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Bergeron, Claude (2013). Dividend Growth, Stock Valuation, and Long-Run Risk. Journal of Economics and Finance, 37 (4), 547-559. https://doi.org/10.1007/s12197-011-9196-5
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| Catégorie de document : | Articles de revues |
|---|---|
| Évaluation par un comité de lecture : | Oui |
| Étape de publication : | Publié |
| Résumé : | In this paper, we integrate the long-run concept of risk into the stock valuation process. We use the intertemporal consumption capital asset pricing model to demonstrate that a stock’s long-run dividend growth is negatively related to its current dividend-price ratio and positively related to its long-run covariance between dividends and consumption. Then, we show that the equilibrium price of a stock is determined by its current dividend, long-run dividend growth, and long-run risk. In all, our work suggests that risk cumulated over many periods represents an important parameter in assessing the theoretical value of a firm. |
| Adresse de la version officielle : | https://link.springer.com/article/10.1007/s12197-0... |
| Déposant: | Bergeron, Claude |
| Responsable : | Claude Bergeron |
| Dépôt : | 22 nov. 2018 15:18 |
| Dernière modification : | 22 nov. 2018 15:18 |
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