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Sunshine4ever

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tT
发表于 2011-7-11 19:06 | 只看该作者

Q on equity forward contracts

stock, equivalent, discounted, forward
CFAI text Reading 60 page 28:

"the stock price discounted at the dividend yield rate is equivalent to the stock price minus the present value of the dividends."

Could someone kindly prove how this is true? Answer in mathematical or verbal explanation would both be appreciated.

Thank you

 

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jarobi04

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2#
发表于 2011-7-11 19:06 | 只看该作者
Stock price at time (t) = [Stock price at time (t+1) + dividend] / (1+r)

rearranging

S(t+1) / (1+r) = S(t) - [dividend / (1+r)]

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lucasg85

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发表于 2011-7-11 19:06 | 只看该作者
But in the above equation, the stock price is not discounted by the dividend yield rate, it's still discounted by the interest rate, r...

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wxs1986

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发表于 2011-7-11 19:06 | 只看该作者
you could use the dividend yield rate, that would be the appropriate discount rate for the risk profile

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RepoToronto

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发表于 2011-7-11 19:06 | 只看该作者
My mind is completely blank from level 1... Given the interest rate and the dividend amount, how do we calculate the dividend yield rate? Extremely sorry about the dumb question...

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President1988

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发表于 2011-7-11 19:06 | 只看该作者
I havent gone over this section of the book yet, so Im a bit unsure of the specific answer your looking for. However, the dividend yield rate or simply "dividend yield", is the amount of the dividend over the stock price. Im assuming they would give you both amounts for the question. Hope this helps a bit.

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