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2015:
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The dividend discount model does not include a forecast of the price at which the stock under consideration could be sold at the end of the investment time horizon. A related approach, known as a discounted cash flow analysis, can be used to calculate the intrinsic value of a stock including all cash
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payments to the investor, consisting of both expected future dividends and the expected sale price at the end of the holding period, discounted at an appropriate risk-adjusted interest rate. If the intrinsic value exceeds the stock’s current market price, the stock is an attractive investment.
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Consider the dividend growth rate in the DDM model as a proxy for the growth of earnings and by extension the stock price and capital gains. Consider the DDM's cost of equity capital as a proxy for the investor's required total return.
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2392:” stands for expected dividend per share one year from the present time, “g” stands for rate of growth of dividends, and “k” represents the required return rate for the equity investor.
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2010:{\displaystyle P={\frac {D_{0}\left(1+g\right)}{r-g}}\left+{\frac {D_{0}\left(1+g\right)^{N}\left(1+g_{\infty }\right)}{\left(1+r\right)^{N}\left(r-g_{\infty }\right)}},}
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161:, who published it along with Eli Shapiro in 1956 and made reference to it in 1959. Their work borrowed heavily from the theoretical and mathematical ideas found in
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2434:. However, this requires the use of earnings growth rather than dividend growth, which might be different. This approach is especially useful for computing the
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Gordon, M.J and Eli
Shapiro (1956) "Capital Equipment Analysis: The Required Rate of Profit," Management Science, 3,(1) (October 1956) 102-110. Reprinted in
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payments to shareholders, discounted back to their present value. The constant-growth form of the DDM is sometimes referred to as the
86:
2419:, more general versions of the discounted dividend model must be used to value the stock. One common technique is to assume that the
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The DDM equation can also be understood to state simply that a stock's total return equals the sum of its income and capital gains.
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58:
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3005:
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cannot be negative. When growth is expected to exceed the cost of equity in the short run, then usually a two-stage DDM is used:
1735:{\displaystyle P=\sum _{t=1}^{N}{\frac {D_{0}\left(1+g\right)^{t}}{\left(1+r\right)^{t}}}+{\frac {P_{N}}{\left(1+r\right)^{N}}}}
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or business value based on the assertion that intrinsic value is determined by the sum of future cash flows from
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Alternative derivations of the Gordon Model and its place in the context of other DCF-based shortcuts
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169:," which put forth the dividend discount model 18 years before Gordon and Shapiro.
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is the period (number of years), over which the short-run growth rate is applied.
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The stock price resulting from the Gordon model is sensitive to the growth rate
608:{\displaystyle P_{0}=\sum _{t=1}^{\infty }{D_{0}}{\frac {(1+g)^{t}}{(1+r)^{t}}}}
21:
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1126:{\displaystyle P_{0}={\frac {D_{0}{\frac {1+g}{1+r}}}{1-{\frac {1+g}{1+r}}}}}
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of dividend irrelevance is true, and therefore replace the stock's dividend
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1543:{\displaystyle {\text{Income}}+{\text{Capital Gain}}={\text{Total Return}}}
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When dividends are assumed to grow at a constant rate, the variables are:
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The model uses the fact that the current value of the dividend payment
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is the constant growth rate in perpetuity expected for the dividends.
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2618:(eighth ed.). New York NY: McGraw-Hill Irwin. pp. 397–400.
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2408:
The presumption of a steady and perpetual growth rate less than the
1276:{\displaystyle P_{0}={\frac {D_{0}(1+g)}{r-g}}={\frac {D_{1}}{r-g}}}
824:
The series in parentheses is the geometric series with common ratio
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2801:
2554:
Gordon, Myron J. (1959). "Dividends, Earnings and Stock Prices".
2495:(eighth ed.). New York, NY: McGraw-Hill Irwin. p. 399.
