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Mercury. · 2024年08月02日

RT

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NO.PZ201710200100000104

问题如下:

4. Assume that a new government takes office in Canada. If Peters and her team use the Gordon growth model and assume that Company ABC stock is fairly valued, then which of the following would most likely be true?

选项:

A.

The total return of ABC stock will be 10.85%.

B.

The dividend yield of ABC stock will be 3.85%.

C.

The stock price of ABC will grow at 7.35% annually.

解释:

B is correct.

In the Gordon growth model, Total return = Dividend yield + Capital gains yield (i.e., constant growth rate). When a stock is fairly valued, the expected total return will equal the required return or discount rate (i.e., 7.35%). In the case of ABC, the total return is 7.35% and the capital gains yield is 3.5%. Therefore, the dividend yield is 7.35% – 3.5% = 3.85%

When a stock is fairly valued, the expected total return will equal the required return or discount rate 这是结论吗 怎么推出来的

1 个答案

王园圆_品职助教 · 2024年08月02日

同学你好,请看以下两张讲义截图

首先,price和intrinsic value如果一致,就能够说明这个股票被合理定价也就是fair valued

这里可以从第二张截图看出来,α的来源是股票的price 和intrinsic value不一致带来的——也就是α=0的时候,price = intrinsic value

然后α的本质就是abnormal return也就是超额收益

从第一张截图就可以知道——如果要求回报率required rate of return =预期回报率一致expected return,α也就是abnormal return = 0



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