implications of market efficiency for prices and dividends are examined in details through both analytical methods and numerical … simulations. The book also analyzes: a) the effects of a firm's dividend policy on market value and, b) the influence of ownership …

This paper presents a bound on the variance of the price-dividend ratio and a decomposition of the variance of the … price-dividend ratio into components that reflect variation in expected future discount rates and variation in expected … future dividend growth. Unobserved discount rates needed to make the variance bound and variance decomposition hold are …