09. Lecuture 09.03.2016

8/19/2019 09. Lecuture 09.03.2016

1/20

+++ MCO 201 +++ Finance +++ Spring 2016 +++

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!"#$# & !'()*+ "+ ,-."(-/ 0-*$'(#

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1'(# #'' 234 -+ 5+6'#(7'+( 43)/8 2-6' 9*34+ ": "( 4'*'"+6'#('8 :*37 (2' ;+8 3: = )+("/ (2' ?'9"++"+9 3: >@ "+

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M N"*#( 133$ -( !"#$ & !'()*+

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,37.)("+9 Q"#(3*"A-/ !'()*+#! !'-/"O'8 !'()*+#! 5+8"6"8)-/ 5+6'#(7'+( !'-/"O'8 !'()*+#

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1 1 1 11

t t t t t t t

t t t

Div P P Div P P R

P P P

Dividend Yield Capital Gain Yield

+ + + +

+

+ ! != = +

= +

Q"#(3*"A-/ !"#$# & !'()*+# 3: C(3A$#

!"#$ & !'()*+ "+ ,-."(-/ 0-*$'(#

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1*23/'4 B0"A*3#3:( .-"8 - 3+'S("7' #.'A"-/ 8"6"8'+8 3: TUV@W 3+ X36'7?'* @@ZV C)..3#' L3) ?3)92( 0"A*3#3:( #(3A$ :3* T>WV@W 3+ X36'7?'* @@Z -+8 #3/8"( "77'8"-('/L -:('* (2' 8"6"8'+8 4-# .-"8 :3* T>[VU=V I2-( 4-# L3)* *'-/"O'8 *'()*+:*37 23/8"+9 (2' #(3A$\

!'-/"O'8 !'()*+

!"#$ & !'()*+ "+ ,-."(-/ 0-*$'(#

52/)("2+ 1/-+6I' A-+ )#' (2' ;])-("3+ (3 A-/A)/-(' (2' !'-/"O'8 !'()*+VI' +''8 (2' .)*A2-#' .*"A' GT>WV@WHY (2' #'//"+9 .*"A' GT>[VU=HY -+8 (2' 8"6"8'+8GTUV@WH -+8 +34 4' -*' *'-8L (3 .*3A''8V

1 1 1 1

1t t t t t t

t t t t

Div P P Div P P R

P P P


+ + + +

+

+ ! != = +

= +

8/19/2019 09. Lecuture 09.03.2016

7/20+++ MCO 201 +++ Finance +++ Spring 2016 +++

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78'9)('6^#"+9 (2' ;])-("3+Y (2' !'()*+ :*37 X36 @@Z)+("/ X36 @@Z "# '])-/ (3

1 11

3.08 (27.39 28.08)0.0851, or 8.51%

28.08t t t

t

t

Div P P R

P

+ +

+

+ ! + != = =

( )

1

1

3.08Dividend Yield = .1097, or 10.97%

28.08

27.39 28.08Capital Gain Yield = 0.0246, or 2.46%

28.08

t

t

t t

t

Div

P

P P

P

+

+

= =

!!= = ! !

!'-/"O'8 !'()*+!"#$ & !'()*+ "+ ,-."(-/ 0-*$'(#

K2"# WVF

8/19/2019 09. Lecuture 09.03.2016

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$ () ( $ (

8/19/2019 09. Lecuture 09.03.2016


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78'9)('6^#"+9 (2' ;])-("3+Y (2' !'()*+ :*37 N'?*)-*L @@[ )+("/ 0-*A2 >Y >@@[ "# '])-/ (3

!'-/"O'8 !'()*+!"#$ & !'()*+ "+ ,-."(-/ 0-*$'(#

K2"# S@V>P A-+ ?' ?*3$'+ 834+ "+(3 (2' :";"

8/19/2019 09. Lecuture 09.03.2016


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1*23/'4 B1"7"('8 J*-+8# .-"8 - 3+'S("7' #.'A"-/ 8"6"8'+8 3: TUV@@ 3+ _'A'7?'* >@

