想问一下这个par value 25和真实股价18.18是什么关系？为什么25不是真实的股价？我在做这道题的时候，把25当做真实股价了。也就是在这个公式 P=D/r中，把25当做P了。
问题如下图：
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解释：
NO.PZ2018103102000094 问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Unrvalue C.Fairly value A is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。 \"pvalue of $25 per share\"es this methe earnings is $25?because preferresto=v/rCyou explain the theory behinmultiplying 25 0.04%
NO.PZ2018103102000094问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.OvervalueB.UnrvalueC.Fairly valueA is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。价值小于价格，为啥不是价值被低估
NO.PZ2018103102000094 问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Unrvalue C.Fairly value A is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。 老师1）这道题里的“The requirereturn”就是指的资本化率，对么？2）您帮我区分下我总是把V=r 和GGM 公示V=/r-g 混掉，所以这道题我就总想找g。优先股是不是没有g，它就是固定股息和对应的回报率？GGM是恒定的增长率？股息也是以恒定的g增长？
NO.PZ2018103102000094问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.OvervalueB.UnrvalueC.Fairly valueA is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。第一反应是去找implieg，但求不出来。求优先股的价格的r，为什么可以直接用题目中的5.5%？这个不是普通股的re吗？
NO.PZ2018103102000094 问题如下 Company M ha preferrestowith pvalue of $25 per share anpays annuvinof 4%. The requirereturn on this security is estimate5.5%. Given the current market priof $20, termine whether the security is fairly value overvalueor unrvalue A.Overvalue B.Unrvalue C.Fairly value A is correct.考点Valuing PreferreStock解析: P==4%×255.5%=18.18P=\fr=\frac{4\%\times25}{5.5\%}=18.18P=r=5.5%4%×25=18.18, 小于市场价格$20，所以股票被高估。 您好，想确认一点，这里是求优先股的价值，比较的也是和优先股市场价比较，没错吧？谢谢。
