Stephen E. Wilcox shows in his article (September/ October 2007) that adjustment of earnings in the traditional earnings yield ratio provides an improved measure of expected return. His premise that earnings yield is a proxy for expected return rests on the assumption, however, that markets will eventually equilibrate earnings yield with a company's internal return on equity.
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机译:斯蒂芬·威尔科克斯(Stephen E. Wilcox)在他的文章(2007年9月/ 10日)中指出,调整传统收益率的收益可以更好地衡量预期收益。他的假设是收益率可以代替预期收益,但前提是,市场最终将使收益率与公司的内部权益收益率保持平衡。
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