id	sid	tid	token	lemma	pos
fsr-3900	1	1	pii	pii	PROPN
fsr-3900	1	2	:	:	PUNCT
fsr-3900	1	3	s1057	s1057	NOUN
fsr-3900	1	4	-	-	PUNCT
fsr-3900	1	5	0810(00)00046	0810(00)00046	NUM
fsr-3900	1	6	-	-	PUNCT
fsr-3900	1	7	9	9	NUM
fsr-3900	1	8	effective	effective	ADJ
fsr-3900	1	9	teaching	teaching	NOUN
fsr-3900	1	10	and	and	CCONJ
fsr-3900	1	11	use	use	NOUN
fsr-3900	1	12	of	of	ADP
fsr-3900	1	13	the	the	DET
fsr-3900	1	14	constant	constant	ADJ
fsr-3900	1	15	growth	growth	NOUN
fsr-3900	1	16	dividend	dividend	NOUN
fsr-3900	1	17	discount	discount	NOUN
fsr-3900	1	18	model	model	NOUN
fsr-3900	1	19	thomas	thomas	PROPN
fsr-3900	1	20	h.	h.	PROPN
fsr-3900	1	21	paynea	paynea	PROPN
fsr-3900	1	22	,	,	PUNCT
fsr-3900	1	23	j.	j.	PROPN
fsr-3900	1	24	howard	howard	PROPN
fsr-3900	1	25	finchb	finchb	PROPN
fsr-3900	1	26	,	,	PUNCT
fsr-3900	1	27	*	*	PUNCT
fsr-3900	1	28	adepartment	adepartment	NOUN
fsr-3900	1	29	of	of	ADP
fsr-3900	1	30	finance	finance	NOUN
fsr-3900	1	31	,	,	PUNCT
fsr-3900	1	32	the	the	DET
fsr-3900	1	33	university	university	NOUN
fsr-3900	1	34	of	of	ADP
fsr-3900	1	35	tennessee	tennessee	PROPN
fsr-3900	1	36	at	at	ADP
fsr-3900	1	37	martin	martin	PROPN
fsr-3900	1	38	,	,	PUNCT
fsr-3900	1	39	martin	martin	PROPN
fsr-3900	1	40	,	,	PUNCT
fsr-3900	1	41	tn	tn	PROPN
fsr-3900	1	42	38238	38238	NUM
fsr-3900	1	43	,	,	PUNCT
fsr-3900	1	44	usa	usa	PROPN
fsr-3900	1	45	bdepartment	bdepartment	PROPN
fsr-3900	1	46	of	of	ADP
fsr-3900	1	47	finance	finance	NOUN
fsr-3900	1	48	,	,	PUNCT
fsr-3900	1	49	the	the	DET
fsr-3900	1	50	university	university	NOUN
fsr-3900	1	51	of	of	ADP
fsr-3900	1	52	tennessee	tennessee	PROPN
fsr-3900	1	53	at	at	ADP
fsr-3900	1	54	chattanooga	chattanooga	NOUN
fsr-3900	1	55	,	,	PUNCT
fsr-3900	1	56	615	615	NUM
fsr-3900	1	57	mccallie	mccallie	PROPN
fsr-3900	1	58	avenue	avenue	PROPN
fsr-3900	1	59	,	,	PUNCT
fsr-3900	1	60	chattanooga	chattanooga	PROPN
fsr-3900	1	61	,	,	PUNCT
fsr-3900	1	62	tn	tn	PROPN
fsr-3900	1	63	37403	37403	NUM
fsr-3900	1	64	,	,	PUNCT
fsr-3900	1	65	usa	usa	PROPN
fsr-3900	1	66	abstract	abstract	NOUN
fsr-3900	1	67	the	the	DET
fsr-3900	1	68	appropriate	appropriate	ADJ
fsr-3900	1	69	application	application	NOUN
fsr-3900	1	70	of	of	ADP
fsr-3900	1	71	the	the	DET
fsr-3900	1	72	constant	constant	ADJ
fsr-3900	1	73	growth	growth	NOUN
fsr-3900	1	74	dividend	dividend	NOUN
fsr-3900	1	75	discount	discount	NOUN
fsr-3900	1	76	model	model	NOUN
fsr-3900	1	77	(	(	PUNCT
fsr-3900	1	78	ddm	ddm	PROPN
fsr-3900	1	79	)	)	PUNCT
fsr-3900	1	80	requires	require	VERB
fsr-3900	1	81	an	an	DET
fsr-3900	1	82	understanding	understanding	NOUN
fsr-3900	1	83	of	of	ADP
fsr-3900	1	84	the	the	DET
fsr-3900	1	85	fundamental	fundamental	ADJ
fsr-3900	1	86	nature	nature	NOUN
fsr-3900	1	87	of	of	ADP
fsr-3900	1	88	the	the	DET
fsr-3900	1	89	model	model	NOUN
fsr-3900	1	90	and	and	CCONJ
fsr-3900	1	91	its	its	PRON
fsr-3900	1	92	parameters	parameter	NOUN
fsr-3900	1	93	.	.	PUNCT
fsr-3900	2	1	it	it	PRON
fsr-3900	2	2	is	be	AUX
fsr-3900	2	3	important	important	ADJ
fsr-3900	2	4	that	that	SCONJ
fsr-3900	2	5	students	student	NOUN
fsr-3900	2	6	not	not	PART
fsr-3900	2	7	only	only	ADV
fsr-3900	2	8	be	be	AUX
fsr-3900	2	9	able	able	ADJ
fsr-3900	2	10	to	to	PART
fsr-3900	2	11	mechanically	mechanically	ADV
fsr-3900	2	12	“	"	PUNCT
fsr-3900	2	13	plug	plug	VERB
fsr-3900	2	14	and	and	CCONJ
fsr-3900	2	15	chug	chug	VERB
fsr-3900	2	16	”	"	PUNCT
fsr-3900	2	17	the	the	DET
fsr-3900	2	18	formula	formula	NOUN
fsr-3900	2	19	,	,	PUNCT
fsr-3900	2	20	but	but	CCONJ
fsr-3900	2	21	that	that	SCONJ
fsr-3900	2	22	they	they	PRON
fsr-3900	2	23	also	also	ADV
fsr-3900	2	24	understand	understand	VERB
fsr-3900	2	25	the	the	DET
fsr-3900	2	26	model	model	NOUN
fsr-3900	2	27	’s	’s	PART
fsr-3900	2	28	assumptions	assumption	NOUN
fsr-3900	2	29	,	,	PUNCT
fsr-3900	2	30	inputs	input	NOUN
fsr-3900	2	31	,	,	PUNCT
fsr-3900	2	32	sensitivity	sensitivity	NOUN
fsr-3900	2	33	to	to	ADP
fsr-3900	2	34	error	error	NOUN
fsr-3900	2	35	and	and	CCONJ
fsr-3900	2	36	practical	practical	ADJ
fsr-3900	2	37	limitations	limitation	NOUN
fsr-3900	2	38	.	.	PUNCT
fsr-3900	3	1	this	this	DET
fsr-3900	3	2	paper	paper	NOUN
fsr-3900	3	3	demonstrates	demonstrate	VERB
fsr-3900	3	4	that	that	SCONJ
fsr-3900	3	5	the	the	DET
fsr-3900	3	6	valuation	valuation	NOUN
fsr-3900	3	7	measure	measure	NOUN
fsr-3900	3	8	derived	derive	VERB
fsr-3900	3	9	from	from	ADP
fsr-3900	3	10	using	use	VERB
fsr-3900	3	11	the	the	DET
fsr-3900	3	12	ddm	ddm	NOUN
fsr-3900	3	13	is	be	AUX
fsr-3900	3	14	very	very	ADV
fsr-3900	3	15	sensitive	sensitive	ADJ
fsr-3900	3	16	to	to	ADP
fsr-3900	3	17	the	the	DET
fsr-3900	3	18	relationship	relationship	NOUN
fsr-3900	3	19	between	between	ADP
fsr-3900	3	20	the	the	DET
fsr-3900	3	21	required	require	VERB
fsr-3900	3	22	return	return	NOUN
fsr-3900	3	23	on	on	ADP
fsr-3900	3	24	investment	investment	NOUN
fsr-3900	3	25	(	(	PUNCT
fsr-3900	3	26	ks	ks	NOUN
fsr-3900	3	27	)	)	PUNCT
fsr-3900	3	28	and	and	CCONJ
fsr-3900	3	29	the	the	DET
fsr-3900	3	30	assumed	assumed	ADJ
fsr-3900	3	31	growth	growth	NOUN
fsr-3900	3	32	rate	rate	NOUN
fsr-3900	3	33	(	(	PUNCT
fsr-3900	3	34	g	g	NOUN
fsr-3900	3	35	)	)	PUNCT
fsr-3900	3	36	in	in	ADP
fsr-3900	3	37	earnings	earning	NOUN
fsr-3900	3	38	and	and	CCONJ
fsr-3900	3	39	dividends	dividend	NOUN
fsr-3900	3	40	.	.	PUNCT
fsr-3900	4	1	examples	example	NOUN
fsr-3900	4	2	show	show	VERB
fsr-3900	4	3	that	that	SCONJ
fsr-3900	4	4	the	the	DET
fsr-3900	4	5	valuation	valuation	NOUN
fsr-3900	4	6	error	error	NOUN
fsr-3900	4	7	increases	increase	VERB
fsr-3900	4	8	at	at	ADP
fsr-3900	4	9	an	an	DET
fsr-3900	4	10	increasing	increase	VERB
fsr-3900	4	11	rate	rate	NOUN
fsr-3900	4	12	when	when	SCONJ
fsr-3900	4	13	the	the	DET
fsr-3900	4	14	values	value	NOUN
fsr-3900	4	15	of	of	ADP
fsr-3900	4	16	ks	ks	PROPN
fsr-3900	4	17	and	and	CCONJ
fsr-3900	4	18	g	g	PROPN
fsr-3900	4	19	converge	converge	VERB
fsr-3900	4	20	in	in	ADP
fsr-3900	4	21	the	the	DET
fsr-3900	4	22	formula	formula	NOUN
fsr-3900	4	23	.	.	PUNCT
fsr-3900	5	1	classroom	classroom	NOUN
fsr-3900	5	2	experience	experience	NOUN
fsr-3900	5	3	has	have	AUX
fsr-3900	5	4	indicated	indicate	VERB
fsr-3900	5	5	that	that	SCONJ
fsr-3900	5	6	students	student	NOUN
fsr-3900	5	7	believe	believe	VERB
fsr-3900	5	8	and	and	CCONJ
fsr-3900	5	9	strive	strive	VERB
fsr-3900	5	10	to	to	PART
fsr-3900	5	11	compute	compute	VERB
