金融学 第二版 兹维.博迪 罗伯特C默顿等著Bodie2_IM_Ch09.pdfVIP

CHAPTER 9 - Valuation of Common Stocks End-of-Chapter Problems 1. Consider the following NYSE listing from 6 May 2002: Stock Div PE Vol 100s Hi Lo Close Net Chg Boeing 0.68 16 20,969 45.19 43.33 43.38 -1.25 Calculate the dividend yield and estimate the sum of the earnings per share over the most recent four quarters. What was the closing price of Boeing on the previous day? 0.68 Solution: The dividend yield is equal to = 0.016 = 1.6%. We have the price-earnings ratio and the price so 43.38 P P 43.38 we can solve for earnings (over the past four quarters): = 16 or = E thus E := E= 2.71 E 16 16 The closing price is 43.38 and this is down 1.25 from yesterday so yesterdays close was at 43.38+ 1.25 = 44.63 2. Under the discounted dividend model, what is the value per share of a company expected to pay a $3.75 end-of-year dividend and have an ex-dividend price of $27.50 if the market capitalization rate is 7.5%? Suppose an bad news report about the company drops the expected end-of-year ex-dividend price by 10%. Will the current stock price decrease by more or less than 10%? D1 + P1 3.75+ 27.50 Solution: The current price should be: P = = 29.07 0 1k+ 1+ 7.5% 3.75+ 27.5?() 1? 10% With an increase in the ex-dividend price the current price would be: = 26.51 1+ 7.5% 26.51? 27.5 This is reduction in the current price of: = ?0.0360 3.6% 27.5 3. Under the constant-growth-rate di