Dividend Growth, Stock Valuation, and Long-Run Risk [r-libre/1577]

Bergeron, Claude (2013). Dividend Growth, Stock Valuation, and Long-Run Risk. Journal of Economics and Finance, 37 (4), 547-559. 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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