fsr-3900	5	12	a	a	DET
fsr-3900	5	13	single	single	ADJ
fsr-3900	5	14	“	"	PUNCT
fsr-3900	5	15	correct	correct	ADJ
fsr-3900	5	16	”	"	PUNCT
fsr-3900	5	17	valuation	valuation	NOUN
fsr-3900	5	18	of	of	ADP
fsr-3900	5	19	the	the	DET
fsr-3900	5	20	share	share	NOUN
fsr-3900	5	21	price	price	NOUN
fsr-3900	5	22	.	.	PUNCT
fsr-3900	6	1	they	they	PRON
fsr-3900	6	2	should	should	AUX
fsr-3900	6	3	realize	realize	VERB
fsr-3900	6	4	that	that	SCONJ
fsr-3900	6	5	the	the	DET
fsr-3900	6	6	goal	goal	NOUN
fsr-3900	6	7	of	of	ADP
fsr-3900	6	8	valuation	valuation	NOUN
fsr-3900	6	9	analysis	analysis	NOUN
fsr-3900	6	10	is	be	AUX
fsr-3900	6	11	to	to	PART
fsr-3900	6	12	estimate	estimate	VERB
fsr-3900	6	13	a	a	DET
fsr-3900	6	14	reasonable	reasonable	ADJ
fsr-3900	6	15	range	range	NOUN
fsr-3900	6	16	for	for	ADP
fsr-3900	6	17	the	the	DET
fsr-3900	6	18	intrinsic	intrinsic	ADJ
fsr-3900	6	19	value	value	NOUN
fsr-3900	6	20	of	of	ADP
fsr-3900	6	21	a	a	DET
fsr-3900	6	22	share	share	NOUN
fsr-3900	6	23	price	price	NOUN
fsr-3900	6	24	,	,	PUNCT
fsr-3900	6	25	rather	rather	ADV
fsr-3900	6	26	than	than	ADP
fsr-3900	6	27	a	a	DET
fsr-3900	6	28	single	single	ADJ
fsr-3900	6	29	point	point	NOUN
fsr-3900	6	30	estimate	estimate	NOUN
fsr-3900	6	31	as	as	ADV
fsr-3900	6	32	often	often	ADV
fsr-3900	6	33	implied	imply	VERB
fsr-3900	6	34	by	by	ADP
fsr-3900	6	35	end	end	NOUN
fsr-3900	6	36	-	-	PUNCT
fsr-3900	6	37	of	of	ADP
fsr-3900	6	38	-	-	PUNCT
fsr-3900	6	39	chapter	chapter	NOUN
fsr-3900	6	40	and	and	CCONJ
fsr-3900	6	41	exam	exam	NOUN
fsr-3900	6	42	-	-	PUNCT
fsr-3900	6	43	type	type	NOUN
fsr-3900	6	44	problems	problem	NOUN
fsr-3900	6	45	using	use	VERB
fsr-3900	6	46	the	the	DET
fsr-3900	6	47	ddm	ddm	NOUN
fsr-3900	6	48	.	.	PUNCT
fsr-3900	7	1	©	©	PROPN
fsr-3900	7	2	1999	1999	NUM
fsr-3900	7	3	elsevier	elsevier	PROPN
fsr-3900	7	4	science	science	PROPN
fsr-3900	7	5	inc	inc	PROPN
fsr-3900	7	6	.	.	PUNCT
fsr-3900	8	1	all	all	DET
fsr-3900	8	2	rights	right	NOUN
fsr-3900	8	3	reserved	reserve	VERB
fsr-3900	8	4	.	.	PUNCT
fsr-3900	9	1	jel	jel	PROPN
fsr-3900	9	2	classification	classification	NOUN
fsr-3900	9	3	:	:	PUNCT
fsr-3900	9	4	a200	a200	PROPN
fsr-3900	9	5	;	;	PUNCT
fsr-3900	9	6	g120	g120	PROPN
fsr-3900	9	7	keywords	keyword	NOUN
fsr-3900	9	8	:	:	PUNCT
fsr-3900	9	9	dividend	dividend	NOUN
fsr-3900	9	10	discount	discount	NOUN
fsr-3900	9	11	models	model	NOUN
fsr-3900	9	12	;	;	PUNCT
fsr-3900	9	13	asset	asset	NOUN
fsr-3900	9	14	pricing	pricing	NOUN
fsr-3900	9	15	;	;	PUNCT
fsr-3900	9	16	stock	stock	NOUN
fsr-3900	9	17	valuation	valuation	NOUN
fsr-3900	9	18	;	;	PUNCT
fsr-3900	9	19	valuation	valuation	NOUN
fsr-3900	9	20	models	model	NOUN
fsr-3900	9	21	1	1	NUM
fsr-3900	9	22	.	.	PUNCT
fsr-3900	9	23	introduction	introduction	NOUN
fsr-3900	9	24	the	the	DET
fsr-3900	9	25	theoretical	theoretical	ADJ
fsr-3900	9	26	soundness	soundness	NOUN
fsr-3900	9	27	and	and	CCONJ
fsr-3900	9	28	practical	practical	ADJ
fsr-3900	9	29	simplicity	simplicity	NOUN
fsr-3900	9	30	of	of	ADP
fsr-3900	9	31	the	the	DET
fsr-3900	9	32	constant	constant	ADJ
fsr-3900	9	33	growth	growth	NOUN
fsr-3900	9	34	dividend	dividend	NOUN
fsr-3900	9	35	discount	discount	NOUN
fsr-3900	9	36	model	model	NOUN
fsr-3900	9	37	(	(	PUNCT
fsr-3900	9	38	ddm	ddm	PROPN
fsr-3900	9	39	)	)	PUNCT
fsr-3900	9	40	(	(	PUNCT
fsr-3900	9	41	gordon	gordon	PROPN
fsr-3900	9	42	&	&	CCONJ
fsr-3900	9	43	shapiro	shapiro	PROPN
fsr-3900	9	44	,	,	PUNCT
fsr-3900	9	45	1956	1956	NUM
fsr-3900	9	46	;	;	PUNCT
fsr-3900	9	47	gordon	gordon	PROPN
fsr-3900	9	48	,	,	PUNCT
fsr-3900	9	49	1962	1962	NUM
fsr-3900	9	50	)	)	PUNCT
fsr-3900	9	51	have	have	AUX
fsr-3900	9	52	led	lead	VERB
fsr-3900	9	53	to	to	ADP
fsr-3900	9	54	its	its	PRON
fsr-3900	9	55	extensive	extensive	ADJ
fsr-3900	9	56	*	*	PUNCT
fsr-3900	9	57	corresponding	correspond	VERB
fsr-3900	9	58	author	author	NOUN
fsr-3900	9	59	.	.	PUNCT
fsr-3900	10	1	tel.:11	tel.:11	VERB
fsr-3900	10	2	-	-	PUNCT
fsr-3900	10	3	423	423	NUM
fsr-3900	10	4	-	-	PUNCT
fsr-3900	10	5	755	755	NUM
fsr-3900	10	6	-	-	NUM
fsr-3900	10	7	5250	5250	NUM
fsr-3900	10	8	;	;	PUNCT
fsr-3900	10	9	fax:11	fax:11	NOUN
fsr-3900	10	10	-	-	PUNCT
fsr-3900	10	11	423	423	NUM
fsr-3900	10	12	-	-	PUNCT
fsr-3900	10	13	785	785	NUM
fsr-3900	10	14	-	-	SYM
fsr-3900	10	15	2329	2329	NUM
fsr-3900	10	16	.	.	PUNCT
fsr-3900	11	1	e	e	X
fsr-3900	11	2	-	-	NOUN
fsr-3900	11	3	mail	mail	NOUN
fsr-3900	11	4	address:howard-finch@utc.edu	address:howard-finch@utc.edu	NOUN
fsr-3900	11	5	(	(	PUNCT
fsr-3900	11	6	j.h	j.h	PROPN
fsr-3900	11	7	.	.	PROPN
fsr-3900	11	8	finch	finch	PROPN
fsr-3900	11	9	)	)	PUNCT
fsr-3900	11	10	.	.	PUNCT
fsr-3900	12	1	financial	financial	ADJ
fsr-3900	12	2	services	service	NOUN
fsr-3900	12	3	review	review	VERB
fsr-3900	12	4	8	8	NUM
fsr-3900	12	5	(	(	PUNCT
fsr-3900	12	6	1999	1999	NUM
fsr-3900	12	7	)	)	PUNCT
fsr-3900	12	8	283–291	283–291	NUM
fsr-3900	12	9	1057	1057	NUM
fsr-3900	12	10	-	-	SYM
fsr-3900	12	11	0810/99/$	0810/99/$	NUM
fsr-3900	12	12	–	–	PUNCT
fsr-3900	12	13	see	see	VERB
fsr-3900	12	14	front	front	ADJ
fsr-3900	12	15	matter	matter	NOUN
fsr-3900	13	1	©	©	PROPN
fsr-3900	13	2	1999	1999	NUM
fsr-3900	13	3	elsevier	elsevier	PROPN
fsr-3900	13	4	science	science	PROPN
fsr-3900	13	5	inc	inc	PROPN
fsr-3900	13	6	.	.	PUNCT
fsr-3900	14	1	all	all	DET
fsr-3900	14	2	rights	right	NOUN
fsr-3900	14	3	reserved	reserve	VERB
fsr-3900	14	4	.	.	PUNCT
fsr-3900	15	1	pii	pii	NOUN
fsr-3900	15	2	:	:	PUNCT
fsr-3900	15	3	s1057	s1057	NOUN
fsr-3900	15	4	-	-	PUNCT
fsr-3900	15	5	0810(00)00046	0810(00)00046	NUM
fsr-3900	15	6	-	-	SYM
fsr-3900	15	7	9	9	NUM
fsr-3900	15	8	application	application	NOUN
fsr-3900	15	9	for	for	ADP
fsr-3900	15	10	common	common	ADJ
fsr-3900	15	11	stock	stock	NOUN
fsr-3900	15	12	valuation	valuation	NOUN
fsr-3900	15	13	.	.	PUNCT
fsr-3900	16	1	students	student	NOUN
fsr-3900	16	2	are	be	AUX
fsr-3900	16	3	usually	usually	ADV
fsr-3900	16	4	introduced	introduce	VERB
fsr-3900	16	5	to	to	ADP
fsr-3900	16	6	the	the	DET
fsr-3900	16	7	formula	formula	NOUN
fsr-3900	16	8	and	and	CCONJ
fsr-3900	16	9	its	its	PRON
fsr-3900	16	10	conceptual	conceptual	ADJ
fsr-3900	16	11	framework	framework	NOUN
fsr-3900	16	12	in	in	ADP
fsr-3900	16	13	their	their	PRON
fsr-3900	16	14	first	first	ADJ
fsr-3900	16	15	finance	finance	NOUN
fsr-3900	16	16	course	course	NOUN
fsr-3900	16	17	.	.	PUNCT
fsr-3900	17	1	in	in	ADP