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78'9)('6^#"+9 (2' ;])-("3+Y (2' !'()*+ :*37 aA(3?'* @-"+ ="'/ 8B

7;-/)-('6K2'#' *'()*+# "+A/)8' ?3(2 (2' A-."(-/ 9-"+ G3* "+ (2"# A-#' - A-."(-/ /3##H -+8(2' *'()*+ 9'+'*-('8 :*37 *'A'"6"+9 8"6"8'+8#V J3(2 8"6"8'+8# -+8 A-."(-/

9-"+# A3+(*"?)(' (3 (2' (3(-/ *'-/"O'8V

1 1 1 11

t t t t t t t

t t t

Div P P Div P P R

P P P


+ + + +

+

+ ! != = +

= +

1 11

3.00 30.16 29.350.1298,or 0.12.98%

29.35t t t

t

t

Div P P R

P

+ +

+

+ ! + != = =

1

1

3.000.1022,or10.22%

29.35

30.16 29.350.0276,or 2.76%

29.35

t

t

t t

t

Div Dividend Yield

P

P P Capital GainYield

P

+

+

= = =

! != = =

!"#$ & !'()*+ "+ "( / 0 *$'(#

8/19/2019 09. Lecuture 09.03.2016


A n

d r e a s

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,37.)("+9 Q"#(3*"A-/ !'()*+#! 5+8"6"8)-/ 5+6'#(7'+( !'-/"O'8 !'()*+#

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1 2 3 41 (1 )(1 )(1 )(1 )annual R R R R R+ = + + + +

Q"#(3*"A-/ !"#$# & !'()*+# 3: C(3A$!"#$ & !'()*+ "+ ,-."(-/ 0-*$'(#

!"#$ & !'()*+ "+ "( / 0 *$'(#

8/19/2019 09. Lecuture 09.03.2016


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1*23/'4 BC)..3#' L3) .)*A2-#'8 0"A*3#3:( #(3A$ G0CNKH 3+ X36 @@Z -+8 2'/8"( :3* 3+' L'-*Y #'//"+9 3+ aA( U@@FV I2-( 4-# L3)* -++)-/ *'-/"O'8 *'()*+\

,37.3)+8"+9 !'-/"O'8 !'()*+#! #$ & ! ()*+ + ,-. (-/ 0-*$ (#

52/)("2+ 1/-+6I' +''8 (3 -+-/LO' (2' A-#2 :/34# :*37 23/8"+9 0CNK #(3A$ :3* '-A2 ])-*('*V 5+3*8'* (3 9'( (2' A-#2 :/34#Y 4' 7)#( /33$ ). 0CNK #(3A$ .*"A' 8-(- -( (2' .)*A2-#'8-(' -+8 #'//"+9 8-('Y -# 4'// -# -( -+L 8"6"8'+8 8-('#V N*37 (2' 8-(- 4' A-+A3+#(*)A( (2' :3//34"+9 (-?/' (3 :"// 3)( 3)* A-#2 :/34 ("7'/"+'B

X'c(Y A37.)( ' (2' !'-/"O'8 !'()*+ ?'(4''+ '-A2 #'( 3: 8-('#VK2'+ 8'('*7"+' (2' M++)-/ !'-/"O'8 !'()*+ ?L A37.3)+8"+9 (2' *'()*+#

:3* -// 3: (2' .'*"38# "+ (2' L'-*V

!"#$ & !'()*+ "+ "( / 0 *$'(#

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78'9)('65+ (2' .*'6"3)# 'c-7./'Y 4' -/*'-8L A37.)('8(2' !'-/"O'8 !'()*+ :3* X36 @@Z (3 X36 @@Z -# WVF

8/19/2019 09. Lecuture 09.03.2016


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78'9)('6

I' (2'+ 8'('*7"+' (2' 3+'SL'-* *'()*+ ?L A37.3)+8"+9V

,37.3)+8"+9 !'-/"O'8 !'()*+#! #$ & ! () + + ,-. (-/ 0- $ (#

7;-/)-('6

JL *'.'-("+9 (2'#' #('.#Y 4' 2-6' #)AA'##:)//L A37.)('8 (2' *'-/"O'8 -++)-/ *'()*+#:3* -+ "+6'#(3* 23/8"+9 0CNK #(3A$ 36'* (2"# 3+'SL'-* .'*"38V

