"Equity Investments":Equity Valuation

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来源: 正保会计网校编辑：小鞠橘桔 2020/11/02 09:16:29　字体：大小

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Questions 1:

Which date in the chronology of a dividend payment is most likely determined by a security exchange?

A、 Holder-of-record date

B、 Declaration date

C、 Ex-dividend date

Questions 2:

A company’s non-callable, non-convertible preferred stock that pays an annual dividend of $3.75 is currently selling at its par value of $50 per share. If the required rate of return increases by 75 bps, the preferred stock’s new price is closest to:

A、 $45.45.

B、 $49.50.

C、 $55.56.

View answer resolution

【Answer to question 1】C

【analysis】

C is correct. The ex-dividend date is normally determined by the security exchange on which the shares are listed. The corporation determines the holder-of-record date and declaration date.

A is incorrect because the holder-of-record date is determined by the company.

B is incorrect because the declaration date is determined by the company

【Answer to question 2】A

【analysis】

A is correct. Investors’ current required return = $3.75/$50 = 7.50% New required return = 7.50% + 0.75% = 8.25% New market price = $3.75/0.0825 = $45.45

B is incorrect. Mistake in computing new return. Investors’ current required return = $3.75/$50 = 7.50% New required return = 7.50% + 0.075 = 7.575% New market price = $3.75/0.07575 = $49.50

C is incorrect. It mistakenly subtracts the increase in the required return. New required return = 7.50% – 0.75% = 6.75% New market price = $3.75/0.0675 = $55.56

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