"Equity Investments":Equity Valuation
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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.
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
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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