NO.PZ2023032701000021
问题如下：
Talisman is an independent upstream oil and gas company headquartered in Calgary, Canada. Talisman pays semi-annual dividends. The total dividends during 2008 last year have been C$0.175.
Dobson is using two-stage DDM to estimate the value of the stock.
The dividend growth rate will be 14 percent throughout the first stage of eight years. The dividend growth rate thereafter will be 7 percent.
Dobson is using the CAPM to estimate the required return on equity for Talisman. He has estimated that the beta of Talisman, as measured against the S&P/TSX Composite Index (formerly TSE 300 Composite Index), is 0.84. The Canadian risk-free rate, as measured by the annual yield on the 10-year government bond, is 4.1 percent. The equity risk premium for the Canadian market is estimated at 5.5 percent.
What proportion of the total value of the stock is represented by the value of second stage?
选项：
A.0.10
0.52
0.90
解释：
Based on these data, Dobson has estimated that the required return on Talisman stock is 0.041 + 0.84(0.055) = 0.0872 or 8.72 percent.
The following table provides the calculations needed to compute the value of the stock using the first approach, including the calculations for the terminal value V8. As the table shows, the terminal value V8=C$31.0550.
As shown in the above table, the value of the second stage = PV of V8= C$15.9095. The total value is C$17.6528. As a proportion, the second stage represents 15.9095/17.6528 = 0.90 of the total value.
这题目里面讲的是半年付一次dividend，为什么答案还是按照一年付一次进行计算？
