Captain America · 2023年04月24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%.
请问a fixed-rate perpetual preferred stock固定的是r还是dividend？
王琛_品职助教 · 2023年04月27日
嗨，爱思考的PZer你好：
请问如果固定的是r，那为什么用以前的dividend计算呢？
1
同学不好意思，我之前的回答没说完整
因为 r 指的是「票面」股息率，以 A 股为例，优先股每股票面金额为一百元，公司章程中规定优先股采用固定股息率的，优先股存续期内采取相同的固定股息率，所以优先股的股息是相同的
所以可以用之前的股息 1.75
2
实务中，各年度的股息率可以不同
但是在 CFA 考纲的要求中，咱们考虑的都是最普遍的情形，所以在企业发行人学科遇到计算优先股资本成本的题目，可以认为，每年的股息是相同的哈
----------------------------------------------加油吧，让我们一起遇见更好的自己！
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 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？
NO.PZ2016021705000024
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，
