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标题: P/B [打印本页]

作者: maratikus 时间: 2011-7-13 13:38 标题: P/B

How to derive

P/B = (ROE-g) / (r-g)

from Gordon Growth Model and g=b*ROE?

Thanks.

作者: KungFuPanda 时间: 2011-7-13 13:38

See above thread.

作者: economicz 时间: 2011-7-13 13:38

Key steps are

Earnings = E = B*ROE

Divs = E(1-b) = B*ROE*(1-b)

substitute into GGM and divide both sides by B

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