Dividend Behavior for the Aggregate Stock Market
Dividend Behavior for the Aggregate Stock Market
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In our eReader you can find the full English version of the book. Read Dividend Behavior for the Aggregate Stock Market Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Dividend Behavior for the Aggregate Stock Market
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Zellner (1979)).
4. A Re duced Form for the Dynamic Model Although we have proposed equation (5) for aggregate dividend dynamics as both a structural and a regression equation, it cannot be estimated in its current form because management assessments of changes in firms' permanent earnings are not observable. In this section, we add the necessary further specification to estimate the model.
If managers are rational forecasters and the market is reasonably efficient, then the market's estimate o...f a firm's intrinsic value should on average be equal to the intrinsic value estimate made by that firm' s management. We therefore assume that the discounted value V (t) of the expected future aggregate net cash flows of all firms per market share, as estimated from the market's information set, is equal to the aggregate sum of the intrinsic values where the intrinsic value of each firm is estimated from 14 the information set of that firm's management. This market efficiency condition can be written as: V^(t) = v'^Ct) for all t (7) where V (t) is given by (1) with e = e .
What to read after Dividend Behavior for the Aggregate Stock Market?
You can find similar books in the "Read Also" column, or choose other free books by Terry a Marsh to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Zellner (1979)).
4. A Re duced Form for the Dynamic Model Although we have proposed equation (5) for aggregate dividend dynamics as both a structural and a regression equation, it cannot be estimated in its current form because management assessments of changes in firms' permanent earnings are not observable. In this section, we add the necessary further specification to estimate the model.
If managers are rational forecasters and the market is reasonably efficient, then the market's estimate o...f a firm's intrinsic value should on average be equal to the intrinsic value estimate made by that firm' s management. We therefore assume that the discounted value V (t) of the expected future aggregate net cash flows of all firms per market share, as estimated from the market's information set, is equal to the aggregate sum of the intrinsic values where the intrinsic value of each firm is estimated from 14 the information set of that firm's management. This market efficiency condition can be written as: V^(t) = v'^Ct) for all t (7) where V (t) is given by (1) with e = e .
What to read after Dividend Behavior for the Aggregate Stock Market?
You can find similar books in the "Read Also" column, or choose other free books by Terry a Marsh to read onlineMoreLess
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