   583

 

                   	    -           

 

1.        :

John Burr Williams, The Theory of Investment Value (Amsterdam: North-Holland Publishing,
1964).     1938 .

2.         -
  :

. J. Gordon, Dividends, Earnings, and Stock Prices, Review of Economics and Statistics,
41, no. 2 (May 1959), pp. 99-105.

Nicholas Molodovsky, Catherine May, and Sherman Chottiner, Common Stock Valuation:

Principles, Tables and Application, Financial Analysts Journal, 21, no. 2 (March/April
1965), pp. 104-123.

3.    DDM     Financial Analysts
Journal .  -  1985 .  ,   -
   ,   :

Richard . Michaud and Paul L. Davis, Valuation Model Bias and the Scale Structure of
Dividend Discount Returns, Journal of Finance, 38, no. 2 (May 1982), pp. 563-573.

Adam K. Gehr, Jr., A Bias in Dividend Discount Models, Financial Analysts Journal, 48,
no. 1 (January/February 1992), pp. 75-80.

4.       / .  :

John Markese, Will the Real P/E Please Stand Up?, AA11 Journal, 11, no. 9 (October
1989), pp. 32-34.

Robert J. Angell and Alonzo Redman, How to Judge a P/E? Examine the Expected
Growth Rate, AAII Journal, 12, no. 3 (March 1990), pp. 16-17.

John Baijkowski, Price-Earnings Ratios and Fundamental Stock Valuation, AAII Journal,
13, no. 6 (July 1991), pp. 33-36.

5.    ,   /    -
 , .  :

Harold Bierman, Jr., Price/Earnings Ratios Restructured for Japan, Financial Analysts
Journal, 47, no. 2 (March/April 1991), pp. 91-92.

6. . ,    DDM,  /,   :

John Baijkowski, From Theory to Reality: Applying the Valuation Models, AAII Journal,
15, no. 1 (January 1993), pp. 34-37.

7.        
.  ,      -