A Comparison of Dividend, Cash Flow, and Earnings Approaches to Equity Valuation

The Cost of Capital, Corporation Finance and the Theory of Investment

1958 • 15,488 citations

Dividend Policy, Growth, and the Valuation of Shares

1961 • 6,581 citations

Industry costs of equity

1997 • 5,967 citations

The Cross-Section of Expected Stock Returns

1992 • 5,405 citations

Earnings, Book Values, and Dividends in Equity Valuation*

1995 • 5,133 citations

Valuation and Clean Surplus Accounting for Operating and Financial Activities*

1995 • 2,362 citations

The Valuation of Uncertain Income Streams and the Pricing of Options

1976 • 1,727 citations

Valuation: Measuring and Managing the Value of Companies.

1991 • 1,452 citations

Creating shareholder value : the new standard for business performance

1986 • 1,079 citations

The Theory and Measurement of Business Income

1961 • 990 citations

The Relative Signalling Power of Dutch‐Auction and Fixed‐Price Self‐Tender Offers and Open‐Market Share Repurchases

1991 • 619 citations

The Valuation of Cash Flow Forecasts: An Empirical Analysis

1995 • 535 citations

SOME FORMAL CONNECTIONS BETWEEN ECONOMIC VALUES AND YIELDS AND ACCOUNTING NUMBERS

1982 • 470 citations

Aggregate accounting earnings can explain most of security returns

1992 • 467 citations

The Articulation of Price-Earnings Ratios and Market-to-Book Ratios and the Evaluation of Growth

1996 • 405 citations

Annual Survey of Economic Theory: The Theory of Depreciation

1938 • 348 citations

What Determines Price-Earnings Ratios?

1978 • 275 citations

Stocks, Bonds, Bills and Inflation: Updates

1979 • 95 citations

Stock Price Volatility, Ordinary Dividends, and Other Cash Flows to Shareholders

1993 • 90 citations

The Magic in Earnings: Economic Earnings versus Accounting Earnings

1980 • 90 citations

Is the US Stock Market Myopic?

1998 • 77 citations

A Synthesis of Equity Valuation Techniques and the Terminal Value Calculation for the Dividend Discount Model

1997 • 75 citations

Accounting Valuation, Market Expectation, and the Book-to-Market Effect

1998 • 65 citations

Corporate Valuation: Tools for Effective Appraisal and Decision-Making

1993 • 42 citations

Cash Flow and Security Analysis

1992 • 41 citations

The Dividend Displacement Property and the Substitution of Anticipated Earnings for Dividends in Equity Valuation

1996 • 34 citations

Accounting-based valuation methods, determinants of market-to-book ratios, and implications for financial statement analysis

1994 • 24 citations

The Tax Consequences of Share Repurchases and Other Non-Dividend Cash Payments to Equity Owners

1987 • 22 citations