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哇哈哈哈 · 2024年08月28日

关于GGM

NO.PZ2023040402000046

问题如下:

Manika and Barkada reach an agreement in which Manika will acquire 100% of Barkada for $300 million in cash and 10 million Manika common shares. Prior to the acquisition, Manika had 162 million outstanding shares.

To estimate Manika's new cost of equity after the acquisition, Pascua considers using the DDM, the global CAPM, or the Grinold–Kroner model. She assesses which model is the most appropriate to use on the basis that Manika has been paying consistent but very low dividends. Both Manika and Barkada operate in a developing country where the stock market is not a large portion of the economy.

Which model is most appropriate for estimating Manika’s new cost of equity?

选项:

A.

DDM

B.

Global CAPM

C.

Grinold–Kroner model

解释:

A is correct because the DDM only requires that the company’s shares be publicly traded and that the company pays dividends that are stable and predictable. Those conditions are met by Manika. First, it is a public company as implied by the phrase based on the unaffected share price prior to the agreement in the vignette. Second, it pays consistent dividends. Very low dividends will simply translate to a low cost of equity based on the DDM.

B is incorrect because in the global CAPM (GCAPM), where a global market index is the single factor, there are no assumed significant risk differences across countries. The issue is that a likely result is a low, or even negative, slope coefficient because of the correlation between emerging and developed market returns being quite low in general.

If the company’s operations are global, but limited to developed countries, the GCAPM and ICAPM are reasonable methods to apply. If however, the company’s operations extend to developing countries, the methodology is less clear. Both Manika and Barkada operate in a developing country where the stock market is not a large portion of the economy. Hence, the Global CAMP is not appropriate.

C is incorrect because the Grinold-Kroner model is not appropriate for estimating the ERP in a developing country where the stock market is not a sufficiently large portion of the economy.

ERP estimates derived from macroeconomic models such as the Grinold–Kroner model, rely on a number of forecasted economic variables such as inflation and expected growth in real earnings per share. Using relationships between macroeconomic and financial variables in equity valuation models, analysts can develop ERP estimates. These models might be more reliable when public equities represent a relatively large share of the economy, as in many developed markets.

Manika has been paying consistent but very low dividends这句话也就说明了,即使公司的分红比较低,但是只要持续分红就适用GGM对吗

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王园圆_品职助教 · 2024年08月29日

同学你好,是的,只要公司的分红是持续的并且是可预测的,分红的大小是不重要的,依然可以使用DDM模型

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NO.PZ2023040402000046问题如下 Manika anBarka reaagreement in whiManika will acquire 100% of Barka for $300 million in cash an10 million Manika common shares. Prior to the acquisition, Manika h162 million outstanng shares.To estimate Manika's new cost of equity after the acquisition, Pascua consirs using the M, the globCAPM, or the GrinolKroner mol. She assesses whimol is the most appropriate to use on the basis thManika hbeen paying consistent but very low vin. Both Manika anBarka operate in a veloping country where the stomarket is not a large portion of the economy.Whimol is most appropriate for estimating Manika’s new cost of equity? A.MB.GlobCAPMC.GrinolKroner mol A is correbecause the M only requires ththe company’s shares publicly traanththe company pays vin thare stable anprectable. Those contions are met ManikFirst, it is a public company impliethe phrase baseon the unaffecteshare priprior to the agreement in the vignette. Secon it pays consistent vin. Very low vin will simply translate to a low cost of equity baseon the M. B is incorrebecause in the globCAPM (GCAPM), where a globmarket inx is the single factor, there are no assumesignificant risk fferences across countries. The issue is tha likely result is a low, or even negative, slope coefficient because of the correlation between emerging anvelopemarket returns being quite low in general.If the company’s operations are global, but limiteto velopecountries, the GCAPM anICAPM are reasonable metho to apply. If however, the company’s operations extento veloping countries, the methology is less clear. Both Manika anBarka operate in a veloping country where the stomarket is not a large portion of the economy. Hence, the GlobCAMP is not appropriate.C is incorrebecause the GrinolKroner mol is not appropriate for estimating the ERP in a veloping country where the stomarket is not a sufficiently large portion of the economy.ERP estimates rivefrom macroeconomic mols suthe GrinolKroner mol, rely on a number of forecasteeconomic variables suinflation anexpectegrowth in reearnings per share. Using relationships between macroeconomic anfinancivariables in equity valuation mols, analysts cvelop ERP estimates. These mols might more reliable when public equities represent a relatively large share of the economy, in many velopemarkets. 麻烦能再一下B吗?另外对于股票市场不大 也可以用M吗

2024-04-22 17:45 1 · 回答