????????????????????(NPIU)??. ???????????. ???????. Julie D ????????????? ??????/?????????????. 12????? ??????? ????????????????. ????????,????????????? ?????????????,???. ???????????,???????? 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
