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A STATE SPACE DESCRIPTION OF UNCERTAINTY
THE EVALUATION OF PROSPECTS IN A PERFECT MARKET
WORTH AS A PROSPECT
9 other sections not shown
analysis assumed assumption capital gains capital gains tax chapter common stock considered corporate policy correlated decision defined definition delayed learning denote discount factor dividend payout dividend prospect Doctor of Philosophy equilibrium theory evaluation extrapolation effect financed by retained financial leverage firm's flow of information framework future given higher hold implies income increasing growth instantaneous learning interest rates interpretation learning function learning market model levered firm liquidity premium marginal utility market error market worth market's learning maximize method of financing Modigliani and Miller monotone decreasing neutral positive shifts overevaluated perfect information perfect market model pQ(t preferences present worth probability distribution probability measure problem project x Proposition prospect representation reinvestment of earnings retained earnings risk averse market riskless security analysis share shareholders specified steady equilibrium stockmarket Suppose tax rate tend term uncertain cash flows underevaluated uniformly non-negative unlevered v(ut variables worth functional worth structure