2005 ??????????????????????????????????????????. ? ? ???????????????????????????????????. ? ???????????????????????????. ????????????????????. ?????????????????????. ?????????????? ?????????? - Deloitte?????????????????????????. ??????????3?? (desktop exercise)???????????????. 3.????3???????? ??????(??????) ?1.4???????????(NPIU)??. ??????????. ???????. Julie D ?????????????? ??????/????????????12. ?????? ???????????????????????????????????????. ???????????????????????????????. (2) ?????????? ???????:?????????????????????????????????????????. ????????????????????????????????? Logha Mis en pagecorrige 10acdd3676efb0b7479dd3e91bf...corrige Implied Cost of Equity Capital in Earnings-based Valuationsummarizes all expected future operating income, so it captures expected growth in income. proxies for expected growth in operating earnings ~see, e.g., Valuation of the Debt Tax Shield - Columbia Business SchoolWe hand-collect a sample of managers' forecasts of longer- term earnings growth and find that these forecasts are significantly optimistically biased, ranging Managers' Forecasts of Long-Term Growth in Earnings - NYU SternThe third empirical regularity is that periods in which consumption is high relative to income are typically followed by rapid growth in income. This finding Consumption, Income, and Interest Rates: Reinterpreting the Time ...It states that a high log consumption-wealth ratio today must be associated either with high future rates of return on invested wealth, or with low future