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which is equivalent to the formula of the Gordon Growth Model
15:
739:{\displaystyle P_{0}={D_{0}}r'(1+r'+{r'}^{2}+{r'}^{3}+....)}
2661:
The
Investment, Financing, and Valuation of the Corporation
2463:
Sustainable growth rate § From a financial perspective
2098:, P approaches infinity, so the model becomes meaningless.
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If the stock does not currently pay a dividend, like many
2530:
Investopedia – Digging Into The
Dividend Discount Model
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The following shortcomings have been noted; See also
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467:{\displaystyle {\frac {D_{0}(1+g)^{t}}{{(1+r)}^{t}}}}
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Bodie, Zvi; Kane, Alex; and Marcus, Alan J. (2010).
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Problems with the constant-growth form of the model
46:. Unsourced material may be challenged and removed.
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129:) is a method of valuing the price of a company's
2590:"Spreadsheet for variable inputs to Gordon Model"
1558:From the first equation, one might notice that
2743:
2614:Bodie, Zvi; Kane, Alex; Marcus, Alla (2010).
2491:Bodie, Zvi; Kane, Alex; Marcus, Alan (2010).
1287:Income plus capital gains equals total return
989:{\displaystyle P_{0}={\frac {D_{0}r'}{1-r'}}}
8:
2707:: CS1 maint: multiple names: authors list (
2638:: CS1 maint: multiple names: authors list (
2515:: CS1 maint: multiple names: authors list (
2040:denotes the short-run expected growth rate,
2246:{\displaystyle r={\frac {D_{1}}{P_{0}}}+g.}
2170:This equation is also used to estimate the
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2736:
2728:
1395:{\displaystyle {\frac {D_{1}}{P_{0}}}+g=r}
1342:{\displaystyle {\frac {D_{1}}{r-g}}=P_{0}}
814:{\displaystyle r'={\frac {(1+g)}{(1+r)}}.}
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106:Learn how and when to remove this message
2691:Essentials of Investments, tenth edition
2402:Discounted cash flow § Shortcomings
2156:{\displaystyle P_{0}={\frac {D_{1}}{r}}}
2483:
2365:” stands for the present stock value, “
2700:
2631:
2508:
2113:is zero, the dividend is capitalized.
2067:denotes the long-run growth rate, and
1137:which is simplified by multiplying by
311:{\displaystyle P={\frac {D_{1}}{r-g}}}
2544:, Glencoe, Ill.: Free Press of, 1959.
151:Massachusetts Institute of Technology
7:
2671:"Equity Discounted Cash Flow Models"
2328:{\displaystyle {\frac {D_{1}}{k-g}}}
44:adding citations to reliable sources
1554:Growth cannot exceed cost of equity
618:This summation can be rewritten as
2697:. New York, NY: McGraw-Hill Irwin.
2556:Review of Economics and Statistics
2052:
1991:
1937:
1173:{\displaystyle {\frac {1+r}{1+r}}}
536:
14:
916:{\displaystyle \mid r'\mid <1}
882:{\displaystyle {\frac {1}{1-r'}}}
3006:Electronic communication network
2436:residual value of future periods
267:at the end of the first period.
20:
2542:Management of Corporate Capital
31:needs additional citations for
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368:{\displaystyle D_{0}(1+g)^{t}}
356:
343:
167:The Theory of Investment Value
1:
3000:Multilateral trading facility
1446:{\displaystyle (D_{1}/P_{0})}
3423:Returns-based style analysis
3219:Post-modern portfolio theory
3125:Security characteristic line
2665:. Homewood, IL: R. D. Irwin.
2562:(2). The MIT Press: 99–105.
2421:Modigliani–Miller hypothesis
2261:(or Yield-plus-growth Model)
2102:Some properties of the model
192:is the current stock price.
121:In financial economics, the
3177:Efficient-market hypothesis
3081:Capital asset pricing model
3018:Straight-through processing
2060:{\displaystyle g_{\infty }}
999:Substituting the value for
3560:
2994:Alternative Trading System
236:capital for that company.
