@_@ · 2020年08月02日
问题如下：
A Canadian life insurance company has an issue of 4.80 percent, $25 par value, perpetual, non-convertible, non-callable preferred shares outstanding. The required rate of return on similar issues is 4.49 percent. The intrinsic value of a preferred share is closest to:
选项：
A. $25.00.
B. $26.75.
C. $28.50.
解释：
B is correct.
The expected annual dividend is 4.80% × $25 = $1.20. The value of a preferred share is $1.20/0.0449 = $26.73.
老师，请问为什么不能用25*4.49%+25计算？
NO.PZ2015122802000162问题如下A Canalife insurancompany hissue of 4.80 percent, $25 pvalue, perpetual, non-convertible, non-callable preferreshares outstanng. The requirerate of return on similissues is 4.49 percent. The intrinsic value of a preferreshare is closest to:A.$25.00.B.$26.73.C.$28.50. is correct.The expecteannuvinis 4.80% × $25 = $1.20. The value of a preferreshare is $1.20/0.0449 = $26.73.考点GGM优先股，类似债券有固定的股息。25是优先股的面值而不是价格，4.8%是优先股的coupon rate而不是发布比例。每一期的分红就是优先股的面值乘以coupon rate。优先股相当于是永续年金，分红不变，g=0。根据GGM，优先股的价值等于以r就可以了。 如题如题如题如题如题
NO.PZ2015122802000162 什么是coupon rate，什么是issue？
NO.PZ2015122802000162 为什么出4.49而不是4.8
value为啥等于v/4.9%？
