33:
2026:
2484:
The dividend discount model does not include a forecast of the price at which the stock under consideration could be sold at the end of the investment time horizon. A related approach, known as a discounted cash flow analysis, can be used to calculate the intrinsic value of a stock including all cash
2485:
payments to the investor, consisting of both expected future dividends and the expected sale price at the end of the holding period, discounted at an appropriate risk-adjusted interest rate. If the intrinsic value exceeds the stock’s current market price, the stock is an attractive investment.
1751:
1762:
1519:
Consider the dividend growth rate in the DDM model as a proxy for the growth of earnings and by extension the stock price and capital gains. Consider the DDM's cost of equity capital as a proxy for the investor's required total return.
755:
624:
1142:
1559:
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1601:
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483:
830:
2403:” stands for expected dividend per share one year from the present time, “g” stands for rate of growth of dividends, and “k” represents the required return rate for the equity investor.
2262:
1411:
1358:
2172:
932:
898:
327:
2344:
1189:
384:
1462:
2076:
2021:{\displaystyle P={\frac {D_{0}\left(1+g\right)}{r-g}}\left+{\frac {D_{0}\left(1+g\right)^{N}\left(1+g_{\infty }\right)}{\left(1+r\right)^{N}\left(r-g_{\infty }\right)}},}
1033:
858:
172:, who published it along with Eli Shapiro in 1956 and made reference to it in 1959. Their work borrowed heavily from the theoretical and mathematical ideas found in
2401:
2374:
2302:
272:
1593:
1514:
1488:
2470:
2445:. However, this requires the use of earnings growth rather than dividend growth, which might be different. This approach is especially useful for computing the
2203:
2096:
2049:
503:
404:
241:
221:
201:
2760:
2551:
Gordon, M.J and Eli
Shapiro (1956) "Capital Equipment Analysis: The Required Rate of Profit," Management Science, 3,(1) (October 1956) 102-110. Reprinted in
514:
2719:
2650:
2527:
1041:
1526:
2681:
1197:
2753:
148:
payments to shareholders, discounted back to their present value. The constant-growth form of the DDM is sometimes referred to as the
97:
2430:, more general versions of the discounted dividend model must be used to value the stock. One common technique is to assume that the
1302:
The DDM equation can also be understood to state simply that a stock's total return equals the sum of its income and capital gains.
69:
50:
635:
1595:
cannot be negative. When growth is expected to exceed the cost of equity in the short run, then usually a two-stage DDM is used:
1746:{\displaystyle P=\sum _{t=1}^{N}{\frac {D_{0}\left(1+g\right)^{t}}{\left(1+r\right)^{t}}}+{\frac {P_{N}}{\left(1+r\right)^{N}}}}
76:
2700:
2473:
2746:
2634:
2511:
161:
2991:
409:
2600:
83:
116:
65:
3016:
940:
2211:
144:
or business value based on the assertion that intrinsic value is determined by the sum of future cash flows from
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1308:
766:
177:
54:
2130:
3010:
2431:
284:
3554:
3493:
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3135:
17:
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3219:
3187:
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3028:
2981:
2412:
1151:
3004:
2998:
903:
863:
3549:
3544:
2734:
Alternative derivations of the Gordon Model and its place in the context of other DCF-based shortcuts
90:
2688:
340:
3393:
3068:
2446:
1419:
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3208:
2986:
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165:
43:
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169:
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3177:
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485:, and so the current value of all the future dividend payments, which is the current price
250:
8:
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488:
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186:
173:
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2507:
3443:
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2916:
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180:," which put forth the dividend discount model 18 years before Gordon and Shapiro.
2098:
is the period (number of years), over which the short-run growth rate is applied.
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2182:
506:
157:
2452:
The stock price resulting from the Gordon model is sensitive to the growth rate
619:{\displaystyle P_{0}=\sum _{t=1}^{\infty }{D_{0}}{\frac {(1+g)^{t}}{(1+r)^{t}}}}
3473:
3468:
3368:
3353:
3114:
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244:
3533:
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3251:
3203:
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2850:
2801:
1137:{\displaystyle P_{0}={\frac {D_{0}{\frac {1+g}{1+r}}}{1-{\frac {1+g}{1+r}}}}}
141:
2434:
of dividend irrelevance is true, and therefore replace the stock's dividend
3498:
3418:
3388:
3378:
3198:
3172:
2921:
2911:
2894:
2825:
2820:
2796:
2698:
2427:
1554:{\displaystyle {\text{Income}}+{\text{Capital Gain}}={\text{Total Return}}}
183:
When dividends are assumed to grow at a constant rate, the variables are:
3503:
3483:
3463:
3458:
3403:
3292:
3224:
3488:
3408:
3085:
2948:
2586:
337:
The model uses the fact that the current value of the dividend payment
2406:
223:
is the constant growth rate in perpetuity expected for the dividends.