fsr-3900	17	2	more	more	ADV
fsr-3900	17	3	advanced	advanced	ADJ
fsr-3900	17	4	courses	course	NOUN
fsr-3900	17	5	,	,	PUNCT
fsr-3900	17	6	they	they	PRON
fsr-3900	17	7	apply	apply	VERB
fsr-3900	17	8	the	the	DET
fsr-3900	17	9	model	model	NOUN
fsr-3900	17	10	to	to	ADP
fsr-3900	17	11	security	security	NOUN
fsr-3900	17	12	analysis	analysis	NOUN
fsr-3900	17	13	,	,	PUNCT
fsr-3900	17	14	to	to	ADP
fsr-3900	17	15	cases	case	NOUN
fsr-3900	17	16	involving	involve	VERB
fsr-3900	17	17	security	security	NOUN
fsr-3900	17	18	issuance	issuance	NOUN
fsr-3900	17	19	and	and	CCONJ
fsr-3900	17	20	mergers	merger	NOUN
fsr-3900	17	21	and	and	CCONJ
fsr-3900	17	22	acquisitions	acquisition	NOUN
fsr-3900	17	23	,	,	PUNCT
fsr-3900	17	24	and	and	CCONJ
fsr-3900	17	25	to	to	ADP
fsr-3900	17	26	other	other	ADJ
fsr-3900	17	27	valuation	valuation	NOUN
fsr-3900	17	28	related	relate	VERB
fsr-3900	17	29	problems	problem	NOUN
fsr-3900	17	30	.	.	PUNCT
fsr-3900	18	1	while	while	SCONJ
fsr-3900	18	2	most	most	ADJ
fsr-3900	18	3	students	student	NOUN
fsr-3900	18	4	eventually	eventually	ADV
fsr-3900	18	5	become	become	VERB
fsr-3900	18	6	comfortable	comfortable	ADJ
fsr-3900	18	7	with	with	ADP
fsr-3900	18	8	mechanically	mechanically	ADV
fsr-3900	18	9	“	"	PUNCT
fsr-3900	18	10	plugging	plug	VERB
fsr-3900	18	11	and	and	CCONJ
fsr-3900	18	12	chugging	chug	VERB
fsr-3900	18	13	”	"	PUNCT
fsr-3900	18	14	the	the	DET
fsr-3900	18	15	formula	formula	NOUN
fsr-3900	18	16	,	,	PUNCT
fsr-3900	18	17	they	they	PRON
fsr-3900	18	18	often	often	ADV
fsr-3900	18	19	have	have	VERB
fsr-3900	18	20	little	little	ADJ
fsr-3900	18	21	understanding	understanding	NOUN
fsr-3900	18	22	of	of	ADP
fsr-3900	18	23	its	its	PRON
fsr-3900	18	24	practical	practical	ADJ
fsr-3900	18	25	limitations	limitation	NOUN
fsr-3900	18	26	.	.	PUNCT
fsr-3900	19	1	this	this	DET
fsr-3900	19	2	paper	paper	NOUN
fsr-3900	19	3	provides	provide	VERB
fsr-3900	19	4	a	a	DET
fsr-3900	19	5	method	method	NOUN
fsr-3900	19	6	for	for	ADP
fsr-3900	19	7	illustrating	illustrate	VERB
fsr-3900	19	8	the	the	DET
fsr-3900	19	9	nature	nature	NOUN
fsr-3900	19	10	of	of	ADP
fsr-3900	19	11	estimation	estimation	NOUN
fsr-3900	19	12	and	and	CCONJ
fsr-3900	19	13	a	a	DET
fsr-3900	19	14	means	means	NOUN
fsr-3900	19	15	of	of	ADP
fsr-3900	19	16	demonstrating	demonstrate	VERB
fsr-3900	19	17	the	the	DET
fsr-3900	19	18	nonlinear	nonlinear	ADJ
fsr-3900	19	19	sensitivity	sensitivity	NOUN
fsr-3900	19	20	of	of	ADP
fsr-3900	19	21	the	the	DET
fsr-3900	19	22	ddm	ddm	PROPN
fsr-3900	19	23	to	to	ADP
fsr-3900	19	24	variations	variation	NOUN
fsr-3900	19	25	in	in	ADP
fsr-3900	19	26	required	required	ADJ
fsr-3900	19	27	rate	rate	NOUN
fsr-3900	19	28	of	of	ADP
fsr-3900	19	29	return	return	NOUN
fsr-3900	19	30	(	(	PUNCT
fsr-3900	19	31	ks	ks	NOUN
fsr-3900	19	32	)	)	PUNCT
fsr-3900	19	33	and	and	CCONJ
fsr-3900	19	34	the	the	DET
fsr-3900	19	35	growth	growth	NOUN
fsr-3900	19	36	rate	rate	NOUN
fsr-3900	19	37	(	(	PUNCT
fsr-3900	19	38	g	g	NOUN
fsr-3900	19	39	)	)	PUNCT
fsr-3900	19	40	estimates	estimate	NOUN
fsr-3900	19	41	.	.	PUNCT
fsr-3900	20	1	nearly	nearly	ADV
fsr-3900	20	2	all	all	DET
fsr-3900	20	3	texts	text	NOUN
fsr-3900	20	4	discuss	discuss	VERB
fsr-3900	20	5	the	the	DET
fsr-3900	20	6	basic	basic	ADJ
fsr-3900	20	7	assumption	assumption	NOUN
fsr-3900	20	8	that	that	SCONJ
fsr-3900	20	9	ks	ks	PROPN
fsr-3900	20	10	must	must	AUX
fsr-3900	20	11	be	be	AUX
fsr-3900	20	12	greater	great	ADJ
fsr-3900	20	13	than	than	ADP
fsr-3900	20	14	g	g	NOUN
fsr-3900	20	15	for	for	SCONJ
fsr-3900	20	16	the	the	DET
fsr-3900	20	17	model	model	NOUN
fsr-3900	20	18	to	to	PART
fsr-3900	20	19	hold	hold	VERB
fsr-3900	20	20	.	.	PUNCT
fsr-3900	21	1	this	this	DET
fsr-3900	21	2	requirement	requirement	NOUN
fsr-3900	21	3	is	be	AUX
fsr-3900	21	4	predicated	predicate	VERB
fsr-3900	21	5	on	on	ADP
fsr-3900	21	6	the	the	DET
fsr-3900	21	7	practical	practical	ADJ
fsr-3900	21	8	limitation	limitation	NOUN
fsr-3900	21	9	that	that	PRON
fsr-3900	21	10	a	a	DET
fsr-3900	21	11	stock	stock	NOUN
fsr-3900	21	12	’s	’s	PART
fsr-3900	21	13	price	price	NOUN
fsr-3900	21	14	must	must	AUX
fsr-3900	21	15	be	be	AUX
fsr-3900	21	16	non	non	ADJ
fsr-3900	21	17	-	-	ADJ
fsr-3900	21	18	negative	negative	ADJ
fsr-3900	21	19	.	.	PUNCT
fsr-3900	22	1	similarly	similarly	ADV
fsr-3900	22	2	,	,	PUNCT
fsr-3900	22	3	ks	k	NOUN
fsr-3900	22	4	must	must	AUX
fsr-3900	22	5	be	be	AUX
fsr-3900	22	6	greater	great	ADJ
fsr-3900	22	7	than	than	ADP
fsr-3900	22	8	g	g	NOUN
fsr-3900	22	9	since	since	SCONJ
fsr-3900	22	10	equivalence	equivalence	NOUN
fsr-3900	22	11	would	would	AUX
fsr-3900	22	12	result	result	VERB
fsr-3900	22	13	in	in	ADP
fsr-3900	22	14	an	an	DET
fsr-3900	22	15	infinite	infinite	ADJ
fsr-3900	22	16	value	value	NOUN
fsr-3900	22	17	.	.	PUNCT
fsr-3900	23	1	together	together	ADV
fsr-3900	23	2	,	,	PUNCT
fsr-3900	23	3	the	the	DET
fsr-3900	23	4	economic	economic	ADJ
fsr-3900	23	5	constraints	constraint	NOUN
fsr-3900	23	6	that	that	SCONJ
fsr-3900	23	7	stock	stock	NOUN
fsr-3900	23	8	prices	price	NOUN
fsr-3900	23	9	are	be	AUX
fsr-3900	23	10	non	non	ADJ
fsr-3900	23	11	-	-	ADJ
fsr-3900	23	12	negative	negative	ADJ
fsr-3900	23	13	and	and	CCONJ
fsr-3900	23	14	finite	finite	ADV
fsr-3900	23	15	make	make	VERB
fsr-3900	23	16	the	the	DET
fsr-3900	23	17	model	model	NOUN
fsr-3900	23	18	’s	’s	PART
fsr-3900	23	19	assumption	assumption	NOUN
fsr-3900	23	20	of	of	ADP
fsr-3900	23	21	ks	ks	PROPN
fsr-3900	23	22	.	.	PUNCT
fsr-3900	24	1	g	g	PROPN
fsr-3900	24	2	fairly	fairly	ADV
fsr-3900	24	3	easy	easy	ADJ
fsr-3900	24	4	for	for	SCONJ
fsr-3900	24	5	students	student	NOUN
fsr-3900	24	6	to	to	PART
fsr-3900	24	7	grasp	grasp	VERB
fsr-3900	24	8	.	.	PUNCT
fsr-3900	25	1	what	what	PRON
fsr-3900	25	2	is	be	AUX
fsr-3900	25	3	not	not	PART
fsr-3900	25	4	necessarily	necessarily	ADV
fsr-3900	25	5	intuitive	intuitive	ADJ
fsr-3900	25	6	is	be	AUX
fsr-3900	25	7	how	how	SCONJ
fsr-3900	25	8	the	the	DET
fsr-3900	25	9	relationship	relationship	NOUN
fsr-3900	25	10	between	between	ADP
fsr-3900	25	11	ks	ks	PROPN
fsr-3900	25	12	and	and	CCONJ
fsr-3900	25	13	g	g	PROPN
fsr-3900	25	14	affects	affect	VERB
fsr-3900	25	15	the	the	DET
fsr-3900	25	16	estimate	estimate	NOUN
fsr-3900	25	17	of	of	ADP
fsr-3900	25	18	the	the	DET
fsr-3900	25	19	stock	stock	NOUN
fsr-3900	25	20	’s	’s	PART
fsr-3900	25	21	intrinsic	intrinsic	ADJ
