NO.PZ2015122802000163
问题如下：
Two analysts estimating the value of a non-convertible, non-callable, perpetual preferred stock with a constant dividend arrive at different estimated values. The most likely reason for the difference is that the analysts used different:
选项：
A.
time horizons.
B.
required rates of return.
C.
estimated dividend growth rates.
解释：
B is correct.
The required rate of return, r, can vary widely depending on the inputs and is not unique. A preferred stock with a constant dividend would not have a growth rate to estimate, and the investor’s time horizon would have no effect on the calculation of intrinsic value.
考点：GGM
这道题考察的是优先股的估值，我们知道优先股的股利是永续且恒定的（g=0）,因此首先可以排除选项A和C。根据优先股的公式V=D/r，只有分母r要求回报率是因人而异的（取决于该项投资风险的考量），分母不同，那么根据公式计算得到的估值也就不同。
coupon rate*面值/r，问的是面值不同但是价值一样，所以根据公式只能是r不一样 我理解的对吗？
