According to the dividend growth model: I. a stock must have the same value to all investors
II. a stock's value changes in inverse relation to the required return
III. a stock's market price varies directly with its dividend growth rate
IV. a stock's value is equal to 110% of the future cash flows which it generates
V. a stock's value is equal to the discounted present value of the future cash flows which it generates

a. I, II, III and IV only
b. I and II only
c. III, IV and V only
d. II, III and V only
e. I, II and III only

Last week paul, ceo of quality furniture in south carolina, traveled to europe to visit customers. while overseas, paul checked his e-mail daily and showed his company's website to customers, explaining how the website will them place orders and receive merchandise more quickly. after visiting the last customer friday morning, paul was able to return to the corporate office in south carolina to meet with his board of directors that night. is the "shrinking" of time and space with air travel and electronic media.

Pennewell publishing inc. (pp) is a zero growth company. it currently has zero debt and its earnings before interest and taxes (ebit) are $80,000. pp's current cost of equity is 10%, and its tax rate is 40%. the firm has 10,000 shares of common stock outstanding selling at a price per share of $48.00. refer to the data for pennewell publishing inc. (pp). pp is considering changing its capital structure to one with 30% debt and 70% equity, based on market values. the debt would have an interest rate of 8%. the new funds would be used to repurchase stock. it is estimated that the increase in risk resulting from the added leverage would cause the required rate of return on equity to rise to 12%. if this plan were carried out, what would be pp's new value of operations? a. $484,359 b. $521,173 c. $584,653 d. $560,748 e. $487,805

Before the tools that have come from computational psychiatry are ready to be used in everyday practice by psychiatrics, what is needed