fsr-3900	25	22	value	value	NOUN
fsr-3900	25	23	.	.	PUNCT
fsr-3900	26	1	once	once	SCONJ
fsr-3900	26	2	the	the	DET
fsr-3900	26	3	mathematical	mathematical	ADJ
fsr-3900	26	4	and	and	CCONJ
fsr-3900	26	5	economic	economic	ADJ
fsr-3900	26	6	constraints	constraint	NOUN
fsr-3900	26	7	of	of	ADP
fsr-3900	26	8	the	the	DET
fsr-3900	26	9	model	model	NOUN
fsr-3900	26	10	have	have	AUX
fsr-3900	26	11	been	be	AUX
fsr-3900	26	12	considered	consider	VERB
fsr-3900	26	13	,	,	PUNCT
fsr-3900	26	14	students	student	NOUN
fsr-3900	26	15	should	should	AUX
fsr-3900	26	16	realize	realize	VERB
fsr-3900	26	17	that	that	SCONJ
fsr-3900	26	18	proper	proper	ADJ
fsr-3900	26	19	implementation	implementation	NOUN
fsr-3900	26	20	of	of	ADP
fsr-3900	26	21	the	the	DET
fsr-3900	26	22	ddm	ddm	NOUN
fsr-3900	26	23	requires	require	VERB
fsr-3900	26	24	more	more	ADJ
fsr-3900	26	25	than	than	ADP
fsr-3900	26	26	the	the	DET
fsr-3900	26	27	calculation	calculation	NOUN
fsr-3900	26	28	of	of	ADP
fsr-3900	26	29	a	a	DET
fsr-3900	26	30	single	single	ADJ
fsr-3900	26	31	point	point	NOUN
fsr-3900	26	32	estimate	estimate	NOUN
fsr-3900	26	33	.	.	PUNCT
fsr-3900	27	1	students	student	NOUN
fsr-3900	27	2	,	,	PUNCT
fsr-3900	27	3	expecting	expect	VERB
fsr-3900	27	4	to	to	PART
fsr-3900	27	5	arrive	arrive	VERB
fsr-3900	27	6	at	at	ADP
fsr-3900	27	7	a	a	DET
fsr-3900	27	8	“	"	PUNCT
fsr-3900	27	9	right	right	ADJ
fsr-3900	27	10	answer	answer	NOUN
fsr-3900	27	11	,	,	PUNCT
fsr-3900	27	12	”	"	PUNCT
fsr-3900	27	13	often	often	ADV
fsr-3900	27	14	fail	fail	VERB
fsr-3900	27	15	to	to	PART
fsr-3900	27	16	recognize	recognize	VERB
fsr-3900	27	17	the	the	DET
fsr-3900	27	18	distinction	distinction	NOUN
fsr-3900	27	19	between	between	ADP
fsr-3900	27	20	an	an	DET
fsr-3900	27	21	estimate	estimate	NOUN
fsr-3900	27	22	and	and	CCONJ
fsr-3900	27	23	a	a	DET
fsr-3900	27	24	known	know	VERB
fsr-3900	27	25	price	price	NOUN
fsr-3900	27	26	.	.	PUNCT
fsr-3900	28	1	this	this	PRON
fsr-3900	28	2	is	be	AUX
fsr-3900	28	3	not	not	PART
fsr-3900	28	4	a	a	DET
fsr-3900	28	5	trivial	trivial	ADJ
fsr-3900	28	6	point	point	NOUN
fsr-3900	28	7	since	since	SCONJ
fsr-3900	28	8	students	student	NOUN
fsr-3900	28	9	often	often	ADV
fsr-3900	28	10	have	have	VERB
fsr-3900	28	11	the	the	DET
fsr-3900	28	12	misconception	misconception	NOUN
fsr-3900	28	13	than	than	SCONJ
fsr-3900	28	14	any	any	DET
fsr-3900	28	15	answer	answer	NOUN
fsr-3900	28	16	arrived	arrive	VERB
fsr-3900	28	17	at	at	ADP
fsr-3900	28	18	mathematically	mathematically	ADV
fsr-3900	28	19	represents	represent	VERB
fsr-3900	28	20	absolute	absolute	ADJ
fsr-3900	28	21	truth	truth	NOUN
fsr-3900	28	22	.	.	PUNCT
fsr-3900	29	1	for	for	ADP
fsr-3900	29	2	all	all	DET
fsr-3900	29	3	applications	application	NOUN
fsr-3900	29	4	of	of	ADP
fsr-3900	29	5	the	the	DET
fsr-3900	29	6	model	model	NOUN
fsr-3900	29	7	,	,	PUNCT
fsr-3900	29	8	but	but	CCONJ
fsr-3900	29	9	particularly	particularly	ADV
fsr-3900	29	10	in	in	ADP
fsr-3900	29	11	case	case	NOUN
fsr-3900	29	12	studies	study	NOUN
fsr-3900	29	13	,	,	PUNCT
fsr-3900	29	14	students	student	NOUN
fsr-3900	29	15	should	should	AUX
fsr-3900	29	16	be	be	AUX
fsr-3900	29	17	required	require	VERB
fsr-3900	29	18	to	to	PART
fsr-3900	29	19	provide	provide	VERB
fsr-3900	29	20	an	an	DET
fsr-3900	29	21	in	in	ADP
fsr-3900	29	22	-	-	PUNCT
fsr-3900	29	23	depth	depth	NOUN
fsr-3900	29	24	explanation	explanation	NOUN
fsr-3900	29	25	of	of	ADP
fsr-3900	29	26	all	all	DET
fsr-3900	29	27	assumptions	assumption	NOUN
fsr-3900	29	28	,	,	PUNCT
fsr-3900	29	29	parameter	parameter	NOUN
fsr-3900	29	30	estimation	estimation	NOUN
fsr-3900	29	31	methods	method	NOUN
fsr-3900	29	32	,	,	PUNCT
fsr-3900	29	33	and	and	CCONJ
fsr-3900	29	34	conclusions	conclusion	NOUN
fsr-3900	29	35	.	.	PUNCT
fsr-3900	30	1	only	only	ADV
fsr-3900	30	2	in	in	ADP
fsr-3900	30	3	this	this	DET
fsr-3900	30	4	way	way	NOUN
fsr-3900	30	5	will	will	AUX
fsr-3900	30	6	they	they	PRON
fsr-3900	30	7	develop	develop	VERB
fsr-3900	30	8	a	a	DET
fsr-3900	30	9	true	true	ADJ
fsr-3900	30	10	grasp	grasp	NOUN
fsr-3900	30	11	of	of	ADP
fsr-3900	30	12	the	the	DET
fsr-3900	30	13	model	model	NOUN
fsr-3900	30	14	and	and	CCONJ
fsr-3900	30	15	its	its	PRON
fsr-3900	30	16	limitations	limitation	NOUN
fsr-3900	30	17	.	.	PUNCT
fsr-3900	31	1	2	2	X
fsr-3900	31	2	.	.	X
fsr-3900	31	3	background	background	NOUN
fsr-3900	31	4	valuation	valuation	NOUN
fsr-3900	31	5	error	error	NOUN
fsr-3900	31	6	resulting	result	VERB
fsr-3900	31	7	from	from	ADP
fsr-3900	31	8	implementation	implementation	NOUN
fsr-3900	31	9	of	of	ADP
fsr-3900	31	10	various	various	ADJ
fsr-3900	31	11	forms	form	NOUN
fsr-3900	31	12	of	of	ADP
fsr-3900	31	13	the	the	DET
fsr-3900	31	14	ddm	ddm	NOUN
fsr-3900	31	15	has	have	AUX
fsr-3900	31	16	been	be	AUX
fsr-3900	31	17	addressed	address	VERB
fsr-3900	31	18	in	in	ADP
fsr-3900	31	19	numerous	numerous	ADJ
fsr-3900	31	20	studies	study	NOUN
fsr-3900	31	21	.	.	PUNCT
fsr-3900	32	1	jacobs	jacobs	PROPN
fsr-3900	32	2	and	and	CCONJ
fsr-3900	32	3	levy	levy	PROPN
fsr-3900	32	4	(	(	PUNCT
fsr-3900	32	5	1988	1988	NUM
fsr-3900	32	6	)	)	PUNCT
fsr-3900	32	7	note	note	VERB
fsr-3900	32	8	that	that	SCONJ
fsr-3900	32	9	the	the	DET
fsr-3900	32	10	ddm	ddm	NOUN
fsr-3900	32	11	expected	expect	VERB
fsr-3900	32	12	returns	return	NOUN
fsr-3900	32	13	are	be	AUX
fsr-3900	32	14	not	not	PART
fsr-3900	32	15	generally	generally	ADV
fsr-3900	32	16	predictive	predictive	ADJ
fsr-3900	32	17	and	and	CCONJ
fsr-3900	32	18	sometimes	sometimes	ADV
fsr-3900	32	19	negatively	negatively	ADV
fsr-3900	32	20	correlated	correlate	VERB
fsr-3900	32	21	with	with	ADP
fsr-3900	32	22	actual	actual	ADJ
fsr-3900	32	23	returns	return	NOUN
fsr-3900	32	24	.	.	PUNCT
fsr-3900	33	1	hickman	hickman	PROPN
fsr-3900	33	2	and	and	CCONJ
fsr-3900	33	3	petry	petry	PROPN
fsr-3900	33	4	(	(	PUNCT
fsr-3900	33	5	1990	1990	NUM
fsr-3900	33	6	)	)	PUNCT
fsr-3900	33	7	find	find	VERB
fsr-3900	33	8	that	that	SCONJ
fsr-3900	33	9	dividend	dividend	NOUN
fsr-3900	33	10	discount	discount	NOUN
fsr-3900	33	11	approaches	approach	NOUN
fsr-3900	33	12	produce	produce	VERB
fsr-3900	33	13	errors	error	NOUN
fsr-3900	33	14	averaging	average	VERB
fsr-3900	33	15	88	88	NUM
fsr-3900	33	16	%	%	NOUN
fsr-3900	33	17	of	of	ADP
fsr-3900	33	18	the	the	DET
fsr-3900	33	19	actual	actual	ADJ
fsr-3900	33	20	price	price	NOUN
