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ZF Everyday · 2022年08月27日

老师的解答中关于G的定义如下的讲义在哪里呢?

* 问题详情,请 查看题干

NO.PZ201512300100000806

问题如下:

6. If Alex Renteria is correct that the current price of Tasty Foods stock is its fair value, what is expected capital gains yield on the stock?

选项:

A.

3.87%.

B.

4.25%.

C.

5.30%.

解释:

A is correct.

If the stock is fairly priced in the market as per the Gordon growth model, the stock price is expected to increase at g, the expected growth rate in dividends. The implied growth rate in dividends, if price is the fair value, is 3.87 percent. Therefore, the expected capital gains yield is 3.87 percent.

请看讲义P93页:

g in GGMis the rate of capital appreciation (sometimes called capital gains yield).

1 个答案
已采纳答案

王园圆_品职助教 · 2022年08月27日

嗨,从没放弃的小努力你好:


同学你好,这里我推导一下这个结论给你看吧

在GGM成立的情况下,P0 = D1/(r-g)

而P1 = D1*(1+g)/(r-g)

capital appreciation = 股票股价的增长率 = (P1-P0)/P0 = P1/P0 - 1

将以上P1和P0的公式带入

capital appreciation = D1*(1+g)/(r-g) * (r-g)/D1 - 1 = g

所以GGM 成立情况下g就是capital gain yield

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