Principles of Finance · 免费预览
永续年金：永不终止的支付
永续年金永远支付相同的金额，其现值等于支付额除以贴现率；该公式既用于对优先股定价，也通过固定增长法的推广，构成了对增长型支付序列估值的基础。
1. The endless annuity
The endless annuity
2. Pricing preferred stock
Pricing preferred stock
3. The growing perpetuity
The growing perpetuity
4. Why perpetuities anchor valuation
Why perpetuities anchor valuation
5. The perpetuity's formula
A perpetuity pays 100 dollars per year and the discount rate is 5 percent. What is its present value?
6. Preferred stock pricing
A preferred stock pays a fixed annual dividend of 4 dollars, and investors require a 6 percent return. At what price should the share trade?
7. The implied return
A preferred share trades at 50 dollars and pays a 4 dollar annual dividend. What return does a buyer at this price expect?
8. The growing perpetuity
A growing perpetuity will pay 100 dollars one year from now, growing 3 percent per year forever, with a discount rate of 8 percent. What is it worth today?
9. The rate-growth condition
Why must the discount rate exceed the growth rate in the growing perpetuity formula?
10. Distant flows and value
Why does a perpetuity's value depend almost entirely on its early payments despite running forever?
11. The denominator's two parts
In the growing perpetuity formula, the first payment is divided by the discount rate minus what other rate? Answer with one letter.
12. The preferred dividend claim
What one-word term names the fixed periodic payment made by preferred stock, analogous to a perpetuity payment? Answer in lowercase.
13. The infinite stream's name
What one-word term names a stream of equal payments continuing forever? Answer in lowercase.
14. The condition in symbols
In the growing perpetuity, what mathematical condition must hold between r and g for a finite value? Answer with one symbol of comparison between the letters, such as x greater than y written in words.