Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 17 Jan 2018 My Price 4.00

period’s dividends

Consider a stock that pays dividends of Dt in period t and whose price in period t is Pt. Assume that consumers are risk-neutral and have a discount rate of r ; thus they maximize

a) Show that equilibrium requires Pt = Et [(Dt +1 + Pt +1)/(1 + r )] (assume that if the stock is sold, this happens after that period’s dividends have been paid).

(b) Assume that  (this is a no-bubbles condition; see the next problem). Iterate the expression in part (a) forward to derive an expression for Pt in terms of expectations of future dividends.

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Jan 2018 04:01 PM My Price 4.00

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