fsr-3900	33	21	,	,	PUNCT
fsr-3900	33	22	and	and	CCONJ
fsr-3900	33	23	4.21	4.21	NUM
fsr-3900	33	24	times	time	NOUN
fsr-3900	33	25	those	those	PRON
fsr-3900	33	26	of	of	ADP
fsr-3900	33	27	price	price	NOUN
fsr-3900	33	28	-	-	PUNCT
fsr-3900	33	29	earnings	earning	NOUN
fsr-3900	33	30	methods	method	NOUN
fsr-3900	33	31	.	.	PUNCT
fsr-3900	34	1	in	in	ADP
fsr-3900	34	2	addition	addition	NOUN
fsr-3900	34	3	,	,	PUNCT
fsr-3900	34	4	a	a	DET
fsr-3900	34	5	high	high	ADJ
fsr-3900	34	6	degree	degree	NOUN
fsr-3900	34	7	of	of	ADP
fsr-3900	34	8	error	error	NOUN
fsr-3900	34	9	in	in	ADP
fsr-3900	34	10	growth	growth	NOUN
fsr-3900	34	11	and	and	CCONJ
fsr-3900	34	12	required	require	VERB
fsr-3900	34	13	return	return	NOUN
fsr-3900	34	14	estimates	estimate	NOUN
fsr-3900	34	15	is	be	AUX
fsr-3900	34	16	found	find	VERB
fsr-3900	34	17	irrespective	irrespective	ADV
fsr-3900	34	18	of	of	ADP
fsr-3900	34	19	specific	specific	ADJ
fsr-3900	34	20	modeling	modeling	NOUN
fsr-3900	34	21	assumptions	assumption	NOUN
fsr-3900	34	22	.	.	PUNCT
fsr-3900	35	1	gehr	gehr	NOUN
fsr-3900	35	2	(	(	PUNCT
fsr-3900	35	3	1992	1992	NUM
fsr-3900	35	4	)	)	PUNCT
fsr-3900	35	5	,	,	PUNCT
fsr-3900	35	6	noting	note	VERB
fsr-3900	35	7	that	that	SCONJ
fsr-3900	35	8	price	price	NOUN
fsr-3900	35	9	estimation	estimation	NOUN
fsr-3900	35	10	bias	bias	NOUN
fsr-3900	35	11	in	in	ADP
fsr-3900	35	12	the	the	DET
fsr-3900	35	13	ddm	ddm	NOUN
fsr-3900	35	14	is	be	AUX
fsr-3900	35	15	the	the	DET
fsr-3900	35	16	result	result	NOUN
fsr-3900	35	17	of	of	ADP
fsr-3900	35	18	required	require	VERB
fsr-3900	35	19	return	return	NOUN
fsr-3900	35	20	and	and	CCONJ
fsr-3900	35	21	growth	growth	NOUN
fsr-3900	35	22	prediction	prediction	NOUN
fsr-3900	35	23	error	error	NOUN
fsr-3900	35	24	,	,	PUNCT
fsr-3900	35	25	proposes	propose	VERB
fsr-3900	35	26	application	application	NOUN
fsr-3900	35	27	of	of	ADP
fsr-3900	35	28	a	a	DET
fsr-3900	35	29	probability	probability	NOUN
fsr-3900	35	30	weighted	weight	VERB
fsr-3900	35	31	range	range	NOUN
fsr-3900	35	32	of	of	ADP
fsr-3900	35	33	the	the	DET
fsr-3900	35	34	parameter	parameter	NOUN
fsr-3900	35	35	estimates	estimate	NOUN
fsr-3900	35	36	.	.	PUNCT
fsr-3900	36	1	finally	finally	ADV
fsr-3900	36	2	,	,	PUNCT
fsr-3900	36	3	good	good	ADJ
fsr-3900	36	4	(	(	PUNCT
fsr-3900	36	5	1989	1989	NUM
fsr-3900	36	6	)	)	PUNCT
fsr-3900	36	7	points	point	VERB
fsr-3900	36	8	out	out	ADP
fsr-3900	36	9	that	that	SCONJ
fsr-3900	36	10	,	,	PUNCT
fsr-3900	36	11	since	since	SCONJ
fsr-3900	36	12	the	the	DET
fsr-3900	36	13	next	next	ADJ
fsr-3900	36	14	period	period	NOUN
fsr-3900	36	15	dividend	dividend	NOUN
fsr-3900	36	16	is	be	AUX
fsr-3900	36	17	largely	largely	ADV
fsr-3900	36	18	a	a	DET
fsr-3900	36	19	known	know	VERB
fsr-3900	36	20	quantity	quantity	NOUN
fsr-3900	36	21	,	,	PUNCT
fsr-3900	36	22	the	the	DET
fsr-3900	36	23	reliability	reliability	NOUN
fsr-3900	36	24	of	of	ADP
fsr-3900	36	25	the	the	DET
fsr-3900	36	26	ddm	ddm	NOUN
fsr-3900	36	27	is	be	AUX
fsr-3900	36	28	primarily	primarily	ADV
fsr-3900	36	29	dependent	dependent	ADJ
fsr-3900	36	30	on	on	ADP
fsr-3900	36	31	the	the	DET
fsr-3900	36	32	estimation	estimation	NOUN
fsr-3900	36	33	of	of	ADP
fsr-3900	36	34	required	require	VERB
fsr-3900	36	35	return	return	NOUN
fsr-3900	36	36	and	and	CCONJ
fsr-3900	36	37	growth	growth	NOUN
fsr-3900	36	38	rates	rate	NOUN
fsr-3900	36	39	.	.	PUNCT
fsr-3900	37	1	it	it	PRON
fsr-3900	37	2	is	be	AUX
fsr-3900	37	3	this	this	DET
fsr-3900	37	4	very	very	ADJ
fsr-3900	37	5	point	point	NOUN
fsr-3900	37	6	which	which	PRON
fsr-3900	37	7	requires	require	VERB
fsr-3900	37	8	increased	increase	VERB
fsr-3900	37	9	emphasis	emphasis	NOUN
fsr-3900	37	10	during	during	ADP
fsr-3900	37	11	classroom	classroom	NOUN
fsr-3900	37	12	discussions	discussion	NOUN
fsr-3900	37	13	of	of	ADP
fsr-3900	37	14	the	the	DET
fsr-3900	37	15	ddm	ddm	PROPN
fsr-3900	37	16	.	.	PUNCT
fsr-3900	38	1	3	3	X
fsr-3900	38	2	.	.	X
fsr-3900	38	3	sensitivity	sensitivity	NOUN
fsr-3900	38	4	analysis	analysis	NOUN
fsr-3900	38	5	formally	formally	ADV
fsr-3900	38	6	,	,	PUNCT
fsr-3900	38	7	the	the	DET
fsr-3900	38	8	constant	constant	ADJ
fsr-3900	38	9	growth	growth	NOUN
fsr-3900	38	10	dividend	dividend	NOUN
fsr-3900	38	11	discount	discount	NOUN
fsr-3900	38	12	model	model	NOUN
fsr-3900	38	13	is	be	AUX
fsr-3900	38	14	given	give	VERB
fsr-3900	38	15	by	by	ADP
fsr-3900	38	16	:	:	PUNCT
fsr-3900	38	17	v0	v0	NOUN
fsr-3900	38	18	5	5	NUM
fsr-3900	38	19	d1/(ks	d1/(ks	NOUN
fsr-3900	38	20	2	2	NUM
fsr-3900	38	21	g	g	NOUN
fsr-3900	38	22	)	)	PUNCT
fsr-3900	38	23	(	(	PUNCT
fsr-3900	38	24	1	1	X
fsr-3900	38	25	)	)	PUNCT
fsr-3900	38	26	284	284	NUM
fsr-3900	38	27	t.h	t.h	PROPN
fsr-3900	38	28	.	.	PROPN
fsr-3900	38	29	payne	payne	PROPN
fsr-3900	38	30	,	,	PUNCT
fsr-3900	38	31	j.h	j.h	PROPN
fsr-3900	38	32	.	.	PROPN
fsr-3900	38	33	finch	finch	PROPN
fsr-3900	38	34	/	/	SYM
fsr-3900	38	35	financial	financial	ADJ
fsr-3900	38	36	services	service	NOUN
fsr-3900	38	37	review	review	VERB
fsr-3900	38	38	8	8	NUM
fsr-3900	38	39	(	(	PUNCT
fsr-3900	38	40	1999	1999	NUM
fsr-3900	38	41	)	)	PUNCT
fsr-3900	39	1	283–291	283–291	NUM
fsr-3900	39	2	where	where	SCONJ
fsr-3900	39	3	v0	v0	NOUN
fsr-3900	39	4	is	be	AUX
fsr-3900	39	5	the	the	DET
fsr-3900	39	6	estimated	estimate	VERB
fsr-3900	39	7	intrinsic	intrinsic	ADJ
fsr-3900	39	8	value	value	NOUN
fsr-3900	39	9	per	per	ADP
fsr-3900	39	10	share	share	NOUN
fsr-3900	39	11	,	,	PUNCT
fsr-3900	39	12	ks	ks	PROPN
fsr-3900	39	13	is	be	AUX
fsr-3900	39	14	the	the	DET
fsr-3900	39	15	required	require	VERB
fsr-3900	39	16	rate	rate	NOUN
fsr-3900	39	17	of	of	ADP
fsr-3900	39	18	return	return	NOUN
fsr-3900	39	19	,	,	PUNCT
fsr-3900	39	20	g	g	PROPN
fsr-3900	39	21	is	be	AUX
fsr-3900	39	22	the	the	DET
fsr-3900	39	23	forecasted	forecast	VERB
fsr-3900	39	24	growth	growth	NOUN
fsr-3900	39	25	rate	rate	NOUN
fsr-3900	39	26	in	in	ADP
fsr-3900	39	27	earnings	earning	NOUN
fsr-3900	39	28	and	and	CCONJ
fsr-3900	39	29	dividends	dividend	NOUN
fsr-3900	39	30	(	(	PUNCT
fsr-3900	39	31	assuming	assume	VERB
fsr-3900	39	32	a	a	DET
fsr-3900	39	33	constant	constant	ADJ
fsr-3900	39	34	payout	payout	NOUN
fsr-3900	39	35	ratio	ratio	NOUN
fsr-3900	39	36	)	)	PUNCT
fsr-3900	39	37	,	,	PUNCT
fsr-3900	39	38	and	and	CCONJ
fsr-3900	39	39	d1	d1	PROPN
fsr-3900	39	40	is	be	AUX
fsr-3900	39	41	the	the	DET
