Alicia · 2021年12月10日
NO.PZ2016021705000024
问题如下：
Morgan Insurance Ltd. issued a fixed-rate perpetual preferred stock three years ago and placed it privately with institutional investors. The stock was issued at $25 per share with a $1.75 dividend. If the company were to issue preferred stock today, the yield would be 6.5 percent. The stock's current value is:
选项：
A.$25.00.
B.$26.92.
C.$37.31.
解释：
B is correct.
The company can issue preferred stock at 6.5%.
王琛_品职助教 · 2021年12月11日
嗨，努力学习的PZer你好：
是的
题干有提到关键词：fixed-rate perpetual preferred stock，固定利率的永久优先股
即具有固定股息率、无到期日的、不可转换、不可赎回的优先股
"nonconvertible, noncallable preferred stock that has a fixed dividend rate and no maturity date"
如果是发行的这种优先股，yield 可以认为是 cost
其他情况下，yield 都需要做调整，但是调整的细节原版书不涉及
关于优先股的成本，只要掌握介绍的公式即可
----------------------------------------------就算太阳没有迎着我们而来，我们正在朝着它而去，加油！
NO.PZ2016021705000024问题如下 MorgInsuranLt issuea fixerate perpetupreferrestothree years ago anplaceit privately with institutioninvestors. The stowissue$25 per share with a $1.75 vin If the company were to issue preferrestotoy, the yielwoul6.5 percent. The stock's current value is:A.$25.00.B.$26.92.C.$37.31.is correct.The company cissue preferresto6.5%. P p = $1.75/0.065 = $26.92 这个怎么计算呢，没太看懂
NO.PZ2016021705000024问题如下MorgInsuranLt issuea fixerate perpetupreferrestothree years ago anplaceit privately with institutioninvestors. The stowissue$25 per share with a $1.75 vin If the company were to issue preferrestotoy, the yielwoul6.5 percent. The stock's current value is:A.$25.00.B.$26.92.C.$37.31.is correct.The company cissue preferresto6.5%. P p = $1.75/0.065 = $26.92 请问a fixerate perpetupreferrestock固定的是r还是vin
NO.PZ2016021705000024 问题如下 MorgInsuranLt issuea fixerate perpetupreferrestothree years ago anplaceit privately with institutioninvestors. The stowissue$25 per share with a $1.75 vin If the company were to issue preferrestotoy, the yielwoul6.5 percent. The stock's current value is: A.$25.00. B.$26.92. C.$37.31. is correct.The company cissue preferresto6.5%. P p = $1.75/0.065 = $26.92 老师这道题难道不是Equity Valuation的内容，考察GGM里永续年金的公式，为什么会放在这里？
对于永续债而言，是不是不管利息支付了多长时间，因为其是永续的，利息支付不影响其价格变动，当前价值与红利和利率有关都是y，
