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Chapter4TheValuationofLong-TermSecuritiesWhatisValue?WhatisValue?WhatisValue?BondValuationImportantBondTermsImportantBondTerms柳化股份2011年公司债券2013年付息公告termPerpetualBondExampleDifferentTypesofBondsV=$1,000(PVIF10%,30)=$1,000(.057)=$57.00SemiannualCompoundingPreferredStockisatypeofstockthatpromisesa(usually)fixeddividend,butatthediscretionoftheboardofdirectors.PreferredStockExampleCommonStockValuationCommonStockValuationDividendValuationModelAdjustedDividendValuationModelDividendGrowthPatternAssumptionsConstantGrowthModelExampleZeroGrowthModelExampleCalculatingRatesofReturn(orYields)DeterminingtheYTMYTMSolution(Try9%)YTMSolution(Try7%).07$1,273.02IRR$1,250$192.09$1,081X$23.02$192.07$1,273.02IRR$1,250$192.09$1,081X$23.02$192.07$1273.02YTM$1250$192.09$1081($23)(0.02)$192DeterminingtheSemiannualCouponBondYTMDeterminingSemiannualCouponBondYTMDeterminingSemiannualCouponBondYTMBondPrice-YieldRelationshipBondPrice-YieldRelationshipBondPrice-YieldRelationshipBondPrice-YieldRelationshipBondPrice-YieldRelationship(RisingRates)BondPrice-YieldRelationshipBondPrice-YieldRelationshipBondPrice-YieldRelationship(DecliningRates)TheRoleofBondMaturityBondPrice-YieldRelationshipTheRoleofBondMaturityTheRoleoftheCouponRateExampleoftheRoleoftheCouponRateExampleoftheRoleoftheCouponRateDeterminingtheYieldonPreferredStockPreferredStockYieldExampleDeterminingtheYieldonCommonStockCommonStockYieldExample
