[数学]金融学基础模块4_债券及股票价值的估算.pptVIP

Earnings and Investment Opportunities The formula for valuing stock is The firm’s value equals the present value of its expected future earning less the present value of the earnings reinvested in the firm. Declining industry: net investment is negative and capacity would decline over time. Stable or stagnant industry: net investment is zero and capacity remains about constant over time. Expanding industry: net investment is positive and capacity increases over time. Earnings and Investment Opportunities A useful way to estimate a firm’s value based on earnings and investment opportunities is to partition the firm’s value into two parts: The present value of the current level of earnings projected into the future as a perpetuity, and The net present value of any future investment opportunities. NPV of Future Investment Opportunities P0 = + Nogrowth Corp. Earnings per share are $15 Pays all of its earnings out as dividends The capitalization rate is 15% per year Nogrowth VS. Growthstock Growthstock Earnings per share are $15 Reinvests 60% of its earnings each year into new investments that yield a rate of return of 20% per year. Pay out only 40% of $15 as dividends, or $6 per share P0 =$15/0.15=$100 P0 =$6/0.15=$40 × Growth rate of earnings and dividends The price of Growthstock will be g = 0.6 ×0.2 = 0.12 = × Rate of Return on New Investments Earnings Retention Rate Earnings Retention Rate Rate of Return on New Investments The Second Method The YTM of the Coupon Bond The single discount rate that we can use to discount all three cash flows is the yield-to-maturity (YTM). However, can we get it? It would be a mistake to discount all three cash flows using the same three-year zero yield of 7.72%. The Development of STRIPs In 1982, Merrill Lynch: TIGRs—Treasury Investment Growth Receipts. Follow up: Salomon Brother’s Certificates of Accrual on Treasury Security (CATs)、Lehman Investment Opportunity Notes (LIONs) —‘Animals’. In 1984, American governme