标题: Double-counting in Grinold and Kroner [打印本页] 作者: ASSet_MANagemen 时间: 2011-7-13 16:38 标题: Double-counting in Grinold and Kroner
I can't figure out why Grinold-Kroner doesn't double-count dividends.
The model describes returns as dividends plus earnings growth (plus other stuff).
If you're assuming a certain percentage of earnings will be paid out as dividends, shouldn't it be subtracted from the earnings growth component of the model?