3124:
3119:
3034:
2953:
2629:(eighth ed.). New York NY: McGraw-Hill Irwin. pp. 397–400.
275:
2738:
2624:
2578:
2501:
2419:
The presumption of a steady and perpetual growth rate less than the
1287:{\displaystyle P_{0}={\frac {D_{0}(1+g)}{r-g}}={\frac {D_{1}}{r-g}}}
835:
The series in parentheses is the geometric series with common ratio
32:
3302:
2938:
2733:
145:
3146:
2565:
Gordon, Myron J. (1959). "Dividends, Earnings and Stock Prices".
2506:(eighth ed.). New York, NY: McGraw-Hill Irwin. p. 399.
1297:
2889:
2270:
which is equivalent to the formula of the Gordon Growth Model
2812:
750:{\displaystyle P_{0}={D_{0}}r'(1+r'+{r'}^{2}+{r'}^{3}+....)}
2672:
The
Investment, Financing, and Valuation of the Corporation
2474:
Sustainable growth rate § From a financial perspective
2109:, P approaches infinity, so the model becomes meaningless.
2426:
If the stock does not currently pay a dividend, like many
2541:
Investopedia – Digging Into The
Dividend Discount Model
1564:
2458:
2411:
The following shortcomings have been noted; See also
2382:
2355:
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2214:
2191:
2133:
2084:
2057:
2037:
1765:
1604:
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1529:
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1311:
1200:
1154:
1044:
1016:
943:
906:
866:
841:
769:
638:
517:
491:
478:{\displaystyle {\frac {D_{0}(1+g)^{t}}{{(1+r)}^{t}}}}
412:
392:
343:
287:
253:
229:
209:
189:
2699:
Bodie, Zvi; Kane, Alex; and Marcus, Alan J. (2010).
2407:
Problems with the constant-growth form of the model
57:. Unsourced material may be challenged and removed.
2669:
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852:
824:
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497:
477:
398:
378:
321:
266:
235:
215:
195:
140:) is a method of valuing the price of a company's
2601:"Spreadsheet for variable inputs to Gordon Model"
3531:
2618:
2112:
1569:From the first equation, one might notice that
2754:
2625:Bodie, Zvi; Kane, Alex; Marcus, Alla (2010).
2502:Bodie, Zvi; Kane, Alex; Marcus, Alan (2010).
1298:Income plus capital gains equals total return
1000:{\displaystyle P_{0}={\frac {D_{0}r'}{1-r'}}}
2718:: CS1 maint: multiple names: authors list (
2649:: CS1 maint: multiple names: authors list (
2526:: CS1 maint: multiple names: authors list (
2051:denotes the short-run expected growth rate,
2257:{\displaystyle r={\frac {D_{1}}{P_{0}}}+g.}
2181:This equation is also used to estimate the
2761:
2747:
1406:{\displaystyle {\frac {D_{1}}{P_{0}}}+g=r}
1353:{\displaystyle {\frac {D_{1}}{r-g}}=P_{0}}
825:{\displaystyle r'={\frac {(1+g)}{(1+r)}}.}
332:
117:Learn how and when to remove this message
2702:Essentials of Investments, tenth edition
2413:Discounted cash flow § Shortcomings
2167:{\displaystyle P_{0}={\frac {D_{1}}{r}}}
2376:” stands for the present stock value, “
14:
3532:
2667:
2564:
2124:is zero, the dividend is capitalized.
2078:denotes the long-run growth rate, and
1148:which is simplified by multiplying by
322:{\displaystyle P={\frac {D_{1}}{r-g}}}
2768:
2742:
2555:, Glencoe, Ill.: Free Press of, 1959.
162:Massachusetts Institute of Technology
2682:"Equity Discounted Cash Flow Models"
2339:{\displaystyle {\frac {D_{1}}{k-g}}}
55:adding citations to reliable sources
26:
1565:Growth cannot exceed cost of equity
629:This summation can be rewritten as
24:
2708:. New York, NY: McGraw-Hill Irwin.
2661:
2567:Review of Economics and Statistics
2479:
2063:
2002:
1948:
1184:{\displaystyle {\frac {1+r}{1+r}}}
547:
25:
3566:
2727:
927:{\displaystyle \mid r'\mid <1}
893:{\displaystyle {\frac {1}{1-r'}}}
3017:Electronic communication network
2447:residual value of future periods
278:at the end of the first period.
31:
2553:Management of Corporate Capital
42:needs additional citations for
2593:
2558:
2545:
2534:
2495:
1503:
1497:
1477:
1471:
1451:
1423:
1239:
1227:
907:
813:
801:
796:
784:
744:
672:
604:
591:
580:
567:
463:
451:
439:
426:
379:{\displaystyle D_{0}(1+g)^{t}}
367:
354:
178:The Theory of Investment Value
13:
1:
3011:Multilateral trading facility
2488:
1457:{\displaystyle (D_{1}/P_{0})}
3434:Returns-based style analysis
3230:Post-modern portfolio theory
3136:Security characteristic line
2676:. Homewood, IL: R. D. Irwin.
