Appendix A: Derivation of Dividend Discount Model
Appendix A: Derivation of Dividend Discount Model A.1 Summation of Infinite Geometric Series Summation of geometric series can be defined as: S ¼ Aþ ARþ AR2 þþ ARn t1 (A.1) Multiplying both sides of Equation A.1 by R, we obtain ................
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