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1、CHAPTER5HowtoValueBondsandStocksWhenthestockmarketclosedonJanuary20,2006,theMcGraw-Hill’swas$0.66pershare,andCaremarkRxcommonstockofMcGraw-Hill,publisherofhigh-qualitypaidnodividendsatall!collegetextbooks,wasgoingfor$49.34pershare.OnAswewillseeinthischapter,thedividendscurre
2、ntlythatsameday,EastmanChemicalclosedat$49.96,beingpaidareoneoftheprimaryfactorswelookatwhilepharmaceuticalbene?tsmanagerCaremarkwhenattemptingtovaluecommonstocks.However,itisRxclosedat$50.02.BecausethestockpricesofobviousfromlookingatCaremarkthatcurrentdividendsthesethreeco
3、mpaniesweresosimilar,youmightarenottheendofthestory,sothischapterexploresexpectthattheywouldbeofferingsimilardividendsdividends,stockvalues,andtheconnectionbetweentotheirstockholders,butyouwouldbewrong.Infact,thetwo.EastmanChemical’sdividendwas$1.76pershare,5.1De?nitionandEx
4、ampleofaBondAbondisacerti?cateshowingthataborrowerowesaspeci?edsum.Torepaythemoney,theborrowerhasagreedtomakeinterestandprincipalpaymentsondesignateddates.Forexample,imaginethatKreugerEnterprisesjustissued100,000bondsfor$1,000each,wherethebondshaveacouponrateof5percentandama
5、turityoftwoyears.Interestonthebondsistobepaidyearly.Thismeansthat:1.$100million(100,000$1,000)hasbeenborrowedbythe?rm.2.The?rmmustpayinterestof$5million(5%$100million)attheendofoneyear.3.The?rmmustpayboth$5millionofinterestand$100millionofprincipalattheendoftwoyears.Weno
6、wconsiderhowtovalueafewdifferenttypesofbonds.5.2HowtoValueBondsPureDiscountBondsThepurediscountbondisperhapsthesimplestkindofbond.Itpromisesasinglepayment,say$1,atafixedfuturedate.Ifthepaymentisoneyearfromnow,itiscalledaone-yeardiscountbond;ifitistwoyearsfromnow,itiscalledat
7、wo-yeardiscountbond,andsoon.129ros05902_ch05.indd1299/25/069:51:26AM130PartIIValuationandCapitalBudgetingFigure5.1Year1Year2Year3Year4...DifferentTypesofBonds:C,CouponPaidEvery6Months;Months612182430364248...F,FaceValueatYear4(maturityforPurediscountbondsFpurediscountandCoup
8、onbondsCCCCCCCF+Ccouponbonds)ConsolsCCCCCCCCCCThedatewhentheissuerofthebond
