Principles of Finance · 免费预览
股息贴现模型
股息贴现模型将股票定价为其预期股息的现值；零增长版本是永续年金模型，戈登增长模型处理恒定增长的情形；所需的输入包括下一年的股息、增长率以及投资者要求的收益率。
1. The core idea
The core idea
2. Zero growth, the perpetuity case
Zero growth, the perpetuity case
3. The Gordon growth model
The Gordon growth model
4. Fit, misfit, and judgment
Fit, misfit, and judgment
5. The core pricing idea
According to dividend discount models, what determines a stock's fair price?
6. The zero-growth price
A mature firm pays a constant annual dividend of 2 dollars per share, and investors require an 8 percent return. What is the dividend discount model price?
7. The Gordon growth inputs
Next year's dividend is expected to be 2 dollars, dividends grow 3 percent annually forever, and the required return is 8 percent. What does the Gordon growth model give as the price?
8. Why the spread dominates
Why does a small change in the growth rate or required return move the Gordon growth price so much?
9. When the model misfits
For which kind of firm does the dividend discount model fit least well?
10. Anchoring growth conservatively
Why do analysts anchor a firm's long-run dividend growth at or below the economy's growth rate?
11. The model's namesake
What is the last name of the economist whose constant-growth dividend discount model carries his name? Answer with one word.
12. The forbidden condition
For the Gordon growth model to produce a finite price, the required return must be greater than what other rate? Answer with one letter.
13. The next-year payment
In the Gordon formula, the numerator is the dividend expected at which future date, this year or next? Answer with one word.
14. The zero-growth identity
With zero growth, the dividend discount model reduces to which single-payment-stream valuation form from the TVM module? Answer with one word.