totearnings%ΔS = expectepercent change in number of shares outstanng%ΔP/E = expectepercent change in the price-to-earnings ratio(%ΔE – %ΔS) = the growth rate of earnings per share%ΔE = nominearnings growth = reearnings growth + long-term inflation + corporate premium=2.50% + 1.75% + 1.00%=5.25%Alternatively, the expectereturn from the GrinolKroner mol cexpressethe sum of:Expectecash flow (Income) return: P – %ΔS = 1.95 – (1.00) = 2.95Expectenominearnings growth return = %ΔE = 5.25 (shown above)ExpectePricing return: %ΔP/E = 0.15ExpecteReturn = 8.35%A is incorrect. It incorrectly omittethe cline in shares outstanng from the calculation.B is incorrect. It incorrectly aethe cline in shares outstanng insteof subtracting it.C是正确的。GrinolKroner模型估计的预期股本回报率如下: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-- 1 +0.15 =8.35% E(Re) =预期净资产收益率P =预期股息收益率%ΔE =总收益预期变化百分比%ΔS =流通股数量的预期变动百分比%ΔP/E =预期市盈率变动百分比(%ΔE - %ΔS) =每股收益增长率%ΔE =名义收益增长=实际收益增长+长期通胀+公司溢价=2.50% + 1.75% + 1.00%= 5.25%或者，GrinolKroner模型的预期收益可以表示为:预期现金流(收入)回报:P - %ΔS = 1.95 +(1.00) = 2.95预期名义收益增长回报率= %ΔE = 5.25(如上所示)预期定价回报率:%ΔP/E = 0.15预期回报率= 8.35%A是不正确的。它错误地从计算中忽略了流通股的下跌。B是不正确的。它错误地增加了流通股跌幅，而不是减去它。 二级学过，长期来看 growth of E/G 应该等于0.本题为什么不等于0？等于1？The long-term corporate earnings growth premium will 1% above expectereG growth.
NO.PZ202206070100000104 问题如下 Given O’Reilly’s forecasts for the Europemarket, the expectelong-term equity return using the GrinolKroner mol is closest to: A.7.35%. B.6.35%. C.8.35%. SolutionC is correct. The GrinolKroner mol estimates the expectereturn on equity follows: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-- 1 +0.15 =8.35% whereE(Re) = expecterate of return on equityP = expectevinyielΔE = expectepercent change in totearnings%ΔS = expectepercent change in number of shares outstanng%ΔP/E = expectepercent change in the price-to-earnings ratio(%ΔE – %ΔS) = the growth rate of earnings per share%ΔE = nominearnings growth = reearnings growth + long-term inflation + corporate premium=2.50% + 1.75% + 1.00%=5.25%Alternatively, the expectereturn from the GrinolKroner mol cexpressethe sum of:Expectecash flow (Income) return: P – %ΔS = 1.95 – (1.00) = 2.95Expectenominearnings growth return = %ΔE = 5.25 (shown above)ExpectePricing return: %ΔP/E = 0.15ExpecteReturn = 8.35%A is incorrect. It incorrectly omittethe cline in shares outstanng from the calculation.B is incorrect. It incorrectly aethe cline in shares outstanng insteof subtracting it.C是正确的。GrinolKroner模型估计的预期股本回报率如下: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-- 1 +0.15 =8.35% E(Re) =预期净资产收益率P =预期股息收益率%ΔE =总收益预期变化百分比%ΔS =流通股数量的预期变动百分比%ΔP/E =预期市盈率变动百分比(%ΔE - %ΔS) =每股收益增长率%ΔE =名义收益增长=实际收益增长+长期通胀+公司溢价=2.50% + 1.75% + 1.00%= 5.25%或者，GrinolKroner模型的预期收益可以表示为:预期现金流(收入)回报:P - %ΔS = 1.95 - (1.00) = 2.95预期名义收益增长回报率= %ΔE = 5.25(如上所示)预期定价回报率:%ΔP/E = 0.15预期回报率= 8.35%A是不正确的。它错误地从计算中忽略了流通股的下跌。B是不正确的。它错误地增加了流通股跌幅，而不是减去它。 答案是不是写错了？
NO.PZ202206070100000104 问题如下 Given O’Reilly’s forecasts for the Europemarket, the expectelong-term equity return using the GrinolKroner mol is closest to: A.7.35%. B.6.35%. C.8.35%. SolutionC is correct. The GrinolKroner mol estimates the expectereturn on equity follows: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-- 1 +0.15 =8.35% whereE(Re) = expecterate of return on equityP = expectevinyielΔE = expectepercent change in totearnings%ΔS = expectepercent change in number of shares outstanng%ΔP/E = expectepercent change in the price-to-earnings ratio(%ΔE – %ΔS) = the growth rate of earnings per share%ΔE = nominearnings growth = reearnings growth + long-term inflation + corporate premium=2.50% + 1.75% + 1.00%=5.25%Alternatively, the expectereturn from the GrinolKroner mol cexpressethe sum of:Expectecash flow (Income) return: P – %ΔS = 1.95 – (1.00) = 2.95Expectenominearnings growth return = %ΔE = 5.25 (shown above)ExpectePricing return: %ΔP/E = 0.15ExpecteReturn = 8.35%A is incorrect. It incorrectly omittethe cline in shares outstanng from the calculation.B is incorrect. It incorrectly aethe cline in shares outstanng insteof subtracting it.C是正确的。GrinolKroner模型估计的预期股本回报率如下: E R e ≈ P + %ΔE-%ΔS +%ΔP/E =1.95+ 5.25-- 1 +0.15 =8.35% E(Re) =预期净资产收益率P =预期股息收益率%ΔE =总收益预期变化百分比%ΔS =流通股数量的预期变动百分比%ΔP/E =预期市盈率变动百分比(%ΔE - %ΔS) =每股收益增长率%ΔE =名义收益增长=实际收益增长+长期通胀+公司溢价=2.50% + 1.75% + 1.00%= 5.25%或者，GrinolKroner模型的预期收益可以表示为:预期现金流(收入)回报:P - %ΔS = 1.95 - (1.00) = 2.95预期名义收益增长回报率= %ΔE = 5.25(如上所示)预期定价回报率:%ΔP/E = 0.15预期回报率= 8.35%A是不正确的。它错误地从计算中忽略了流通股的下跌。B是不正确的。它错误地增加了流通股跌幅，而不是减去它。 2025年考纲没有GK mol吧？讲义里没找到对应计算。