N*37 (2"# 'c'*A"#' 4' A-+ #'' (2-( *'()*+# -*' *"#$LV 0CNK :/)A()-('8 ). -+8 834+36'* (2' L'-* -+8 '+8'8S). 3+/L #/"92(/L G>V[FPH -( (2' '+8V

( )1 2 3 4 51 (1 )(1 )(1 )(1 ) 11 (1.0851)(0.9496)(0.9861)(1.0675)(0.9473) 1.0275

1.0275 1 .0275 or 2.75%

annual

annual

annual

R R R R R R

R

R

+ = + + + + +

+ = =

= ! =

!"#$ & !'()*+ "+ - "(-/ 0-*$'(#

8/19/2019 09. Lecuture 09.03.2016


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1*23/'4 BC)..3#' L3) .)*A2-#'8 Q'-/(2 0-+-9'7'+( M##3A"-('E# #(3A$ GQ0MH 3+0-*A2 @@b -+8 2'/8 "( :3* 3+' L'-*Y #'//"+9 3+ 0-*A2 @@[V I2-( 4-# L3)**'-/"O'8 *'()*+\

,37.3)+8"+9 !'-/"O'8 !'()*+#! #$ & ! () + + ,-. (-/ 0- $ (#

52/)("2+ 1/-+6I' +''8 (3 -+-/LO' (2' A-#2 :/34# :*37 23/8"+9 Q0M #(3A$ :3* '-A2 .'*"38V 5+ 3*8'*(3 9'( (2' A-#2 :/34#Y 4' 7)#( /33$ ). Q0M #(3A$ .*"A' 8-(- -( (2' #(-*( -+8 '+8 3:?3(2 L'-*#Y -# 4'// -# -( -+L 8"6"8'+8 8-('#V N*37 (2' 8-(- 4' A-+ A3+#(*)A( (2':3//34"+9 (-?/' (3 :"// 3)( 3)* A-#2 :/34 ("7'/"+'B

X'c(Y A37.)(' (2' !'-/"O'8 !'()*+ ?'(4''+ '-A2 #'( 3: 8-('#VK2'+ 8'('*7"+' (2' M++)-/ !'-/"O'8 !'()*+ ?L A37.3)+8"+9 (2' *'()*+#

:3* -// 3: (2' .'*"38# "+ (2' L'-*V

:-(' 1*"9' :";"@VUU>S0-*S@[ =

8/19/2019 09. Lecuture 09.03.2016


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78'9)('6

5+ (2' .*'6"3)# 'c-7./'Y 4' -/*'-8L A37.)('8

(2' *'-/"O'8 *'()*+ :3* N'?*)-*L @@[ (30-*A2 >Y >@@[ -# SV>PV I' A3+("+)' -# "+ (2-( 'c-7./'Y )#"+9 (2' ;])-("3+ :3* '-A2.'*"38 )+("/ 4' 2-6' - #'*"'# 3: *'-/"O'8 *'()*+#V N3* 'c-7./'Y :*37 M)9)#( =Y >@@b(3 X36'7?'* WY >@@bY (2' *'-/"O'8 *'()*+ "#

,37.3)+8"+9 !'-/"O'8 !'()*+#! #$ & ! () + + , . ( / 0 $ (#

K2' (-?/' ?'/34 "+A/)8'# (2' *'-/"O'8 *'()*+ -( '-A2 .'*"38V

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t t t t t t t

t t t

Div P P Div P P R

P P P


+ + + +

+

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= +

%67.5or ,0567.062.20

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t

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!!=!+

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!"#$ & !'()*+ "+ ,-."(-/ 0-*$'(#

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78'9)('65: L3) ./-L (2' 9-7'

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09. Lecuture 09.03.2016