NO.PZ201512300100000404
问题如下：
4. Based on Exhibit 2, the forward-looking estimate for the US equity risk premium is closest to:
选项：
A. 2.2%.
B. 5.8%.
C. 8.2%.
解释：
A is correct.
Given the data presented, the equity risk premium can be estimated as:
Equity risk premium = 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. The equity risk premium = 1.2% + 4.0% - 3.0% = 2.2%.
为啥g=ROE*b在这里不成立了？4%=ROE*（1-1.2%）计算出的ROE约4%，ROE不就是要求回报率吗？再减去Rf得到ERP1%？请问我哪里想错了？