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费尔南多 · 2024年10月13日

question about finite horizon form of RI

NO.PZ2023032701000061

问题如下:

Use the following inputs and the finite horizon form of the residual income model to compute the value of Southern Trust Bank (STB) shares as of31 December 2007:

ROE will continue at 15 percent for the next five years (and 10 percent thereafter) with all earnings reinvested (no dividends paid).

Cost of equity equals 10 percent.

B0 = $10 per share (at year-end 2007).

Premium over book value at the end of five years will be 20 percent.

The value would be:

选项:

A.

$15.01

B.

$15.18

C.

$15.39

解释:


请问这个知识点在讲义的那里呢?我记得老师画了一个竖向切割的表格,我也理解横竖表格都一样能解决问题。只是题目中这个专有名词还特意的带了horizon,让我比较在意是不是真的有两种表格 horizon vs vertical 而且两种表格真的有很大不同。麻烦老师看一下是不是我多虑了。

btw这个finite horizon form中文叫啥呢?有点好奇

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王园圆_品职助教 · 2024年10月13日

同学你好,请看以下讲义截图黄色部分,就是本题对应的知识点

本题考察的是多阶段RI模型的计算,老师上课对多阶段RI一共总结了4种情景及其对应的计算方式,本题“Premium over book value at the end of five years will be 20 percent.”对应的就是最后一种,用PVRI = P- B就可以计算出所有永续期间的RI折现为terminal value也就是PVRI的数额

老师画的表格和本题的这个没有本质区别——就像有的人细化表格的各个项目往横向列示,有的人喜欢往竖向列示而已,你看自己喜好使用就行的,不用想太多

“finite horizon ”助教查了一下网上,好像是统计学和编程上用的概念,好像没有查到官方的中文名,同学想要了解的话可能需要咨询相关专业人士了,抱歉助教这里帮不上忙了

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