5债券文档新跟股票定价.pptVIP

* * * To find the PVGO note that the firm retains $3.50 out of the first year’s earnings to invest at 20%. This results in a positive NPV of $0.875. A growing perpetuity of these positive NPVs is worth $43.75 * * No, it’s not exactly in the book, but it’s a great big world out there and you don’t want your students to learn this voodoo on the streets do you? Just delete the slide if you want to ignore it (I will). * * * * * * * * * * * * * * * * * * * * * * * * * * * This type of problem separates the “A” students from the rest of the class. * * * * * * * * * 例3: 不平稳增长 假设股利将按不同的增长率增长，然后一一个恒定的增