为什么D等于coupon rate*面值？D不是每期的分红吗？英文表述上如何区分利率r与coupon rate？

问题如下：

A Canadian life insurance company has an issue of 4.80 percent, $25 par value, perpetual, non-convertible, non-callable preferred shares outstanding. The required rate of return on similar issues is 4.49 percent. The intrinsic value of a preferred share is closest to:

选项：

A.

$25.00.

B.

$26.73.

C.

$28.50.

解释：

B is correct.

The expected annual dividend is 4.80% × $25 = $1.20. The value of a preferred share is $1.20/0.0449 = $26.73.

考点：GGM

优先股，类似债券有固定的股息。25是优先股的面值而不是价格，4.8%是优先股的coupon rate而不是发布比例。每一期的分红就是优先股的面值乘以coupon rate。

优先股相当于是永续年金，分红不变，g=0。根据GGM，优先股的价值等于D除以r就可以了。