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JaniceKo · 2024年02月18日

不太明白已经计算现值后仍然再计算多一次现值呢？

  1. CFA I
  2. Quantitative

NO.PZ2017092702000009

问题如下：

A perpetual preferred stock makes its first quarterly dividend payment of $2.00 in five quarters. If the required annual rate of return is 6% compounded quarterly, the stock’s present value is closest to:

选项：

A.

$31.

B.

$126.

C.

$133.

解释：

B is correct.

The value of the perpetuity one year from now is calculated as: PV = A/r, where PV is present value, A is annuity, and r is expressed as a quarterly required rate of return because the payments are quarterly.

PV = $2.00/(0.06/4) PV = $133.33.

The value today is (where FV is future value) PV = FV(1 + r)–N

PV = $133.33(1 + 0.015)–4

PV = $125.62 ≈ $126

</span>12\frac12

但计算完133 后，为何再要计算多一次PV 为122

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品职助教_七七 · 2024年02月18日

嗨，从没放弃的小努力你好：


正常的永续优先股是首笔付款在1时点，所以折现直接就折在0时点，也不需要有二次折现。

但本题的特殊之处在于首笔付款在5时点。所以折现后，133.33的位置是在4时点。于是就需要二次折现，再折4期才能回到0时点从而得到现值。

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努力的时光都是限量版，加油！

十二月六号 · 2024年03月09日

首次付息是0.2，但是不代表以后每期都能付息0.2。那为什么可以用D/R来求现值呢

品职助教_七七 · 2024年05月20日

嗨，努力学习的PZer你好：


@Frank Liu 本题提问重复，同样的问题提问一次即可。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

品职助教_七七 · 2024年03月09日

嗨，爱思考的PZer你好：


@十二月六号

perpetual preferred stock的意思是永续优先股，即2.00的dividend会永远的给下去。

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加油吧，让我们一起遇见更好的自己！

Frank Liu · 2024年05月19日

那为什么前面四个季度不给？永续股到底是怎么定义的？

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