The Conformity of Stock Values Based on Discounted Dividends to a Fair-Return Process
Volume: Volume 6, No. 2
Issue: Autumn 1975
Pages: pp. 698-702
Authors: Bernell K. Stone
Title: The Conformity of Stock Values Based on Discounted Dividends to a Fair-Return Process
Abstract: This paper derives necessary and sufficient conditions for the conformity of properly anticipated stock prices to a fair-return process in the framework of a discounted-dividend valuation model when the appropriate fair-return to any given future time period is itself a random variable.
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