第04章债券与股票定价第4章债券与股票定价(694KB).pptVIP

* * It may be good to point out that we have assumed the discount rate is constant; however, it could change across periods, or even across years. * * * * This type of problem generally separates the “A” students from the rest of the class. * * * Point out that D1 / P0 is the dividend yield and g is the capital gains yield. You could also use this point to introduce the CAPM as a method for computing required return. * A firm that pays out 100% of its earnings is essentially a zero growth firm since the retention rate is zero. This, however, does not imply the firm is not profitable. * * * T