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Repurchase Yield in Grinold and Kroner Model
Am I on the right track????
CFAI glossary states:
Repurchase yield
The negative of the expected percent change in number of shares outstanding in the Grinold–Kroner model.
So if a firm sells shares in a secondary, say an additional 5% of shares outstanding, total shares outsatanding will go up.
As this is positive number, the repurchase yield is -1*.05= -.05
Thus with more shares outstanding, my expected return will be lower due to dilution.
any thoughts?? |
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发表于 2011-7-11 19:38
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