2657:Gordon, Myron J. (1962).
2616:Essentials of Investments
2493:Essentials of Investments
118:Method of valuing a stock
55:"Dividend discount model"
3058:Arbitrage pricing theory
3337:Initial public offering
3198:Modern portfolio theory
3093:Dividend discount model
2976:List of stock exchanges
155:University of Rochester
123:dividend discount model
3225:Random walk hypothesis
2455:
2412:may not be reasonable.
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2359:
2329:
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2247:
2188:
2157:
2081:
2061:
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2011:
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1499:
1479:equals cost of equity
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1447:
1405:So the dividend yield
1396:
1349:is rearranged to give
1343:
1277:
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1018:
990:
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609:
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468:
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369:
322:Derivation of equation
312:
257:
226:
206:
186:
3363:Market capitalization
3172:Dollar cost averaging
2456:
2387:
2385:{\displaystyle D_{1}}
2360:
2358:{\displaystyle P_{0}}
2330:
2288:
2286:{\displaystyle P_{0}}
2248:
2189:
2158:
2082:
2062:
2035:
2012:
1737:
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1579:
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313:
258:
256:{\displaystyle D_{1}}
227:
207:
187:
159:University of Toronto
3183:Fundamental analysis
3167:Contrarian investing
3130:Security market line
3035:Liquidity aggregator
3012:Direct market access
2923:Quantitative analyst
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504:
494:, is the sum of the
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216:
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176:
40:improve this article
3544:Valuation (finance)
3428:Reverse stock split
3373:Market manipulation
3297:Dual-listed company
3157:Algorithmic trading
3087:Capital market line
2889:Inter-dealer broker
1577:{\displaystyle r-g}
1498:{\displaystyle (r)}
1472:{\displaystyle (g)}
375:at (discrete) time
139:Gordon growth model
3468:Stock market index
3307:Efficient frontier
3246:Technical analysis
3204:Momentum investing
3026:(private exchange)
2916:Proprietary trader
2858:Shares outstanding
2848:Authorised capital
2451:
2432:earnings per share
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2153:
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2007:
1732:
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1392:
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1123:
1017:{\displaystyle r'}
1014:
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842:{\displaystyle r'}
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811:
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605:
484:
464:
385:
365:
308:
253:
222:
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182:
163:John Burr Williams
3516:
3515:
3317:Flight-to-quality
3069:Buffett indicator
2759:Financial markets
2625:978-0-07-338240-1
2502:978-0-07-338240-1
2454:{\displaystyle g}
2323:
2232:
2187:{\displaystyle r}
2151:
2094:is very close to
2080:{\displaystyle N}
2033:{\displaystyle g}
2002:
1872:
1805:
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1522:
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603:
487:{\displaystyle P}
462:
388:{\displaystyle t}
306:
225:{\displaystyle r}
205:{\displaystyle g}
185:{\displaystyle P}
116:
115:
108:
90:
3551:
3539:Economics models
3534:Financial models
3433:Share repurchase
3145:Trading theories
3030:Crossing network
2988:Over-the-counter
2825:Restricted stock
2781:Secondary market
2752:
2745:
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2712:
2706:
2698:
2696:
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2682:
2676:. Archived from
