The Valuation of Cash Flows for Dividend Paying Securities

A subject often recurring in financial papers, is the pricing of stocks and securities when the rate of return is stochastic. In most cases, the stocks considered are assumed not to pay out any dividend. In the present contribution we want to show how it is possible to obtain upper and lower bounds for the (distribution of the) accumulated value of a dividend paying security at a future time t, when the logarithm of the stock prices modelled by means of a Wiener process.