2573:(2). The MIT Press: 99–105.
2432:Modigliani–Miller hypothesis
2272:(or Yield-plus-growth Model)
2113:Some properties of the model
203:is the current stock price.
132:In financial economics, the
7:
3188:Efficient-market hypothesis
3092:Capital asset pricing model
3029:Straight-through processing
2071:{\displaystyle g_{\infty }}
1010:Substituting the value for
10:
3571:
3005:Alternative Trading System
247:capital for that company.
3280:
3155:
3054:
2974:
2882:
2849:
2810:
2776:
2668:Gordon, Myron J. (1962).
2627:Essentials of Investments
2504:Essentials of Investments
129:Method of valuing a stock
66:"Dividend discount model"
3069:Arbitrage pricing theory
3348:Initial public offering
3209:Modern portfolio theory
3104:Dividend discount model
2987:List of stock exchanges
166:University of Rochester
134:dividend discount model
3236:Random walk hypothesis
2466:
2423:may not be reasonable.
2397:
2370:
2340:
2298:
2258:
2199:
2168:
2092:
2072:
2045:
2022:
1747:
1631:
1589:
1555:
1510:
1490:equals cost of equity
1484:
1458:
1416:So the dividend yield
1407:
1360:is rearranged to give
1354:
1288:
1185:
1138:
1029:
1001:
928:
894:
854:
826:
751:
620:
551:
499:
479:
400:
380:
333:Derivation of equation
323:
268:
237:
217:
197:
3374:Market capitalization
3183:Dollar cost averaging
2467:
2398:
2396:{\displaystyle D_{1}}
2371:
2369:{\displaystyle P_{0}}
2341:
2299:
2297:{\displaystyle P_{0}}
2259:
2200:
2169:
2093:
2073:
2046:
2023:
1748:
1611:
1590:
1556:
1511:
1485:
1459:
1408:
1355:
1289:
1186:
1139:
1030:
1002:
929:
895:
855:
827:
752:
621:
531:
500:
480:
401:
381:
324:
269:
267:{\displaystyle D_{1}}
238:
218:
198:
170:University of Toronto
3194:Fundamental analysis
3178:Contrarian investing
3141:Security market line
3046:Liquidity aggregator
3023:Direct market access
2934:Quantitative analyst
2456:
2380:
2353:
2308:
2281:
2212:
2189:
2131:
2082:
2055:
2035:
1763:
1602:
1573:
1527:
1494:
1468:
1420:
1364:
1309:
1198:
1152:
1042:
1014:
941:
904:
864:
839:
767:
636:
515:
505:, is the sum of the
489:
410:
390:
341:
285:
251:
227:
207:
187:
51:improve this article
3555:Valuation (finance)
3439:Reverse stock split
3384:Market manipulation
3308:Dual-listed company
3168:Algorithmic trading
3098:Capital market line
2900:Inter-dealer broker
1588:{\displaystyle r-g}
1509:{\displaystyle (r)}
1483:{\displaystyle (g)}
386:at (discrete) time
150:Gordon growth model
3479:Stock market index
3318:Efficient frontier
3257:Technical analysis
3215:Momentum investing
3037:(private exchange)
2927:Proprietary trader
2869:Shares outstanding
2859:Authorised capital
2462:
2443:earnings per share
2393:
2366:
2336:
2294:
2254:
2195:
2164:
2088:
2068:
2041:
2018:
1743:
1585:
1551:
1506:
1480:
1454:
1403:
1350:
1284:
1181:
1134:
1028:{\displaystyle r'}
1025:
997:
924:
890:
853:{\displaystyle r'}
850:
822:
747:
616:
495:
475:
396:
376:
319:
264:
233:
213:
193:
174:John Burr Williams
3527:
3526:
3328:Flight-to-quality
3080:Buffett indicator
2770:Financial markets
2636:978-0-07-338240-1
2513:978-0-07-338240-1
2465:{\displaystyle g}
2334:
2243:
2198:{\displaystyle r}
2162:
2105:is very close to
2091:{\displaystyle N}
2044:{\displaystyle g}
2013:
1883:
1816:
1741:
1698:
1549:
1541:
1533:
1389:
1335:
1282:
1254:
1179:
1132:
1129:
1095:
995:
888:
817:
614:
498:{\displaystyle P}
473:
399:{\displaystyle t}
317:
236:{\displaystyle r}
216:{\displaystyle g}
196:{\displaystyle P}
127:
126:
119:
101:
16:(Redirected from
3562:
3550:Economics models
