【PPT精品课件】货币金融学7版英文课件--7-大学课件20.pptxVIP

Chapter 7The Stock Market, The Theory of Rational Expectations, and the Efficient Markets Hypothesis ? 2005 Pearson Education Canada Inc.Computing the Price of Common StockBasic Principle of FinanceValue of Investment = Present Value of Future Cash FlowsOne-Period Valuation Model (1)? 2005 Pearson Education Canada Inc.Generalized Dividend Valuation ModelSince last term of the equation is small, Equation 2 can be written as(2)(3)? 2005 Pearson Education Canada Inc.Gordon Growth ModelAssuming dividend growth is constant, Equation 3 can be written asAssuming the growth rate is less than the requ