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2629:
2611:
2605:
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2601:
2592:. Archived from
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2109:When the growth
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1453:plus the growth
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284:
263:is the value of
262:
260:
259:
254:
252:
251:
232:is the constant
231:
229:
228:
223:
211:
209:
208:
203:
191:
189:
188:
183:
111:
104:
100:
97:
91:
89:
48:
24:
16:
3559:
3558:
3554:
3553:
3552:
3550:
3549:
3548:
3519:
3518:
3517:
3512:
3503:Voting interest
3413:Public offering
3348:Mandatory offer
3322:Government bond
3302:DuPont analysis
3265:
3261:Value investing
3256:Value averaging
3251:Trend following
3236:Style investing
3231:Sector rotation
3146:
3140:
3119:Net asset value
3045:Stock valuation
3039:
2959:
2867:
2834:
2820:Preferred stock
2795:
2761:
2756:
2719:
2699:
2694:
2687:
2680:
2673:
2669:
2656:
2653:
2651:Further reading
2648:
2647:
2630:
2626:
2613:
2612:
2608:
2599:
2597:
2588:
2587:
2583:
2568:10.2307/1927792
2553:
2552:
2548:
2539:
2535:
2528:
2524:
2507:
2503:
2490:
2489:
2485:
2480:
2471:
2469:Related methods
2443:
2442:
2410:cost of capital
2398:
2372:
2367:
2366:
2345:
2340:
2339:
2312:
2302:
2295:
2294:
2273:
2268:
2267:
2222:
2212:
2199:
2198:
2176:
2175:
2174:by solving for
2172:cost of capital
2138:
2123:
2118:
2117:
2104:
2069:
2068:
2047:
2042:
2041:
2022:
2021:
1986:
1979:
1975:
1954:
1950:
1949:
1948:
1932:
1925:
1921:
1900:
1896:
1895:
1885:
1884:
1851:
1847:
1846:
1825:
1821:
1820:
1811:
1807:
1794:
1778:
1774:
1764:
1763:
1750:
1749:
1709:
1705:
1704:
1694:
1666:
1662:
1661:
1639:
1635:
1634:
1624:
1623:
1589:
1588:
1560:
1559:
1556:
1514:
1513:
1481:
1480:
1455:
1454:
1430:
1415:
1407:
1406:
1368:
1358:
1351:
1350:
1329:
1313:
1303:
1296:
1295:
1289:
1260:
1250:
1232:
1206:
1205:
1190:
1185:
1184:
1157:
1146:
1139:
1138:
1107:
1096:
1087:
1073:
1062:
1050:
1049:
1034:
1029:
1028:
1006:
1001:
1000:
975:
968:
959:
949:
948:
933:
928:
927:
899:
891:
890:
868:
861:
851:
850:
831:
826:
825:
789:
772:
759:
754:
753:
703:
701:
683:
681:
670:
653:
642:
628:
623:
622:
592:
579:
568:
555:
542:
507:
502:
501:
496:infinite series
476:
475:
438:
427:
405:
404:
397:
396:
377:
376:
355:
333:
328:
327:
324:
295:
285:
272:
271:
243:
238:
237:
214:
213:
194:
193:
174:
173:
147:Myron J. Gordon
119:
112:
101:
95:
92:
49:
47:
37:
25:
12:
11:
5:
3557:
3555:
3547:
3546:
3541:
3536:
3531:
3521:
3520:
3514:
3513:
3511:
3510:
3505:
3500:
3495:
3490:
3485:
3480:
3475:
3470:
3465:
3463:Stock exchange
3460:
3458:Stock dilution
3455:
3450:
3445:
3440:
3435:
3430:
3425:
3420:
3415:
3410:
3405:
3400:
3395:
3390:
3385:
3383:Mean reversion
3380:
3375:
3370:
3365:
3360:
3358:Market anomaly
3355:
3350:
3345:
3340:
3334:
3329:
3324:
3319:
3314:
3309:
3304:
3299:
3294:
3289:
3284:
3279:
3277:Bid–ask spread
3273:
3271:
3267:
3266:
3264:
3263:
3258:
3253:
3248:
3243:
3238:
3233:
3228:
3222:
3216:
3211:
3206:
3201:
3195:
3190:
3185:
3180:
3174:
3169:
3164:
3159:
3153:
3151:
3142:
3141:
3139:
3138:
3133:
3127:
3122:
3116:
3111:
3106:
3104:Earnings yield
3101:
3099:Dividend yield
3096:
3090:
3084:
3078:
3072:
3066:
3061:
3055:
3049:
3047:
3041:
3040:
3038:
3037:
3032:
3027:
3021:
3015:
3009:
3003:
2997:
2991:
2990:(off-exchange)
2985:
2984:
2983:
2978:
2967:
2965:
2964:Trading venues
2961:
2960:
2958:
2957:
2952:
2951:
2950:
2940:
2935:
2930:
2925:
2920:
2919:
2918:
2913:
2903:
2898:
2893:
2892:
2891:
2886:
2875:
2873:
2869:
2868:
2866:
2865:
2863:Treasury stock
2860:
2855:
2850:
2844:
2842:
2836:
2835:
2833:
2832:
2830:Tracking stock
2827:
2822:
2817:
2812:
2806:
2804:
2797:
2796:
2794:
2793:
2788:
2783:
2778:
2776:Primary market
2772:
2770:
2763:
2762:
2757:
2755:
2754:
2747:
2740:
2732:
2726:
2725:
2718:
2717:External links
2715:
2714:
2713:
2685:
2683:on 2013-06-12.
