L3问题_Schweiser Practice Exam1(V1), Morning Q9C_Gordon Growth

MS Level 3考前再纠结Gordon Growth有点太不应该了。

但是，唉~~~

计算equity index value的题

如教材和Exam示例，Index price at period 1应该用Earning at period 1 * earning multiplier.

也就是 P1 = earning * dividend payout ratio/(k-g) = Dividend at period 1/(k-g)

但是教材的V2,V3和过去接触的Gordon growth model计算单只股票的intrinsic value可都是

P0 = Dividend at period 1/(k-g)

搞不清究竟算出来的是P1 还是P0了。。。

请各位不吝赐教~！