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- Grinold_and_Kroner_Model abstract "The Grinold and Kroner Model is used to calculate expected returns for a stock, stock index or the market as whole. It is a part of a larger framework for making forecasts about market expectations.The model states that:Expected Returns= Div1 /P0 + i + g - ΔS + Δ (P/E)Div1 = dividend in next period (period 1 assuming current t=0)P0 = current price (price at time 0)i= expected inflation rateg= real growth rate in earnings (note that by adding real growth and inflation, this is basically identical to just adding nominal growth)ΔS= changes in shares outstanding (i.e. increases in shares outstanding decrease expected returns)Δ(P/E)= changes in P/E ratio (positive relationship between changes in P/e and expected returns).One offshoot of this discounted cash flow analysis is the Fed Model. Under the Fed model, the earnings yield is compared to the 10-year treasury bonds. If the earnings yield is lower than that of the bonds, the investor would shift their money into the less risky T-bonds.Grinold, Kroner, and Siegel (2011) estimated the inputs to the Grinold and Kroner model and arrived at a then-current equity risk premium estimate between 3.5% and 4%. The equity risk premium is the difference between the expected total return on a capitalization-weighted stock market index and the yield on a riskless government bond (in this case one with 10 years to maturity).".
- Grinold_and_Kroner_Model wikiPageID "20310489".
- Grinold_and_Kroner_Model wikiPageLength "2014".
- Grinold_and_Kroner_Model wikiPageOutDegree "6".
- Grinold_and_Kroner_Model wikiPageRevisionID "633713911".
- Grinold_and_Kroner_Model wikiPageWikiLink Category:Economic_methodology.
- Grinold_and_Kroner_Model wikiPageWikiLink Discounted_cash_flow.
- Grinold_and_Kroner_Model wikiPageWikiLink Dividend.
- Grinold_and_Kroner_Model wikiPageWikiLink Inflation.
- Grinold_and_Kroner_Model wikiPageWikiLink Stock.
- Grinold_and_Kroner_Model wikiPageWikiLink Stock_market_index.
- Grinold_and_Kroner_Model wikiPageWikiLinkText "Grinold and Kroner Model".
- Grinold_and_Kroner_Model hasPhotoCollection Grinold_and_Kroner_Model.
- Grinold_and_Kroner_Model wikiPageUsesTemplate Template:Refimprove.
- Grinold_and_Kroner_Model wikiPageUsesTemplate Template:Reflist.
- Grinold_and_Kroner_Model subject Category:Economic_methodology.
- Grinold_and_Kroner_Model type Article.
- Grinold_and_Kroner_Model type Article.
- Grinold_and_Kroner_Model comment "The Grinold and Kroner Model is used to calculate expected returns for a stock, stock index or the market as whole.".
- Grinold_and_Kroner_Model label "Grinold and Kroner Model".
- Grinold_and_Kroner_Model sameAs m.04zwcvq.
- Grinold_and_Kroner_Model sameAs Q5609536.
- Grinold_and_Kroner_Model sameAs Q5609536.
- Grinold_and_Kroner_Model wasDerivedFrom Grinold_and_Kroner_Model?oldid=633713911.
- Grinold_and_Kroner_Model isPrimaryTopicOf Grinold_and_Kroner_Model.