fsr-3900	39	42	forecasted	forecast	VERB
fsr-3900	39	43	next	next	ADJ
fsr-3900	39	44	period	period	NOUN
fsr-3900	39	45	dividend	dividend	NOUN
fsr-3900	39	46	.	.	PUNCT
fsr-3900	40	1	the	the	DET
fsr-3900	40	2	assumptions	assumption	NOUN
fsr-3900	40	3	of	of	ADP
fsr-3900	40	4	this	this	DET
fsr-3900	40	5	model	model	NOUN
fsr-3900	40	6	are	be	AUX
fsr-3900	40	7	that	that	SCONJ
fsr-3900	40	8	g	g	PROPN
fsr-3900	40	9	will	will	AUX
fsr-3900	40	10	be	be	AUX
fsr-3900	40	11	at	at	ADP
fsr-3900	40	12	a	a	DET
fsr-3900	40	13	constant	constant	ADJ
fsr-3900	40	14	rate	rate	NOUN
fsr-3900	40	15	for	for	ADP
fsr-3900	40	16	the	the	DET
fsr-3900	40	17	foreseeable	foreseeable	ADJ
fsr-3900	40	18	future	future	NOUN
fsr-3900	40	19	,	,	PUNCT
fsr-3900	40	20	and	and	CCONJ
fsr-3900	40	21	that	that	SCONJ
fsr-3900	40	22	ks	ks	NOUN
fsr-3900	40	23	.	.	PUNCT
fsr-3900	41	1	g.	g.	PROPN
fsr-3900	41	2	following	follow	VERB
fsr-3900	41	3	good	good	ADJ
fsr-3900	41	4	(	(	PUNCT
fsr-3900	41	5	1989	1989	NUM
fsr-3900	41	6	)	)	PUNCT
fsr-3900	41	7	,	,	PUNCT
fsr-3900	41	8	practical	practical	ADJ
fsr-3900	41	9	application	application	NOUN
fsr-3900	41	10	of	of	ADP
fsr-3900	41	11	this	this	DET
fsr-3900	41	12	model	model	NOUN
fsr-3900	41	13	requires	require	VERB
fsr-3900	41	14	the	the	DET
fsr-3900	41	15	estimation	estimation	NOUN
fsr-3900	41	16	of	of	ADP
fsr-3900	41	17	two	two	NUM
fsr-3900	41	18	key	key	ADJ
fsr-3900	41	19	inputs	input	NOUN
fsr-3900	41	20	,	,	PUNCT
fsr-3900	41	21	ks	ks	NOUN
fsr-3900	41	22	and	and	CCONJ
fsr-3900	41	23	g.	g.	PROPN
fsr-3900	41	24	because	because	SCONJ
fsr-3900	41	25	many	many	ADJ
fsr-3900	41	26	texts	text	NOUN
fsr-3900	41	27	first	first	ADV
fsr-3900	41	28	cover	cover	VERB
fsr-3900	41	29	the	the	DET
fsr-3900	41	30	valuation	valuation	NOUN
fsr-3900	41	31	formula	formula	NOUN
fsr-3900	41	32	and	and	CCONJ
fsr-3900	41	33	only	only	ADV
fsr-3900	41	34	later	later	ADV
fsr-3900	41	35	the	the	DET
fsr-3900	41	36	various	various	ADJ
fsr-3900	41	37	techniques	technique	NOUN
fsr-3900	41	38	to	to	PART
fsr-3900	41	39	determine	determine	VERB
fsr-3900	41	40	these	these	DET
fsr-3900	41	41	inputs	input	NOUN
fsr-3900	41	42	,	,	PUNCT
fsr-3900	41	43	students	student	NOUN
fsr-3900	41	44	often	often	ADV
fsr-3900	41	45	miss	miss	VERB
fsr-3900	41	46	the	the	DET
fsr-3900	41	47	key	key	ADJ
fsr-3900	41	48	relationship	relationship	NOUN
fsr-3900	41	49	in	in	ADP
fsr-3900	41	50	the	the	DET
fsr-3900	41	51	denominator	denominator	NOUN
fsr-3900	41	52	of	of	ADP
fsr-3900	41	53	the	the	DET
fsr-3900	41	54	formula	formula	NOUN
fsr-3900	41	55	.	.	PUNCT
fsr-3900	42	1	for	for	ADP
fsr-3900	42	2	illustrative	illustrative	ADJ
fsr-3900	42	3	purposes	purpose	NOUN
fsr-3900	42	4	,	,	PUNCT
fsr-3900	42	5	define	define	VERB
fsr-3900	42	6	this	this	DET
fsr-3900	42	7	relationship	relationship	NOUN
fsr-3900	42	8	by	by	ADP
fsr-3900	42	9	:	:	PUNCT
fsr-3900	42	10	z	z	NOUN
fsr-3900	42	11	5	5	NUM
fsr-3900	42	12	(	(	PUNCT
fsr-3900	42	13	ks	ks	NOUN
fsr-3900	42	14	2	2	NUM
fsr-3900	42	15	g	g	NOUN
fsr-3900	42	16	)	)	PUNCT
fsr-3900	42	17	(	(	PUNCT
fsr-3900	42	18	2	2	X
fsr-3900	42	19	)	)	PUNCT
fsr-3900	42	20	consider	consider	VERB
fsr-3900	42	21	a	a	DET
fsr-3900	42	22	hypothetical	hypothetical	ADJ
fsr-3900	42	23	valuation	valuation	NOUN
fsr-3900	42	24	problem	problem	NOUN
fsr-3900	42	25	where	where	SCONJ
fsr-3900	42	26	the	the	DET
fsr-3900	42	27	expected	expect	VERB
fsr-3900	42	28	next	next	ADJ
fsr-3900	42	29	period	period	NOUN
fsr-3900	42	30	dividend	dividend	NOUN
fsr-3900	42	31	(	(	PUNCT
fsr-3900	42	32	d1	d1	PROPN
fsr-3900	42	33	)	)	PUNCT
fsr-3900	42	34	5	5	NUM
fsr-3900	42	35	$	$	SYM
fsr-3900	42	36	1.50	1.50	NUM
fsr-3900	42	37	,	,	PUNCT
fsr-3900	42	38	ks	ks	PROPN
fsr-3900	42	39	5	5	NUM
fsr-3900	42	40	22	22	NUM
fsr-3900	42	41	%	%	NOUN
fsr-3900	42	42	,	,	PUNCT
fsr-3900	42	43	and	and	CCONJ
fsr-3900	42	44	g5	g5	NOUN
fsr-3900	42	45	8	8	NUM
fsr-3900	42	46	%	%	NOUN
fsr-3900	42	47	.	.	PUNCT
fsr-3900	43	1	then	then	ADV
fsr-3900	43	2	z5	z5	PROPN
fsr-3900	43	3	14	14	NUM
fsr-3900	43	4	%	%	NOUN
fsr-3900	43	5	.	.	PUNCT
fsr-3900	44	1	applying	apply	VERB
fsr-3900	44	2	the	the	DET
fsr-3900	44	3	ddm	ddm	NOUN
fsr-3900	44	4	,	,	PUNCT
fsr-3900	44	5	students	student	NOUN
fsr-3900	44	6	will	will	AUX
fsr-3900	44	7	estimate	estimate	VERB
fsr-3900	44	8	the	the	DET
fsr-3900	44	9	share	share	NOUN
fsr-3900	44	10	price	price	NOUN
fsr-3900	44	11	by	by	ADP
fsr-3900	44	12	:	:	PUNCT
fsr-3900	44	13	v0	v0	NOUN
fsr-3900	44	14	5	5	NUM
fsr-3900	44	15	(	(	PUNCT
fsr-3900	44	16	$	$	SYM
fsr-3900	44	17	1.50)/(.222	1.50)/(.222	NUM
fsr-3900	44	18	.08	.08	NUM
fsr-3900	44	19	)	)	PUNCT
fsr-3900	44	20	v0	v0	NOUN
fsr-3900	44	21	5	5	NUM
fsr-3900	44	22	$	$	SYM
fsr-3900	44	23	10.71	10.71	NUM
fsr-3900	44	24	many	many	ADJ
fsr-3900	44	25	students	student	NOUN
fsr-3900	44	26	will	will	AUX
fsr-3900	44	27	instinctively	instinctively	ADV
fsr-3900	44	28	stop	stop	VERB
fsr-3900	44	29	here	here	ADV
fsr-3900	44	30	,	,	PUNCT
fsr-3900	44	31	assuming	assume	VERB
fsr-3900	44	32	the	the	DET
fsr-3900	44	33	problem	problem	NOUN
fsr-3900	44	34	is	be	AUX
fsr-3900	44	35	“	"	PUNCT
fsr-3900	44	36	finished	finish	VERB
fsr-3900	44	37	”	"	PUNCT
fsr-3900	44	38	(	(	PUNCT
fsr-3900	44	39	and	and	CCONJ
fsr-3900	44	40	often	often	ADV
fsr-3900	44	41	laboring	labor	VERB
fsr-3900	44	42	to	to	PART
fsr-3900	44	43	check	check	VERB
fsr-3900	44	44	their	their	PRON
fsr-3900	44	45	“	"	PUNCT
fsr-3900	44	46	answer	answer	NOUN
fsr-3900	44	47	”	"	PUNCT
fsr-3900	44	48	with	with	ADP
fsr-3900	44	49	that	that	PRON
fsr-3900	44	50	of	of	ADP
fsr-3900	44	51	a	a	DET
fsr-3900	44	52	classmate	classmate	NOUN
fsr-3900	44	53	or	or	CCONJ
fsr-3900	44	54	solutions	solution	NOUN
fsr-3900	44	55	manual	manual	NOUN
fsr-3900	44	56	)	)	PUNCT
fsr-3900	44	57	.	.	PUNCT
fsr-3900	45	1	however	however	ADV
fsr-3900	45	2	,	,	PUNCT
fsr-3900	45	3	it	it	PRON
fsr-3900	45	4	is	be	AUX
fsr-3900	45	5	important	important	ADJ
fsr-3900	45	6	to	to	PART
fsr-3900	45	7	convey	convey	VERB
fsr-3900	45	8	that	that	SCONJ
fsr-3900	45	9	the	the	DET
fsr-3900	45	10	value	value	NOUN
fsr-3900	45	11	of	of	ADP
fsr-3900	45	12	v0	v0	NOUN
fsr-3900	45	13	is	be	AUX
fsr-3900	45	14	anestimateof	anestimateof	VERB
fsr-3900	45	15	intrinsic	intrinsic	ADJ
fsr-3900	45	16	value	value	NOUN
fsr-3900	45	17	and	and	CCONJ
fsr-3900	45	18	to	to	PART
fsr-3900	45	19	make	make	VERB
