题目
We adopt a standard equity valuation relation,the constant-growth dividend discount
model (DDM),as the base for our P–E modelling.The advantage of the DDM is that it
allows identification of the fundamental determinants of P–E and provides their expected
signs in the empirical model.The DDM,when transformed into a P–E determination
model,takes the form:这里是个公式
where P,E,D,g and k represent the stock price,periodic earnings per share,declared
dividend,discount rate,and growth rate of earnings per share respectively,and the
subscripting reflects the time period.
However,casting the earnings-scaled DDM as a behavioural model suitable for
statistical estimation raises some problems.In particular,reinterpretation of the growth
rate in terms of some form of expected value is required.Additionally,the relevant market
risk-related premium needs to be measured and incorporated into the discount rate or
otherwise represented in the model.The problem
model (DDM),as the base for our P–E modelling.The advantage of the DDM is that it
allows identification of the fundamental determinants of P–E and provides their expected
signs in the empirical model.The DDM,when transformed into a P–E determination
model,takes the form:这里是个公式
where P,E,D,g and k represent the stock price,periodic earnings per share,declared
dividend,discount rate,and growth rate of earnings per share respectively,and the
subscripting reflects the time period.
However,casting the earnings-scaled DDM as a behavioural model suitable for
statistical estimation raises some problems.In particular,reinterpretation of the growth
rate in terms of some form of expected value is required.Additionally,the relevant market
risk-related premium needs to be measured and incorporated into the discount rate or
otherwise represented in the model.The problem
提问时间:2020-12-20
答案
太专业了,不大懂.以下为金山翻译出来的结果,仅供参考:我们采用一个标准的资产估值的关系,不断增长的股利贴现模型(DDM)功能,作为我们的P - E建模的基础.该DDM的好处是,它可以识别的P - E的基本决定因素,并提供他们...
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