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kkyy · 2020年01月08日

问一道题：NO.PZ201512300100000806

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

6. If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?

选项：

A.

3.87%.

B.

4.25%.

C.

5.30%.

解释：

A is correct.

If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

能解释一下为什么capital gain yield 等于dividend 增长率吗？是只有在估值是fair value的时候才是吗，为什么呢？

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1 个答案

maggie_品职助教 · 2020年01月09日

请看讲义39页，你投资一指股票所获得的总收益是分为两个部分的，第一、赚得期间红利收益，第二、期末卖股票获得的资本增值收益(capital gain yield)。因此根据GGM,当价格等于价值时，r=D1/P+g 我们可以得到g=capital gain yield. 这个部分李老师在基础课上专门强调了，建议先听课后做题，事半功倍。




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