fsr-3900	45	20	clear	clear	ADJ
fsr-3900	45	21	that	that	SCONJ
fsr-3900	45	22	it	it	PRON
fsr-3900	45	23	is	be	AUX
fsr-3900	45	24	not	not	PART
fsr-3900	45	25	the	the	DET
fsr-3900	45	26	“	"	PUNCT
fsr-3900	45	27	price	price	NOUN
fsr-3900	45	28	”	"	PUNCT
fsr-3900	45	29	of	of	ADP
fsr-3900	45	30	the	the	DET
fsr-3900	45	31	stock	stock	NOUN
fsr-3900	45	32	.	.	PUNCT
fsr-3900	46	1	table	table	NOUN
fsr-3900	46	2	1	1	NUM
fsr-3900	46	3	extends	extend	VERB
fsr-3900	46	4	the	the	DET
fsr-3900	46	5	example	example	NOUN
fsr-3900	46	6	problem	problem	NOUN
fsr-3900	46	7	,	,	PUNCT
fsr-3900	46	8	allowing	allow	VERB
fsr-3900	46	9	for	for	ADP
fsr-3900	46	10	different	different	ADJ
fsr-3900	46	11	estimates	estimate	NOUN
fsr-3900	46	12	of	of	ADP
fsr-3900	46	13	ks	ks	PROPN
fsr-3900	46	14	and	and	CCONJ
fsr-3900	46	15	g.	g.	PROPN
fsr-3900	46	16	note	note	VERB
fsr-3900	46	17	that	that	SCONJ
fsr-3900	46	18	,	,	PUNCT
fsr-3900	46	19	as	as	SCONJ
fsr-3900	46	20	the	the	DET
fsr-3900	46	21	difference	difference	NOUN
fsr-3900	46	22	z	z	NOUN
fsr-3900	46	23	gets	get	VERB
fsr-3900	46	24	smaller	small	ADJ
fsr-3900	46	25	,	,	PUNCT
fsr-3900	46	26	the	the	DET
fsr-3900	46	27	resulting	result	VERB
fsr-3900	46	28	estimate	estimate	NOUN
fsr-3900	46	29	of	of	ADP
fsr-3900	46	30	share	share	NOUN
fsr-3900	46	31	value	value	NOUN
fsr-3900	46	32	grows	grow	VERB
fsr-3900	46	33	larger	large	ADJ
fsr-3900	46	34	.	.	PUNCT
fsr-3900	47	1	specifically	specifically	ADV
fsr-3900	47	2	,	,	PUNCT
fsr-3900	47	3	as	as	ADP
fsr-3900	47	4	ks	ks	PROPN
fsr-3900	47	5	and	and	CCONJ
fsr-3900	47	6	g	g	PROPN
fsr-3900	47	7	converge	converge	NOUN
fsr-3900	47	8	,	,	PUNCT
fsr-3900	47	9	the	the	DET
fsr-3900	47	10	valuation	valuation	NOUN
fsr-3900	47	11	estimate	estimate	VERB
fsr-3900	47	12	increasesgeometrically	increasesgeometrically	ADV
fsr-3900	47	13	.	.	PUNCT
fsr-3900	48	1	fig	fig	NOUN
fsr-3900	48	2	.	.	PUNCT
fsr-3900	49	1	1	1	NUM
fsr-3900	49	2	illustrates	illustrate	VERB
fsr-3900	49	3	this	this	DET
fsr-3900	49	4	relationship	relationship	NOUN
fsr-3900	49	5	graphically	graphically	ADV
fsr-3900	49	6	.	.	PUNCT
fsr-3900	50	1	table	table	NOUN
fsr-3900	50	2	1	1	NUM
fsr-3900	50	3	the	the	DET
fsr-3900	50	4	constant	constant	ADJ
fsr-3900	50	5	growth	growth	NOUN
fsr-3900	50	6	dividend	dividend	NOUN
fsr-3900	50	7	discount	discount	NOUN
fsr-3900	50	8	model	model	NOUN
fsr-3900	50	9	:	:	PUNCT
fsr-3900	50	10	the	the	DET
fsr-3900	50	11	effect	effect	NOUN
fsr-3900	50	12	of	of	ADP
fsr-3900	50	13	changes	change	NOUN
fsr-3900	50	14	in	in	ADP
fsr-3900	50	15	z5	z5	PROPN
fsr-3900	50	16	ks	ks	PROPN
fsr-3900	50	17	2	2	NUM
fsr-3900	50	18	g	g	NOUN
fsr-3900	50	19	on	on	ADP
fsr-3900	50	20	value	value	NOUN
fsr-3900	50	21	estimation	estimation	NOUN
fsr-3900	50	22	(	(	PUNCT
fsr-3900	50	23	d1	d1	NOUN
fsr-3900	50	24	5	5	NUM
fsr-3900	50	25	$	$	SYM
fsr-3900	50	26	1.50	1.50	NUM
fsr-3900	50	27	)	)	PUNCT
fsr-3900	50	28	z	z	NOUN
fsr-3900	50	29	5	5	NUM
fsr-3900	50	30	ks	ks	NOUN
fsr-3900	50	31	2	2	NUM
fsr-3900	50	32	g	g	NOUN
fsr-3900	50	33	value	value	NOUN
fsr-3900	50	34	estimate	estimate	NOUN
fsr-3900	50	35	(	(	PUNCT
fsr-3900	50	36	v0	v0	NOUN
fsr-3900	50	37	)	)	PUNCT
fsr-3900	50	38	absolute	absolute	ADJ
fsr-3900	50	39	difference	difference	NOUN
fsr-3900	50	40	(	(	PUNCT
fsr-3900	50	41	percentage	percentage	NOUN
fsr-3900	50	42	difference	difference	NOUN
fsr-3900	50	43	)	)	PUNCT
fsr-3900	50	44	incremental	incremental	ADJ
fsr-3900	50	45	cumulativea	cumulativea	NOUN
fsr-3900	50	46	14	14	NUM
fsr-3900	50	47	%	%	NOUN
fsr-3900	50	48	$	$	SYM
fsr-3900	50	49	10.71	10.71	NUM
fsr-3900	50	50	2	2	NUM
fsr-3900	50	51	2	2	NUM
fsr-3900	50	52	12	12	NUM
fsr-3900	50	53	%	%	NOUN
fsr-3900	50	54	$	$	SYM
fsr-3900	50	55	12.50	12.50	NUM
fsr-3900	50	56	$	$	SYM
fsr-3900	50	57	1.79	1.79	NUM
fsr-3900	50	58	$	$	SYM
fsr-3900	50	59	1.79	1.79	NUM
fsr-3900	50	60	(	(	PUNCT
fsr-3900	50	61	16.7	16.7	NUM
fsr-3900	50	62	%	%	NOUN
fsr-3900	50	63	)	)	PUNCT
fsr-3900	50	64	(	(	PUNCT
fsr-3900	50	65	16.7	16.7	NUM
fsr-3900	50	66	%	%	NOUN
fsr-3900	50	67	)	)	PUNCT
fsr-3900	50	68	10	10	NUM
fsr-3900	50	69	%	%	NOUN
fsr-3900	50	70	$	$	SYM
fsr-3900	50	71	15.00	15.00	NUM
fsr-3900	50	72	$	$	SYM
fsr-3900	50	73	2.50	2.50	NUM
fsr-3900	50	74	$	$	SYM
fsr-3900	50	75	4.29	4.29	NUM
fsr-3900	50	76	(	(	PUNCT
fsr-3900	50	77	20	20	NUM
fsr-3900	50	78	%	%	NOUN
fsr-3900	50	79	)	)	PUNCT
fsr-3900	50	80	(	(	PUNCT
fsr-3900	50	81	40	40	NUM
fsr-3900	50	82	%	%	NOUN
fsr-3900	50	83	)	)	PUNCT
fsr-3900	50	84	8	8	NUM
fsr-3900	50	85	%	%	NOUN
fsr-3900	50	86	$	$	SYM
fsr-3900	50	87	18.75	18.75	NUM
fsr-3900	50	88	$	$	SYM
fsr-3900	50	89	3.75	3.75	NUM
fsr-3900	50	90	$	$	SYM
fsr-3900	50	91	8.04	8.04	NUM
fsr-3900	50	92	(	(	PUNCT
fsr-3900	50	93	25	25	NUM
fsr-3900	50	94	%	%	NOUN
fsr-3900	50	95	)	)	PUNCT
fsr-3900	50	96	(	(	PUNCT
fsr-3900	50	97	75	75	NUM
fsr-3900	50	98	%	%	NOUN
fsr-3900	50	99	)	)	PUNCT
fsr-3900	50	100	6	6	NUM
fsr-3900	50	101	%	%	NOUN
fsr-3900	51	1	$	$	SYM
fsr-3900	51	2	25.00	25.00	NUM
fsr-3900	51	3	$	$	SYM
fsr-3900	51	4	6.25	6.25	NUM
fsr-3900	51	5	$	$	SYM
fsr-3900	51	6	14.29	14.29	NUM
fsr-3900	51	7	(	(	PUNCT
fsr-3900	51	8	33	33	NUM
fsr-3900	51	9	%	%	NOUN
fsr-3900	51	10	)	)	PUNCT
fsr-3900	51	11	(	(	PUNCT
fsr-3900	51	12	133	133	NUM
fsr-3900	51	13	%	%	NOUN
fsr-3900	51	14	)	)	PUNCT
fsr-3900	51	15	4	4	NUM
fsr-3900	51	16	%	%	NOUN
fsr-3900	51	17	$	$	SYM
fsr-3900	51	18	37.50	37.50	NUM
fsr-3900	51	19	$	$	SYM
fsr-3900	51	20	12.50	12.50	NUM
fsr-3900	51	21	$	$	SYM
fsr-3900	51	22	26.79	26.79	NUM
fsr-3900	51	23	(	(	PUNCT
fsr-3900	51	24	50	50	NUM
fsr-3900	51	25	%	%	NOUN
fsr-3900	51	26	)	)	PUNCT
fsr-3900	51	27	(	(	PUNCT
fsr-3900	51	28	250	250	NUM
fsr-3900	51	29	%	%	NOUN
fsr-3900	51	30	)	)	PUNCT
fsr-3900	51	31	2	2	NUM
fsr-3900	51	32	%	%	NOUN
fsr-3900	51	33	$	$	SYM
fsr-3900	51	34	75.00	75.00	NUM
fsr-3900	51	35	$	$	SYM
fsr-3900	51	36	37.50	37.50	NUM
fsr-3900	51	37	$	$	SYM
fsr-3900	51	38	64.29	64.29	NUM
fsr-3900	51	39	(	(	PUNCT
fsr-3900	51	40	100	100	NUM
fsr-3900	51	41	%	%	NOUN
fsr-3900	51	42	)	)	PUNCT
fsr-3900	51	43	(	(	PUNCT
fsr-3900	51	44	600	600	NUM
fsr-3900	51	45	%	%	NOUN
fsr-3900	51	46	)	)	PUNCT
fsr-3900	51	47	a	a	DET
fsr-3900	51	48	cumulative	cumulative	ADJ
fsr-3900	51	49	differences	difference	NOUN
fsr-3900	51	50	are	be	AUX
fsr-3900	51	51	computed	compute	VERB
fsr-3900	51	52	relative	relative	ADJ
