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🍑(o^^o)Fay 🙃 · 2022年08月04日

这个题就是考察 分红以后对股价的变动，我怎么知道这个40是 ex-dividend 的价格还是 market price 呢？

  1. CFA II
  2. Corporate Issuers

NO.PZ2016012005000025

问题如下：

Sophie Chan owns 100,000 shares of PAT Company. PAT is selling for € 40 per share, so Chan’s investment is worth € 4,000,000. Chan reinvests the gross amount of all dividends received to purchase additional shares. Assume that the clientele for PAT shares consists of tax-exempt investors. If PAT pays a € 1.50 dividend, Chan’s new share ownership after reinvesting dividends at the ex-dividend price is most likely to be closest to:

选项：

A.

103,600.

B.

103,750.

C.

103,900.

解释：

C is correct.

Because the clientele for PAT investors has the same tax rate (zero) for dividends and capital gains, the ex-dividend stock price of PAT should decline by the amount of the dividend to € 40– € 1.50 = € 38.50. Chan will purchase € 150,000/ € 38.50 = 3,896 additional shares. This increases her total shares owned to 103,896. Chan’s new share ownership is closest to 103,900.

这个题就是考察 分红以后对股价的变动，我怎么知道这个40是 ex-dividend 的价格还是 market price 呢？

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1 个答案

王琛_品职助教 · 2022年08月05日

嗨，努力学习的PZer你好：


40 是 market value 哈，请参考题干第二句话：PAT is selling for € 40 per share

派息后 PAT 公司的股价 ex-dividend price 为 40 - 1.5 = 38.5

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