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玖貳柒 · 2021年02月28日

fator选取

  1. CFA II
  2. Corporate Issuers

NO.PZ2016012005000029

问题如下：

The dividend policy of Berkshire Gardens Inc. can be represented by a gradual adjustment to a target dividend payout ratio. Last year Berkshire had earnings per share of $3.00 and paid a dividend of $0.60 a share. This year it estimates earnings per share will be $4.00. Find its dividend per share for this year if it has a 25 percent target payout ratio and uses a five-year period to adjust its dividend.

选项：

A.

$0.68.

B.

$0.80.

C.

$0.85.

解释：

A is correct.

Expected dividend = Previous dividend + (Expected earnings ×Target payout ratio – Previous dividend) × Adjustment factor)=$0.60+（$4×0.25-$0.6）×0.2=$0.68

这道题为什么用的不是1/5 没看懂讲解
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王琛_品职助教 · 2021年03月01日

嗨，爱思考的PZer你好：


- 这道题用的就是 1/5 呀，调整期为 5 年: "uses a five-year period to adjust"

- 解析公式中的 Adjustment factor 为 0.2，也就是 1/5 

- 也可以参考基础班讲义 P144-P145 的原理和例题哈 

----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

玖貳柒 · 2021年03月01日

看错了谢谢😊

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