Using Forecasts of Earnings to Simultaneously Estimate Growth and the Rate of Return on Equity Investment
提出一种方法，利用当前股价、账面价值和短期盈利预测，同时估计隐含的权益资本成本和剩余收益增长率，并计算了预期股权风险溢价，结果高于已有研究。
We develop a method for simultaneously estimating the cost of equity capital and the growth in residual earnings that are implied by current stock prices, current book value of equity, and short‐term forecasts of accounting earnings. We demonstrate the use of our method by calculating the expected equity risk premium. Our estimate is higher than estimates in extant studies that are based on the same earnings forecast data. The main difference between our study and these papers is that while they provide arguments supporting an assumed rate of growth beyond the forecast horizon, we estimate this rate.