haku: @indexterm financial models / yhteensä: 494
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| Tekijä: | Yagil, J. |
| Otsikko: | Growth, risk and the yield on common stocks in the context of the dividend-growth model. |
| Lehti: | Journal of Business Finance and Accounting
1986 : SUMMER, VOL. 13:2, p. 251-256 |
| Asiasana: | RISK ANALYSIS RETURN ON INVESTMENT FINANCIAL MODELS |
| Kieli: | eng |
| Tiivistelmä: | This note employs a certainty-equivalent formulation of the divident growth model to shed light on the variation in the yield on stocks (k) with both the riskfree rate of interest (i) and the growth rate in dividents (g). Deriving explicit expressions for his delta k/his delta i and k/ g, it is shown that his delta k/his delta is likely greater than 1.0, and it depends on the risk of the initial dividend (his alfa) and time pattern of risk associated with the stream of dividents (his delta). It is also shown that his delta k/his delta g 0, depending on the values of his alfa and his delta and on their sensitivity to changes in g. |
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