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The Evolving Content of Financial Analysis
The Capitalization of an Income Stream Part I
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accounting depreciation aggregate assumed assumption average book value borrowed funds capital structure cash flow chapter common stock constraint corporation corporation's cost of capital covariance debt-equity ratio decision demand depreciation charges derivative determined discount function discount rate dividend capitalization dividend payment dollars economic depreciation example expand expected value expressed factor market figure financial analysis firm firm's given government bonds growth rate increase interest rate internal rate investment investor iso-price line LC function lender liabilities loan market value maximize share prices maximum Modigliani and Miller national income objective function output payoff matrix percent present value price equation profits purchase rate of discount rate of growth rate of return reinvested relationship result retained earnings retention rate return on assets rise shareholders shift slope specified stock valuation stockholders stream of dividends Substituting sVar(g taxes Total assets valuation equation variables variance yield curve