A Theoretical Model for Valuing Preferred Stock
基于Black-Scholes期权对冲方法，构建了考虑股息可能被省略的优先股估值模型，给出了累积和非累积优先股在不同情境下的精确估值公式，结果与永续债券显著不同。
ABSTRACT This paper develops a model of preferred stock value which includes the possibility of dividends on the preferred stock being omitted. The analytical framework used is based on the option‐hedging methodology of Black and Scholes. Precise valuation formulae are obtained for cumulative and noncumulative preferred stock in a variety of contexts. The values obtained are quite different from those for either riskless or risky perpetual bonds, which have previously been proposed as being similar to preferred stock.