Dube, Frederick; Barnard, Brian - In: Expert journal of economics 7 (2019) 1, pp. 1-31
modelling of earnings and equity growth. A Markov process is used to model earnings, standardized as earnings to book value, and … book value based on rating category. This assumes a distinct relationship between rating category, and standardized … earnings as well as book value: that both standardized earnings as well as book value are comparable per rating category, but …