3545:Financial models
3444:Share repurchase
3156:Trading theories
3041:Crossing network
2999:Over-the-counter
2836:Restricted stock
2792:Secondary market
2763:
2756:
2749:
2740:
2739:
2723:
2717:
2709:
2707:
2695:
2693:
2687:. Archived from
2686:
2677:
2675:
2655:
2654:
2648:
2640:
2622:
2616:
2615:
2613:
2612:
2603:. Archived from
2597:
2591:
2590:
2562:
2556:
2549:
2543:
2538:
2532:
2531:
2525:
2517:
2499:
2471:
2469:
2468:
2463:
2402:
2400:
2399:
2394:
2392:
2391:
2375:
2373:
2372:
2367:
2365:
2364:
2345:
2343:
2342:
2337:
2335:
2333:
2322:
2321:
2312:
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2301:
2300:
2295:
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2255:
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2202:
2201:
2196:
2173:
2171:
2170:
2165:
2163:
2158:
2157:
2148:
2143:
2142:
2120:When the growth
2097:
2095:
2094:
2089:
2077:
2075:
2074:
2069:
2067:
2066:
2050:
2048:
2047:
2042:
2027:
2025:
2024:
2019:
2014:
2012:
2011:
2007:
2006:
2005:
1985:
1984:
1979:
1975:
1958:
1957:
1953:
1952:
1951:
1931:
1930:
1925:
1921:
1905:
1904:
1894:
1889:
1885:
1884:
1882:
1881:
1876:
1872:
1856:
1855:
1850:
1846:
1830:
1817:
1815:
1804:
1803:
1799:
1784:
1783:
1773:
1752:
1750:
1749:
1744:
1742:
1740:
1739:
1734:
1730:
1714:
1713:
1704:
1699:
1697:
1696:
1691:
1687:
1671:
1670:
1669:
1664:
1660:
1644:
1643:
1633:
1630:
1625:
1594:
1592:
1591:
1586:
1560:
1558:
1557:
1552:
1550:
1547:
1542:
1539:
1534:
1531:
1515:
1513:
1512:
1507:
1489:
1487:
1486:
1481:
1464:plus the growth
1463:
1461:
1460:
1455:
1450:
1449:
1440:
1435:
1434:
1412:
1410:
1409:
1404:
1390:
1388:
1387:
1378:
1377:
1368:
1359:
1357:
1356:
1351:
1349:
1348:
1336:
1334:
1323:
1322:
1313:
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1291:
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1281:
1270:
1269:
1260:
1255:
1253:
1242:
1226:
1225:
1215:
1210:
1209:
1190:
1188:
1187:
1182:
1180:
1178:
1167:
1156:
1143:
1141:
1140:
1135:
1133:
1131:
1130:
1128:
1117:
1106:
1097:
1096:
1094:
1083:
1072:
1070:
1069:
1059:
1054:
1053:
1034:
1032:
1031:
1026:
1024:
1006:
1004:
1003:
998:
996:
994:
993:
978:
977:
969:
968:
958:
953:
952:
933:
931:
930:
925:
917:
899:
897:
896:
891:
889:
887:
886:
868:
859:
857:
856:
851:
849:
831:
829:
828:
823:
818:
816:
799:
782:
777:
756:
754:
753:
748:
728:
727:
722:
721:
708:
707:
702:
701:
688:
671:
663:
662:
661:
648:
647:
625:
623:
622:
617:
615:
613:
612:
611:
589:
588:
587:
565:
563:
562:
561:
550:
545:
527:
526:
504:
502:
501:
496:
484:
482:
481:
476:
474:
472:
471:
466:
448:
447:
446:
425:
424:
414:
405:
403:
402:
397:
385:
383:
382:
377:
375:
374:
353:
352:
328:
326:
325:
320:
318:
316:
305:
304:
295:
274:is the value of
273:
271:
270:
265:
263:
262:
243:is the constant
242:
240:
239:
234:
222:
220:
219:
214:
202:
200:
199:
194:
122:
115:
111:
108:
102:
100:
59:
35:
27:
21:
3570:
3569:
3565:
3564:
3563:
3561:
3560:
3559:
3530:
3529:
3528:
3523:
3514:Voting interest
3424:Public offering
3359:Mandatory offer
3333:Government bond
3313:DuPont analysis
3276:
3272:Value investing
3267:Value averaging
3262:Trend following
3247:Style investing
3242:Sector rotation
3157:
3151:
3130:Net asset value
3056:Stock valuation
3050:
2970:
2878:
2845:
2831:Preferred stock
2806:
2772:
2767:
2730:
2711:
2710:
2705:
2691:
2684:
2680:
2664:
2662:Further reading
2659:
2658:
2642:
2641:
2637:
2623:
2619:
2610:
2608:
2599:
2598:
2594:
2579:10.2307/1927792
2563:
2559:
2550:
2546:
