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姜娟 · 2022年01月22日

强化班已经没有clientele effect还要关住这题么

  1. CFA II
  2. Corporate Issuers

NO.PZ2016012005000025

问题如下：

Sophie Chan owns 100,000 shares of PAT Company. PAT is selling for € 40 per share, so Chan’s investment is worth € 4,000,000. Chan reinvests the gross amount of all dividends received to purchase additional shares. Assume that the clientele for PAT shares consists of tax-exempt investors. If PAT pays a € 1.50 dividend, Chan’s new share ownership after reinvesting dividends at the ex-dividend price is most likely to be closest to:

选项：

A.

103,600.

B.

103,750.

C.

103,900.

解释：

C is correct.

Because the clientele for PAT investors has the same tax rate (zero) for dividends and capital gains, the ex-dividend stock price of PAT should decline by the amount of the dividend to € 40– € 1.50 = € 38.50. Chan will purchase € 150,000/ € 38.50 = 3,896 additional shares. This increases her total shares owned to 103,896. Chan’s new share ownership is closest to 103,900.

强化班已经没有clientele effect还要关住这题么

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2 个答案

王琛_品职助教 · 2022年02月07日

嗨，从没放弃的小努力你好：


@兔小兔

看不了链接 老师

链接的答复文字复制粘贴如下

1

问题翻译

股利再投资后，按照除息价格计算的新的股份数是多少？

2

解题思路

Chan 拥有 100,000 股 PAT 公司股票，PAT 公司股价为 40 块钱，Chan 打算用全部股息再投资 PAT 股票，现在 PAT 公司每股分配 1.5 块钱股息，那么按照派息后的股价（ex-dividend price）计算，Chan 拥有多少 PAT 公司股票呢？

Chan 的 100,000 股可以分得股利 100,000x1.5 = $150,000

派息后 PAT 公司股价 ex-dividend price = 40 - 1.5 = 38.5 块钱

Chan 可以再投资 $150,000 / 38.5 = 3,896 股PAT公司股票

Chan 一共拥有 PAT 公司股票 = 100,000 + 3,896 = 103,896

最接近的答案是C

3

记忆窍门

本题的 ex-dividend 里面的 ex 是指 exclude 的意思，而不是 ex-boyfriend 的那个表示之前的前缀哈

4

参考

解题思路，参考：https://class.pzacademy.com/qa/51096

记忆窍门，参考：https://class.pzacademy.com/qa/23796

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

王琛_品职助教 · 2022年01月23日

嗨，努力学习的PZer你好：


建议关注

这道题考查的并不是 clientele effect，如果考查 clientele effect，题干会告诉 dividend tax 和 capital gain tax，但是题干说了免税的投资者 tax-exempt investors

这道题的解题思路，请参考：https://class.pzacademy.com/qa/59088

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加油吧，让我们一起遇见更好的自己！

兔小兔 · 2022年02月06日

看不了链接 老师

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