A COMPARISON OF DIVIDEND, CASH FLOW, AND EARNINGS
APPROACHES TO EQUITY VALUATION
Stephen H.
Penman
Walter A.
Haas School of Business
University of California, Berkeley
Berkeley, CA 94720
(510) 642-2588
and
Theodore Sougiannis
College of Commerce and...
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A COMPARISON OF DIVIDEND, CASH FLOW, AND EARNINGS
APPROACHES TO EQUITY VALUATION
Stephen H.
Penman
Walter A.
Haas School of Business
University of California, Berkeley
Berkeley, CA 94720
(510) 642-2588
and
Theodore Sougiannis
College of Commerce and Business Administration
University of Illinois at Urbana-Champaign
Champaign, IL 61820
(217) 244-0555
January, 1995
Revision: April, 1996
We thank Pat O Brien, Jim Ohlson, Mike Oleson, Morton
Pincus, Stephen Ryan, Jacob Thomas and Dave Ziebart for
comments.
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