2539:
2535:
2519:
2518:
2514:
2500:
2496:
2491:
2482:
2480:Related methods
2457:
2454:
2453:
2421:cost of capital
2409:
2387:
2383:
2381:
2378:
2377:
2360:
2356:
2354:
2351:
2350:
2323:
2317:
2313:
2311:
2309:
2306:
2305:
2288:
2284:
2282:
2279:
2278:
2237:
2233:
2227:
2223:
2221:
2213:
2210:
2209:
2190:
2187:
2186:
2185:by solving for
2183:cost of capital
2153:
2149:
2147:
2138:
2134:
2132:
2129:
2128:
2115:
2083:
2080:
2079:
2062:
2058:
2056:
2053:
2052:
2036:
2033:
2032:
2001:
1997:
1990:
1986:
1980:
1965:
1961:
1960:
1959:
1947:
1943:
1936:
1932:
1926:
1911:
1907:
1906:
1900:
1896:
1895:
1893:
1877:
1862:
1858:
1857:
1851:
1836:
1832:
1831:
1829:
1822:
1818:
1805:
1789:
1785:
1779:
1775:
1774:
1772:
1764:
1761:
1760:
1735:
1720:
1716:
1715:
1709:
1705:
1703:
1692:
1677:
1673:
1672:
1665:
1650:
1646:
1645:
1639:
1635:
1634:
1632:
1626:
1615:
1603:
1600:
1599:
1574:
1571:
1570:
1567:
1546:
1538:
1530:
1528:
1525:
1524:
1495:
1492:
1491:
1469:
1466:
1465:
1445:
1441:
1436:
1430:
1426:
1421:
1418:
1417:
1383:
1379:
1373:
1369:
1367:
1365:
1362:
1361:
1344:
1340:
1324:
1318:
1314:
1312:
1310:
1307:
1306:
1300:
1271:
1265:
1261:
1259:
1243:
1221:
1217:
1216:
1214:
1205:
1201:
1199:
1196:
1195:
1168:
1157:
1155:
1153:
1150:
1149:
1118:
1107:
1105:
1098:
1084:
1073:
1071:
1065:
1061:
1060:
1058:
1049:
1045:
1043:
1040:
1039:
1017:
1015:
1012:
1011:
986:
979:
970:
964:
960:
959:
957:
948:
944:
942:
939:
938:
910:
905:
902:
901:
879:
872:
867:
865:
862:
861:
842:
840:
837:
836:
800:
783:
781:
770:
768:
765:
764:
723:
714:
713:
712:
703:
694:
693:
692:
681:
664:
657:
653:
652:
643:
639:
637:
634:
633:
607:
603:
590:
583:
579:
566:
564:
557:
553:
552:
546:
535:
522:
518:
516:
513:
512:
507:infinite series
490:
487:
486:
467:
450:
449:
442:
438:
420:
416:
415:
413:
411:
408:
407:
391:
388:
387:
370:
366:
348:
344:
342:
339:
338:
335:
306:
300:
296:
294:
286:
283:
282:
258:
254:
252:
249:
248:
228:
225:
224:
208:
205:
204:
188:
185:
184:
158:Myron J. Gordon
130:
123:
112:
106:
103:
60:
58:
48:
36:
23:
22:
15:
12:
11:
5:
3568:
3558:
3557:
3552:
3547:
3542:
3525:
3524:
3522:
3521:
3516:
3511:
3506:
3501:
3496:
3491:
3486:
3481:
3476:
3474:Stock exchange
3471:
3469:Stock dilution
3466:
3461:
3456:
3451:
3446:
3441:
3436:
3431:
3426:
3421:
3416:
3411:
3406:
3401:
3396:
3394:Mean reversion
3391:
3386:
3381:
3376:
3371:
3369:Market anomaly
3366:
3361:
3356:
3351:
3345:
3340:
3335:
3330:
3325:
3320:
3315:
3310:
3305:
3300:
3295:
3290:
3288:Bid–ask spread
3284:
3282:
3278:
3277:
3275:
3274:
3269:
3264:
3259:
3254:
3249:
3244:
3239:
3233:
3227:
3222:
3217:
3212:
3206:
3201:
3196:
3191:
3185:
3180:
3175:
3170:
3164:
3162:
3153:
3152:
3150:
3149:
3144:
3138:
3133:
3127:
3122:
3117:
3115:Earnings yield
3112:
3110:Dividend yield
3107:
3101:
3095:
3089:
3083:
3077:
3072:
3066:
3060:
3058:
3052:
3051:
3049:
3048:
3043:
3038:
3032:
3026:
3020:
3014:
3008:
3002:
3001:(off-exchange)
2996:
2995:
2994:
2989:
2978:
2976:
2975:Trading venues
2972:
2971:
2969:
2968:
2963:
2962:
2961:
2951:
2946:
2941:
2936:
2931:
2930:
2929:
2924:
2914:
2909:
2904:
2903:
2902:
2897:
2886:
2884:
2880:
2879:
2877:
2876:
2874:Treasury stock
2871:
2866:
2861:
2855:
2853:
2847:
2846:
2844:
2843:
2841:Tracking stock
2838:
2833:
2828:
2823:
2817:
2815:
2808:
2807:
2805:
2804:
2799:
2794:
2789:
2787:Primary market
2783:
2781:
2774:
2773:
2766:
2765:
2758:
2751:
2743:
2737:
2736:
2729:
2728:External links
2726:
2725:
2724:
2696:
2694:on 2013-06-12.