2667:
2652:
2649:
2646:
2645:
2624:
2606:
2581:
2546:
2533:
2522:
2501:
2482:
2481:
2479:
2476:
2470:
2467:
2466:
2465:
2450:
2439:
2413:
2397:
2394:
2379:
2375:
2352:
2348:
2336:
2335:
2321:
2318:
2315:
2309:
2305:
2280:
2276:
2254:
2253:
2242:
2239:
2236:
2229:
2225:
2219:
2215:
2209:
2206:
2183:
2165:
2164:
2150:
2145:
2141:
2135:
2130:
2126:
2103:
2100:
2076:
2054:
2050:
2029:
2018:
2017:
2006:
1999:
1993:
1989:
1985:
1982:
1978:
1972:
1967:
1963:
1960:
1957:
1953:
1945:
1939:
1935:
1931:
1928:
1924:
1918:
1913:
1909:
1906:
1903:
1899:
1892:
1888:
1881:
1877:
1869:
1864:
1860:
1857:
1854:
1850:
1843:
1838:
1834:
1831:
1828:
1824:
1817:
1814:
1810:
1803:
1800:
1797:
1791:
1787:
1784:
1781:
1777:
1771:
1767:
1760:
1757:
1743:
1742:
1727:
1722:
1718:
1715:
1712:
1708:
1701:
1697:
1691:
1684:
1679:
1675:
1672:
1669:
1665:
1657:
1652:
1648:
1645:
1642:
1638:
1631:
1627:
1618:
1613:
1610:
1607:
1603:
1599:
1596:
1573:
1570:
1567:
1555:
1552:
1551:
1550:
1534:
1526:
1494:
1491:
1488:
1468:
1465:
1462:
1442:
1437:
1433:
1428:
1422:
1418:
1414:
1403:
1402:
1391:
1388:
1385:
1382:
1375:
1371:
1365:
1361:
1336:
1332:
1328:
1322:
1319:
1316:
1310:
1306:
1288:
1285:
1284:
1283:
1269:
1266:
1263:
1257:
1253:
1247:
1241:
1238:
1235:
1230:
1227:
1224:
1221:
1218:
1213:
1209:
1202:
1197:
1193:
1166:
1163:
1160:
1155:
1152:
1149:
1135:
1134:
1116:
1113:
1110:
1105:
1102:
1099:
1093:
1090:
1082:
1079:
1076:
1071:
1068:
1065:
1057:
1053:
1046:
1041:
1037:
1012:
1009:
997:
996:
981:
978:
974:
971:
965:
962:
956:
952:
945:
940:
936:
912:
909:
905:
902:
898:
874:
871:
867:
864:
860:
849:so it sums to
837:
834:
822:
821:
810:
804:
801:
798:
795:
792:
787:
784:
781:
778:
775:
769:
765:
762:
747:
746:
735:
732:
729:
726:
723:
720:
715:
709:
706:
700:
695:
689:
686:
680:
676:
673:
669:
666:
663:
659:
656:
649:
645:
640:
635:
631:
616:
615:
599:
595:
591:
588:
585:
582:
575:
571:
567:
564:
561:
558:
549:
545:
538:
533:
530:
527:
523:
519:
514:
510:
483:
459:
454:
451:
448:
445:
442:
434:
430:
426:
423:
420:
417:
412:
408:
384:
362:
358:
354:
351:
348:
345:
340:
336:
323:
320:
319:
318:
304:
301:
298:
292:
288:
282:
279:
250:
246:
234:cost of equity
221:
201:
181:
117:
114:
113:
28:
26:
19:
13:
10:
9:
6:
4:
3:
2:
3556:
3545:
3542:
3540:
3537:
3535:
3532:
3530:
3527:
3526:
3524:
3509:
3506:
3504:
3501:
3499:
3496:
3494:
