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3#
发表于 2011-7-13 13:11
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another way to think might be:
in Residual income,
present value of continuing income=(ROE-r) x BV / (1+r-w)
r = required return on equity
w = persistent factor
if w gets larger, present value of residual income get bigger. hence bigger residual income, bigger return on euity. |
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