Normative Stock Price Models

Harold Bierman and Jerome Hass

Journal of Financial and Quantitative Analysis, 1971, vol. 6, issue 4, 1135-1144

Abstract: All the stock price models discussed in this paper are based on the assumption that the present value of a share of common stock is equal to the discounted value of all future expected dividends accruing to the stockholder:where Po : current value of a share of common stock,Dt: dividend expected to be received at end of period t,k : investor's discount or time-value rate, andt : time.

Date: 1971
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