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Financial management and analysis phần 3 ppsx

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[...]... Valuation Model P ( ) amount D P P ( ) - Review of Economics and Statistics Financing and Valuation of the Corporation The Investment The Theory of Investment Value The Price of a Share of Stock with a Current Dividend of $2, a 6% Growth in Dividends, and a 10% Required Rate of Return g re D g g less decline re D P g ( ) − ( ) ... - -( ) P P P - D -re g D -re g -re g ■ ■ ■ D re re D P g dividend yield capital yield g D P re Handbook of Portfolio Management re P - P D -re g re g -D - re g  re   ( P D  -   ) ■ ■ ( ) - PV... the End of the Second Year ← − - Year Cash Flow Value at the End of the Second Year ← i − - modified internal rate of return ■ ■ ■ ■ ■ ■ ■ ■ ■ Investment 1: Investment 2: Investment 3: Beginning Price Ending Price Number of Years Year Cash Flow not 211 cumulative feature face value Summary of Features of Securities Security Cash Flow Certainty of Cash Flow Maturity . t N ∑ N i ■ ■ risk averse CF() CF i market equilib- rium Investor uses the discount rate and values the asset as return ■ ■ ■ yield − − FV PV N i FV PV N r FV PV i N i i i i − internal. End of the Second Year ← ■ ■ ■ ■ ■ ■ ■ Investment 1: Investment 2: Investment 3: Beginning Price Ending Price Number of Years Year Cash Flow 211 not

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