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| Tekijä: | Sethi, S. |
| Otsikko: | When does the share price equal the present value of future dividends? A modified dividend approach |
| Lehti: | Economic Theory
1996 : AUG, VOL. 8:2, p.307-320 |
| Asiasana: | ECONOMICS THEORIES DIVIDENDS |
| Kieli: | eng |
| Tiivistelmä: | This paper discusses an explicit necessary and sufficient condition on the dividend stream of a publicly traded company, under which the price of the company's share is equal to the present value of the future dividends that will accrue to it. When it is not, the share price equals the present value of the future per share dividend plus the limiting per share value of the company "at infinity". It uses a well-accepted generalization of the Miller-Modigliani framework, and assumes that the firm is an infinite horizon firm which may engage in repurchasing its own shares. |
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