BISCIARI, Patrick; DURRE, Alain; NYSSENS, Alain - EconWPA - 2003
are, according to the discount dividend model, annual earnings and, according to Q-theory, net worth. In December 2002 …. For each of them, the Q model showed earlier and more persistent signals of significant overvaluation of stock prices than … for the P/E model. Finally, in December 2002, both models indicated that the stock price had come back largely within the …