3491:
3489:
3486:
3484:
3481:
3479:
3476:
3474:
3471:
3469:
3466:
3464:
3461:
3459:
3456:
3454:
3451:
3449:
3446:
3444:
3441:
3439:
3438:Short selling
3436:
3434:
3431:
3429:
3426:
3424:
3421:
3419:
3416:
3414:
3411:
3409:
3406:
3404:
3401:
3399:
3396:
3394:
3391:
3389:
3386:
3384:
3381:
3379:
3376:
3374:
3371:
3369:
3366:
3364:
3361:
3359:
3356:
3354:
3351:
3349:
3346:
3344:
3341:
3338:
3335:
3333:
3330:
3328:
3327:Greenspan put
3325:
3323:
3320:
3318:
3315:
3313:
3312:Financial law
3310:
3308:
3305:
3303:
3300:
3298:
3295:
3293:
3290:
3288:
3287:Cross listing
3285:
3283:
3280:
3278:
3275:
3274:
3272:
3270:Related terms
3268:
3262:
3259:
3257:
3254:
3252:
3249:
3247:
3244:
3242:
3241:Swing trading
3239:
3237:
3234:
3232:
3229:
3226:
3223:
3220:
3217:
3215:
3212:
3210:
3209:Mosaic theory
3207:
3205:
3202:
3199:
3196:
3194:
3193:Market timing
3191:
3189:
3186:
3184:
3181:
3178:
3175:
3173:
3170:
3168:
3165:
3163:
3160:
3158:
3155:
3154:
3152:
3150:
3143:
3137:
3134:
3131:
3128:
3126:
3123:
3120:
3117:
3115:
3112:
3110:
3107:
3105:
3102:
3100:
3097:
3094:
3091:
3088:
3085:
3082:
3079:
3076:
3073:
3070:
3067:
3065:
3062:
3059:
3056:
3054:
3051:
3050:
3048:
3046:
3042:
3036:
3033:
3031:
3028:
3025:
3022:
3019:
3016:
3013:
3010:
3007:
3004:
3001:
2998:
2995:
2992:
2989:
2986:
2982:
2981:Trading hours
2979:
2977:
2974:
2973:
2972:
2969:
2968:
2966:
2962:
2956:
2953:
2949:
2946:
2945:
2944:
2941:
2939:
2936:
2934:
2931:
2929:
2926:
2924:
2921:
2917:
2914:
2912:
2909:
2908:
2907:
2904:
2902:
2899:
2897:
2896:Broker-dealer
2894:
2890:
2887:
2885:
2882:
2881:
2880:
2877:
2876:
2874:
2870:
2864:
2861:
2859:
2856:
2854:
2853:Issued shares
2851:
2849:
2846:
2845:
2843:
2841:
2840:Share capital
2837:
2831:
2828:
2826:
2823:
2821:
2818:
2816:
2813:
2811:
2808:
2807:
2805:
2803:
2798:
2792:
2791:Fourth market
2789:
2787:
2784:
2782:
2779:
2777:
2774:
2773:
2771:
2769:
2764:
2760:
2753:
2748:
2746:
2741:
2739:
2734:
2733:
2730:
2724:
2721:
2720:
2716:
2710:
2704:
2693:
2692:
2686:
2679:
2672:
2668:
2663:
2662:
2655:
2654:
2650:
2641:
2635:
2627:
2621:
2617:
2610:
2607:
2596:on 2019-03-22
2595:
2591:
2585:
2582:
2577:
2573:
2569:
2565:
2561:
2557:
2550:
2547:
2543:
2537:
2534:
2531:
2526:
2523:
2518:
2512:
2504:
2498:
2494:
2487:
2484:
2477:
2475:
2468:
2464:
2448:
2440:
2437:
2433:
2430:
2426:
2422:
2418:
2417:growth stocks
2414:
2411:
2407:
2406:
2405:
2403:
2395:
2393:
2377:
2373:
2350:
2346:
2319:
2316:
2313:
2307:
2303:
2278:
2274:
2266:
2265:
2264:
2262:
2258:
2240:
2237:
2234:
2227:
2223:
2217:
2213:
2207:
2204:
2197:
2196:
2195:
2181:
2173:
2169:
2148:
2143:
2139:
2133:
2128:
2124:
2116:
2115:
2114:
2112:
2108:
2101:
2099:
2097:
2093:
2088:
2074:
2048:
2027:
2004:
1997:
1987:
1983:
1980:
1976:
1970:
1965:
1961:
1958:
1955:
1951:
1943:
1933:
1929:
1926:
1922:
1916:
1911:
1907:
1904:
1901:
1897:
1890:
1886:
1879:
1875:
1867:
1862:
1858:
1855:
1852:
1848:
1841:
1836:
1832:
1829:
1826:
1822:
1815:
1812:
1808:
1801:
1798:
1795:
1789:
1785:
1782:
1779:
1775:
1769:
1765:
1758:
1755:
1748:
1747:
1746:
1725:
1720:
1716:
1713:
1710:
1706:
1699:
1695:
1689:
1682:
1677:
1673:
1670:
1667:
1663:
1655:
1650:
1646:
1643:
1640:
1636:
1629:
1625:
1616:
1611:
1608:
1605:
1601:
1597:
1594:
1587:
1586:
1585:
1571:
1568:
1565:
1553:
1532:
1524:
1512:
1511:
1510:
1506:
1489:
1463:
1435:
1431:
1426:
1420:
1416:
1389:
1386:
1383:
1380:
1373:
1369:
1363:
1359:
1334:
1330:
1326:
1320:
1317:
1314:
1308:
1304:
1294:
1293:
1292:
1286:
1267:
1264:
1261:
1255:
1251:
1245:
1239:
1236:
1233:
1225:
1222:
1219:
1211:
1207:
1200:
1195:
1191:
1183:
1182:
1181:
1164:
1161:
1158:
1153:
1150:
1147:
1114:
1111:
1108:
1103:
1100:
1097:
1091:
1088:
1080:
1077:
1074:
1069:
1066:
1063:
1055:
1051:
1044:
1039:
1035:
1027:
1026:
1025:
1010:
1007:
979:
976:
972:
969:
963:
960:
954:
950:
943:
938:
934:
926:
925:
924:
910:
908:∣ <
907:
903:
900:
872:
869:
865:
862:
858:
835:
832:
808:
799:
796:
793:
782:
779:
776:
767:
763:
760:
752:
751:
750:
730:
727:
724:
721:
718:
713:
707:
704:
698:
693:
687:
684:
678:
674:
671:
667:
664:
657:
654:
647:
643:
638:
633:
629:
621:
620:
619:
597:
589:
586:
583:
573:
565:
562:
559:
547:
543:
531:
528:
525:
521:
517:
512:
508:
500:
499:
498:
497:
481:
457:
449:
446:
443:
432:
424:
421:
418:
410:
406:
382:
360:
352:
349:
346:
338:
334:
321:
302:
299:
296:
290:
286:
280:
277:
270:
269:
268:
266:
248:
244:
235:
219:
199:
179:
170:
168:
164:
160:
156:
152:
148:
144:
140:
136:
132:
131:capital stock
128:
124:
110:
107:
99:
88:
85:
81:
78:
74:
71:
67:
64:
60:
57: –
56:
52:
51:Find sources:
45:
41:
35:
34:
29:This article
27:
23:
18:
17:
3529:Stock market
3488:Tender offer
3408:Public float
3378:Market trend
