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Darlmao · 2017年12月01日

请问第一次分红是在第五年年初么？为什么不是在第5年年末？：NO.PZ2017092702000009 [ CFA I ]

  1. CFA I
  2. Quantitative
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吴昊_品职助教 · 2017年12月01日

第一次分红是在t=5，相当于第一期现金流。但永续年金的价值是0时刻而非1时刻的，也就是题目中的t=4。再把t=4时刻的PV折现到零时刻，所以是-4次方。

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