Investing with a Stock Valuation Model - Yale University：投资股票的估值模型-耶鲁大学.pptVIP

Motivation: existing stock valuation models Variants of the Gordon model: too many unrealistic assumptions (e.g., a constant and flat term structure, constant dividend growth forever) Multi-stage dividend/earnings/cashflow discount models: No structural parameterization of the firm’s business No attention paid to how the stock has historically been valued by market Fair values determined by these models are too often below market price. The Bakshi-Chen-Dong (BCD) Model Fundamental Variables: current EPS, expected future EPS, and 30-yr bond yield Firm-specific parameters: EPS gr