2678:
2663:
2660:
2657:
2656:
2635:
2617:
2592:
2557:
2544:
2533:
2512:
2493:
2492:
2490:
2487:
2481:
2478:
2477:
2476:
2461:
2450:
2424:
2408:
2405:
2390:
2386:
2363:
2359:
2347:
2346:
2332:
2329:
2326:
2320:
2316:
2291:
2287:
2265:
2264:
2253:
2250:
2247:
2240:
2236:
2230:
2226:
2220:
2217:
2194:
2176:
2175:
2161:
2156:
2152:
2146:
2141:
2137:
2114:
2111:
2087:
2065:
2061:
2040:
2029:
2028:
2017:
2010:
2004:
2000:
1996:
1993:
1989:
1983:
1978:
1974:
1971:
1968:
1964:
1956:
1950:
1946:
1942:
1939:
1935:
1929:
1924:
1920:
1917:
1914:
1910:
1903:
1899:
1892:
1888:
1880:
1875:
1871:
1868:
1865:
1861:
1854:
1849:
1845:
1842:
1839:
1835:
1828:
1825:
1821:
1814:
1811:
1808:
1802:
1798:
1795:
1792:
1788:
1782:
1778:
1771:
1768:
1754:
1753:
1738:
1733:
1729:
1726:
1723:
1719:
1712:
1708:
1702:
1695:
1690:
1686:
1683:
1680:
1676:
1668:
1663:
1659:
1656:
1653:
1649:
1642:
1638:
1629:
1624:
1621:
1618:
1614:
1610:
1607:
1584:
1581:
1578:
1566:
1563:
1562:
1561:
1545:
1537:
1505:
1502:
1499:
1479:
1476:
1473:
1453:
1448:
1444:
1439:
1433:
1429:
1425:
1414:
1413:
1402:
1399:
1396:
1393:
1386:
1382:
1376:
1372:
1347:
1343:
1339:
1333:
1330:
1327:
1321:
1317:
1299:
1296:
1295:
1294:
1280:
1277:
1274:
1268:
1264:
1258:
1252:
1249:
1246:
1241:
1238:
1235:
1232:
1229:
1224:
1220:
1213:
1208:
1204:
1177:
1174:
1171:
1166:
1163:
1160:
1146:
1145:
1127:
1124:
1121:
1116:
1113:
1110:
1104:
1101:
1093:
1090:
1087:
1082:
1079:
1076:
1068:
1064:
1057:
1052:
1048:
1023:
1020:
1008:
1007:
992:
989:
985:
982:
976:
973:
967:
963:
956:
951:
947:
923:
920:
916:
913:
909:
885:
882:
878:
875:
871:
860:so it sums to
848:
845:
833:
832:
821:
815:
812:
809:
806:
803:
798:
795:
792:
789:
786:
780:
776:
773:
758:
757:
746:
743:
740:
737:
734:
731:
726:
720:
717:
711:
706:
700:
697:
691:
687:
684:
680:
677:
674:
670:
667:
660:
656:
651:
646:
642:
627:
626:
610:
606:
602:
599:
596:
593:
586:
582:
578:
575:
572:
569:
560:
556:
549:
544:
541:
538:
534:
530:
525:
521:
494:
470:
465:
462:
459:
456:
453:
445:
441:
437:
434:
431:
428:
423:
419:
395:
373:
369:
365:
362:
359:
356:
351:
347:
334:
331:
330:
329:
315:
312:
309:
303:
299:
293:
290:
261:
257:
245:cost of equity
232:
212:
192:
128:
125:
124:
39:
37:
30:
9:
6:
4:
3:
2:
3567:
3556:
3553:
3551:
3548:
3546:
3543:
3541:
3538:
3537:
3535:
3520:
3517:
3515:
3512:
3510:
3507:
3505:
3502:
3500:
3497:
3495:
3492:
3490:
3487:
3485:
3482:
3480:
3477:
3475:
3472:
3470:
3467:
3465:
3462:
3460:
3457:
3455:
3452:
3450:
3449:Short selling
3447:
3445:
3442:
3440:
3437:
3435:
3432:
3430:
3427:
3425:
3422:
3420:
3417:
3415:
3412:
3410:
3407:
3405:
3402:
3400:
3397:
3395:
3392:
3390:
3387:
3385:
3382:
3380:
3377:
3375:
3372:
3370:
3367:
3365:
3362:
3360:
3357:
3355:
3352:
3349:
3346:
3344:
3341:
3339:
3338:Greenspan put
3336:
3334:
3331:
3329:
3326:
3324:
3323:Financial law
3321:
3319:
3316:
3314:
3311:
3309:
3306:
3304:
3301:
3299:
3298:Cross listing
3296:
3294:
3291:
3289:
3286:
3285:
3283:
3281:Related terms
3279:
3273:
3270:
3268:
3265:
3263:
3260:
3258:
3255:
3253:
3252:Swing trading
3250:
3248:
3245:
3243:
3240:
3237:
3234:
3231:
3228:
3226:
3223:
3221:
3220:Mosaic theory
3218:
3216:
3213:
3210:
3207:
3205:
3204:Market timing
3202:
3200:
3197:
3195:
3192:
3189:
3186:
3184:
3181:
3179:
3176:
3174:
3171:
3169:
3166:
3165:
3163:
3161:
3154:
3148:
3145:
3142:
3139:
3137:
3134:
3131:
3128:
3126:
3123:
3121:
3118:
3116:
3113:
3111:
3108:
3105:
3102:
3099:
3096:
3093:
3090:
3087:
3084:
3081:
3078:
3076:
3073:
3070:
3067:
3065:
3062:
3061:
3059:
3057:
3053:
3047:
3044:
3042:
3039:
3036:
3033:
3030:
3027:
3024:
3021:
3018:
3015:
3012:
3009:
3006:
3003:
3000:
2997:
2993:
2992:Trading hours
2990:
2988:
2985:
2984:
2983:
2980:
2979:
2977:
2973:
2967:
2964:
2960:
2957:
2956:
2955:
2952:
2950:
2947:
2945:
2942:
2940:
2937:
2935:
2932:
2928:
2925:
2923:
2920:
2919:
2918:
2915:
2913:
2910:
2908:
2907:Broker-dealer
2905:
2901:
2898:
2896:
2893:
2892:
2891:
2888:
2887:
2885:
2881:
2875:
2872:
2870:
2867:
2865:
2864:Issued shares
2862:
2860:
2857:
2856:
2854:
2852:
2851:Share capital
2848:
2842:
2839:
2837:
2834:
2832:
2829:
2827:
2824:
2822:
2819:
2818:
2816:
2814:
2809:
2803:
2802:Fourth market
2800:
2798:
2795:
2793:
2790:
2788:
2785:
2784:
2782:
2780:
2775:
2771:
2764:
2759:
2757:
2752:
2750:
2745:
2744:
2741:
2735:
2732:
2731:
2721:
2715:
2704:
2703:
2697:
2690:
2683:
2679:
2674:
2673:
2666:
2665:
2652:
2646:
2638:
2632:
2628:
2621:
2607:on 2019-03-22
2606:
2602:
2596:
2588:
2584:
2580:
2576:
2572:
2568:
2561:
2554:
2548:
2542:
2537:
2529:
2523:
2515:
2509:
2505:
2498:
2494:
2486:
2475:
2459:
2451:
2448:
2444:
2441:
2437:
2433:
2429:
2428:growth stocks
2425:
2422:
2418:
2417:
2416:
2414:
2404:
2388:
2384:
2361:
2357:
2330:
2327:
2324:
2318:
2314:
2289:
2285:
2277:
2276:
2275:
2273:
2269:
2251:
2248:
2245:
2238:
2234:
2228:
2224:
2218:
2215:
2208:
2207:
2206:
2192:
2184:
2180:
2159:
2154:
2150:
2144:
2139:
2135:
2127:
2126:
2125:
2123:
2119:
2110:
2108:
2104:
2099:
2085:
2059:
2038:
2015:
2008:
1998:
1994:
1991:
1987:
1981:
1976:
1972:
1969:
1966:
1962:
1954:
1944:
1940:
1937:
1933:
1927:
1922:
1918:
1915:
1912:
1908:
1901:
1897:
1890:
1886:
1878:
1873:
1869:
1866:
1863:
1859:
1852:
1847:
1843:
1840:
1837:
1833:
1826:
1823:
1819:
1812:
1809:
1806:
1800:
1796:
1793:
1790:
1786:
1780:
1776:
1769:
1766:
1759:
1758:
1757:
1736:
1731:
1727:
1724:
1721:
1717:
1710:
1706:
1700:
1693:
1688:
1684:
1681:
1678:
1674:
1666:
1661:
1657:
1654:
1651:
1647:
1640:
1636:
1627:
1622:
1619:
1616:
1612:
1608:
1605:
1598:
1597:
1596:
1582:
1579:
1576:
1543:
1535:
1523:
1522:
1521:
1517:
1500:
1474:
1446:
1442:
1437:
1431:
1427:
1400:
1397:
1394:
1391:
1384:
1380:
1374:
1370:
1345:
1341:
1337:
1331:
1328:
1325:
1319:
1315:
1305:
1304:
1303:
1278:
1275:
1272:
1266:
1262:
1256:
1250:
1247:
1244:
1236:
1233:
1230:
1222:
1218:
1211:
1206:
1202:
1194:
1193:
1192:
1175:
1172:
1169:
1164:
1161:
1158:
1125:
1122:
1119:
1114:
1111:
1108:
1102:
1099:
1091:
1088:
1085:
1080:
1077:
1074:
1066:
1062:
1055:
1050:
1046:
1038:
1037:
1036:
1021:
1018:
990:
987:
983:
980:
974:
971:
965:
961:
954:
949:
945:
937:
936:
935:
921:
919:∣ <
918:
914:
911:
883:
880:
876:
873:
869:
846:
843:
819:
810:
807:
804:
793:
790:
787:
778:
774:
771:
763:
762:
761:
741:
738:
735:
732:
729:
724:
718:
715:
709:
704:
698:
695:
689:
685:
682:
678:
675:
668:
665:
658:
654:
649:
644:
640:
632:
631:
630:
608:
600:
597:
594:
584:
576:
573:
570:
558:
554:
542:
539:
536:
532:
528:
523:
519:
511:
510:
509:
508:
492:
468:
460:
457:
454:
443:
435:
432:
429:
421:
417:
393:
371:
363:
360:
357:
349:
345:
313:
310:
307:
301:
297:
291:
288:
281:
280:
279:
277:
259:
255:
246:
230:
210:
190:
181:
179:
175:
171:
167:
163:
159:
155:
151:
147:
143:
142:capital stock
139:
135:
121:
118:
110:
99:
96:
92:
89:
85:
82:
78:
75:
71:
68: –
67:
63:
62:Find sources:
56:
52:
46:
45:
40:This article
38:
34:
29:
28:
19:
3540:Stock market
3499:Tender offer
3419:Public float
3389:Market trend
3379:Market depth
3199:Growth stock
3173:Buy and hold
3103:
3082:(Cap-to-GDP)
2922:Floor trader
2912:Market maker
2895:Floor broker
2883:Participants
2826:Golden share
2821:Common stock
2797:Third market
2701:
2689:the original
2671:
2626:
2620:
2609:. Retrieved
2605:the original
2595:
2570:
2566:
2560:
2552:
2547:
2536:
2503:
2497:
2483:
2472:chosen; see
2439:
2435:
2410:
2348:
2271:
2267:
2266:
2178:
2177:
2121:
2117:
2116:
2106:
2102:
2100:
2030:
1755:
1568:
1548:Total Return
1540:Capital Gain
1518:
1415:
1301:
1147:
1009:
834:
759:
628:
336:
182:
153:
149:
137:
133:
131:
113:
104:
94:
87:
80:
73:
61:
49:Please help
44:verification
41:
18:Gordon Model
3504:Uptick rule
3484:Stock split
3464:Squeeze-out
3459:Speculation
3404:Open outcry
3293:Block trade
3225:Pairs trade
1756:Therefore,
176:1938 book "
3534:Categories
3509:Volatility
3489:Stock swap
3409:Order book
3160:strategies
3086:Book value
2954:Arbitrager
2949:Speculator
2611:2011-12-28
2489:References
2101:Even when
1191:, so that
168:, and the
77:newspapers
3125:Fed model
3120:EV/EBITDA
3035:Dark pool
2966:Regulator
2811:Types of
2777:Types of
2714:cite book
2645:cite book
2522:cite book
2328:−
2064:∞
2003:∞
1995:−
1949:∞
1827:−
1810:−
1613:∑
1580:−
1329:−
1276:−
1248:−
1103:−
1035:leads to
984:−
908:∣
877:−
548:∞
533:∑
311:−
276:dividends
156:), after
3454:Slippage
3414:Position
3399:Momentum
3303:Dividend
2982:Exchange
2939:Investor
1022:′
991:′
975:′
934:. Thus,
915:′
884:′
847:′
775:′
719:′
699:′
686:′
669:′
146:dividend
107:May 2023
3343:Haircut
3147:T-model
2959:Scalper
2779:markets
2587:1927792
2349:where “
160:of the
91:scholar
3364:Margin
3232:(PMPT)
3094:(CAPM)
2944:Hedger
2917:Trader
2890:Broker
2813:stocks
2633:
2585:
2510:
2031:where
1532:Income
760:where
164:, the
93:
86:
79:
72:
64:
3519:Yield
3494:Trade
3429:Rally
3350:(IPO)
3238:(RMH)
3211:(MPT)
3190:(EMH)
3143:(SML)
3132:(NAV)
3106:(DDM)
3100:(CML)
3071:(APT)
3064:Alpha
3031:(STP)
3025:(DMA)
3019:(ECN)
3013:(MTF)
3007:(ATS)
2706:(PDF)
2692:(PDF)
2685:(PDF)
2583:JSTOR
2438:with
98:JSTOR
84:books
3354:Long
3158:and
3088:(BV)
3075:Beta
2720:link
2651:link
2631:ISBN
2528:link
2508:ISBN
70:news
2575:doi
900:if
406:is
154:GGM
138:DDM
53:by
3536::
2716:}}
2712:{{
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2643:{{
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