3368:Market depth
3188:Growth stock
3162:Buy and hold
3092:
3071:(Cap-to-GDP)
2911:Floor trader
2901:Market maker
2884:Floor broker
2872:Participants
2815:Golden share
2810:Common stock
2786:Third market
2690:
2678:the original
2660:
2615:
2609:
2598:. Retrieved
2594:the original
2584:
2559:
2555:
2549:
2541:
2536:
2525:
2492:
2486:
2472:
2461:chosen; see
2428:
2424:
2399:
2337:
2260:
2256:
2255:
2167:
2166:
2110:
2106:
2105:
2095:
2091:
2089:
2019:
1744:
1557:
1537:Total Return
1529:Capital Gain
1507:
1404:
1290:
1136:
998:
823:
748:
617:
325:
171:
142:
138:
126:
122:
120:
102:
93:
83:
76:
69:
62:
50:
38:Please help
33:verification
30:
3493:Uptick rule
3473:Stock split
3453:Squeeze-out
3448:Speculation
3393:Open outcry
3282:Block trade
3214:Pairs trade
1745:Therefore,
165:1938 book "
3523:Categories
3498:Volatility
3478:Stock swap
3398:Order book
3149:strategies
3075:Book value
2943:Arbitrager
2938:Speculator
2600:2011-12-28
2478:References
2090:Even when
1180:, so that
157:, and the
66:newspapers
3114:Fed model
3109:EV/EBITDA
3024:Dark pool
2955:Regulator
2800:Types of
2766:Types of
2703:cite book
2634:cite book
2511:cite book
2317:−
2053:∞
1992:∞
1984:−
1938:∞
1816:−
1799:−
1602:∑
1569:−
1318:−
1265:−
1237:−
1092:−
1024:leads to
973:−
897:∣
866:−
537:∞
522:∑
300:−
265:dividends
145:), after
3443:Slippage
3403:Position
3388:Momentum
3292:Dividend
2971:Exchange
2928:Investor
1011:′
980:′
964:′
923:. Thus,
904:′
873:′
836:′
764:′
708:′
688:′
675:′
658:′
135:dividend
96:May 2023
3332:Haircut
3136:T-model
2948:Scalper
2768:markets
2576:1927792
2338:where “
149:of the
80:scholar
3353:Margin
3221:(PMPT)
3083:(CAPM)
2933:Hedger
2906:Trader
2879:Broker
2802:stocks
2622:
2574:
2499:
2020:where
1521:Income
749:where
153:, the
82:
75:
68:
61:
53:
3508:Yield
3483:Trade
3418:Rally
3339:(IPO)
3227:(RMH)
3200:(MPT)
3179:(EMH)
3132:(SML)
3121:(NAV)
3095:(DDM)
3089:(CML)
3060:(APT)
3053:Alpha
3020:(STP)
3014:(DMA)
3008:(ECN)
3002:(MTF)
2996:(ATS)
2695:(PDF)
2681:(PDF)
2674:(PDF)
2572:JSTOR
2427:with
87:JSTOR
73:books
3343:Long
3147:and
3077:(BV)
3064:Beta
2709:link
2640:link
2620:ISBN
2517:link
2497:ISBN
59:news
2564:doi
889:if
395:is
143:GGM
127:DDM
42:by
3525::
2705:}}
2701:{{
2636:}}
2632:{{
2570:.
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2558:.
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