fsr-3900	51	53	to	to	ADP
fsr-3900	51	54	the	the	DET
fsr-3900	51	55	initial	initial	ADJ
fsr-3900	51	56	(	(	PUNCT
fsr-3900	51	57	z5	z5	NOUN
fsr-3900	51	58	14	14	NUM
fsr-3900	51	59	%	%	NOUN
fsr-3900	51	60	)	)	PUNCT
fsr-3900	51	61	value	value	NOUN
fsr-3900	51	62	.	.	PUNCT
fsr-3900	52	1	incremental	incremental	ADJ
fsr-3900	52	2	differences	difference	NOUN
fsr-3900	52	3	are	be	AUX
fsr-3900	52	4	relative	relative	ADJ
fsr-3900	52	5	to	to	ADP
fsr-3900	52	6	immediately	immediately	ADV
fsr-3900	52	7	preceding	precede	VERB
fsr-3900	52	8	values	value	NOUN
fsr-3900	52	9	.	.	PUNCT
fsr-3900	53	1	285t.h	285t.h	X
fsr-3900	53	2	.	.	PUNCT
fsr-3900	54	1	payne	payne	PROPN
fsr-3900	54	2	,	,	PUNCT
fsr-3900	54	3	j.h	j.h	PROPN
fsr-3900	54	4	.	.	PROPN
fsr-3900	54	5	finch	finch	PROPN
fsr-3900	54	6	/	/	SYM
fsr-3900	54	7	financial	financial	ADJ
fsr-3900	54	8	services	service	NOUN
fsr-3900	54	9	review	review	VERB
fsr-3900	54	10	8	8	NUM
fsr-3900	54	11	(	(	PUNCT
fsr-3900	54	12	1999	1999	NUM
fsr-3900	54	13	)	)	PUNCT
fsr-3900	55	1	283–291	283–291	PRON
fsr-3900	55	2	suppose	suppose	VERB
fsr-3900	55	3	the	the	DET
fsr-3900	55	4	market	market	NOUN
fsr-3900	55	5	is	be	AUX
fsr-3900	55	6	in	in	ADP
fsr-3900	55	7	equilibrium	equilibrium	NOUN
fsr-3900	55	8	,	,	PUNCT
fsr-3900	55	9	so	so	SCONJ
fsr-3900	55	10	that	that	SCONJ
fsr-3900	55	11	the	the	DET
fsr-3900	55	12	actual	actual	ADJ
fsr-3900	55	13	value	value	NOUN
fsr-3900	55	14	per	per	ADP
fsr-3900	55	15	share	share	NOUN
fsr-3900	55	16	(	(	PUNCT
fsr-3900	55	17	which	which	PRON
fsr-3900	55	18	is	be	AUX
fsr-3900	55	19	unknown	unknown	ADJ
fsr-3900	55	20	)	)	PUNCT
fsr-3900	55	21	is	be	AUX
fsr-3900	55	22	,	,	PUNCT
fsr-3900	55	23	in	in	ADP
fsr-3900	55	24	fact	fact	NOUN
fsr-3900	55	25	,	,	PUNCT
fsr-3900	55	26	the	the	DET
fsr-3900	55	27	original	original	ADJ
fsr-3900	55	28	estimate	estimate	NOUN
fsr-3900	55	29	of	of	ADP
fsr-3900	55	30	$	$	SYM
fsr-3900	55	31	10.71	10.71	NUM
fsr-3900	55	32	.	.	PUNCT
fsr-3900	56	1	fig	fig	NOUN
fsr-3900	56	2	.	.	PUNCT
fsr-3900	57	1	1	1	NUM
fsr-3900	57	2	shows	show	VERB
fsr-3900	57	3	that	that	SCONJ
fsr-3900	57	4	as	as	SCONJ
fsr-3900	57	5	z	z	NOUN
fsr-3900	57	6	gets	get	VERB
fsr-3900	57	7	smaller	small	ADJ
fsr-3900	57	8	,	,	PUNCT
fsr-3900	57	9	valuation	valuation	NOUN
fsr-3900	57	10	estimate	estimate	NOUN
fsr-3900	57	11	increases	increase	NOUN
fsr-3900	57	12	at	at	ADP
fsr-3900	57	13	an	an	DET
fsr-3900	57	14	increasing	increase	VERB
fsr-3900	57	15	rate	rate	NOUN
fsr-3900	57	16	.	.	PUNCT
fsr-3900	58	1	thus	thus	ADV
fsr-3900	58	2	,	,	PUNCT
fsr-3900	58	3	students	student	NOUN
fsr-3900	58	4	should	should	AUX
fsr-3900	58	5	be	be	AUX
fsr-3900	58	6	aware	aware	ADJ
fsr-3900	58	7	of	of	ADP
fsr-3900	58	8	how	how	SCONJ
fsr-3900	58	9	sensitive	sensitive	ADJ
fsr-3900	58	10	the	the	DET
fsr-3900	58	11	model	model	NOUN
fsr-3900	58	12	’s	’s	PART
fsr-3900	58	13	estimate	estimate	NOUN
fsr-3900	58	14	of	of	ADP
fsr-3900	58	15	intrinsic	intrinsic	ADJ
fsr-3900	58	16	value	value	NOUN
fsr-3900	58	17	is	be	AUX
fsr-3900	58	18	to	to	ADP
fsr-3900	58	19	the	the	DET
fsr-3900	58	20	relationship	relationship	NOUN
fsr-3900	58	21	between	between	ADP
fsr-3900	58	22	ks	ks	PROPN
fsr-3900	58	23	and	and	CCONJ
fsr-3900	58	24	g.	g.	PROPN
fsr-3900	58	25	4	4	NUM
fsr-3900	58	26	.	.	PUNCT
fsr-3900	58	27	moving	move	VERB
fsr-3900	58	28	from	from	ADP
fsr-3900	58	29	textbook	textbook	NOUN
fsr-3900	58	30	examples	example	NOUN
fsr-3900	58	31	to	to	ADP
fsr-3900	58	32	“	"	PUNCT
fsr-3900	58	33	real	real	ADJ
fsr-3900	58	34	-	-	PUNCT
fsr-3900	58	35	world	world	NOUN
fsr-3900	58	36	”	"	PUNCT
fsr-3900	58	37	applications	application	NOUN
fsr-3900	58	38	investment	investment	NOUN
fsr-3900	58	39	textbooks	textbook	NOUN
fsr-3900	58	40	and	and	CCONJ
fsr-3900	58	41	other	other	ADJ
fsr-3900	58	42	resources	resource	NOUN
fsr-3900	58	43	illustrating	illustrate	VERB
fsr-3900	58	44	financial	financial	ADJ
fsr-3900	58	45	analysis	analysis	NOUN
fsr-3900	58	46	techniques	technique	NOUN
fsr-3900	58	47	often	often	ADV
fsr-3900	58	48	provide	provide	VERB
fsr-3900	58	49	the	the	DET
fsr-3900	58	50	necessary	necessary	ADJ
fsr-3900	58	51	model	model	NOUN
fsr-3900	58	52	parameters	parameter	NOUN
fsr-3900	58	53	.	.	PUNCT
fsr-3900	59	1	in	in	ADP
fsr-3900	59	2	other	other	ADJ
fsr-3900	59	3	words	word	NOUN
fsr-3900	59	4	,	,	PUNCT
fsr-3900	59	5	the	the	DET
fsr-3900	59	6	numbers	number	NOUN
fsr-3900	59	7	are	be	AUX
fsr-3900	59	8	“	"	PUNCT
fsr-3900	59	9	given	give	VERB
fsr-3900	59	10	”	"	PUNCT
fsr-3900	59	11	and	and	CCONJ
fsr-3900	59	12	it	it	PRON
fsr-3900	59	13	is	be	AUX
fsr-3900	59	14	left	leave	VERB
fsr-3900	59	15	to	to	ADP
fsr-3900	59	16	the	the	DET
fsr-3900	59	17	“	"	PUNCT
fsr-3900	59	18	analyst	analyst	NOUN
fsr-3900	59	19	”	"	PUNCT
fsr-3900	59	20	to	to	PART
fsr-3900	59	21	simply	simply	ADV
fsr-3900	59	22	perform	perform	VERB
fsr-3900	59	23	the	the	DET
fsr-3900	59	24	math	math	NOUN
fsr-3900	59	25	.	.	PUNCT
fsr-3900	60	1	as	as	ADP
fsr-3900	60	2	an	an	DET
fsr-3900	60	3	example	example	NOUN
fsr-3900	60	4	,	,	PUNCT
fsr-3900	60	5	suppose	suppose	VERB
fsr-3900	60	6	a	a	DET
fsr-3900	60	7	class	class	NOUN
fsr-3900	60	8	was	be	AUX
fsr-3900	60	9	given	give	VERB
fsr-3900	60	10	the	the	DET
fsr-3900	60	11	following	follow	VERB
fsr-3900	60	12	data	datum	NOUN
fsr-3900	60	13	to	to	PART
fsr-3900	60	14	use	use	VERB
fsr-3900	60	15	in	in	ADP
fsr-3900	60	16	the	the	DET
fsr-3900	60	17	estimation	estimation	NOUN
fsr-3900	60	18	of	of	ADP
fsr-3900	60	19	the	the	DET
fsr-3900	60	20	intrinsic	intrinsic	ADJ
fsr-3900	60	21	value	value	NOUN
fsr-3900	60	22	for	for	ADP
fsr-3900	60	23	a	a	DET
fsr-3900	60	24	firm	firm	NOUN
fsr-3900	60	25	’s	’s	PART
fsr-3900	60	26	share	share	NOUN
fsr-3900	60	27	price	price	NOUN
fsr-3900	60	28	.	.	PUNCT
fsr-3900	61	1	4.1	4.1	NUM
fsr-3900	61	2	.	.	PUNCT
fsr-3900	61	3	information	information	NOUN
fsr-3900	61	4	for	for	ADP
fsr-3900	61	5	computing	compute	VERB
fsr-3900	61	6	the	the	DET
fsr-3900	61	7	required	require	VERB
fsr-3900	61	8	rate	rate	NOUN
fsr-3900	61	9	of	of	ADP
fsr-3900	61	10	return	return	NOUN
fsr-3900	61	11	on	on	ADP
fsr-3900	61	12	investment	investment	NOUN
fsr-3900	61	13	the	the	DET
fsr-3900	61	14	risk	risk	NOUN
fsr-3900	61	15	-	-	PUNCT
fsr-3900	61	16	free	free	ADJ
fsr-3900	61	17	rate	rate	NOUN
fsr-3900	61	18	of	of	ADP
fsr-3900	61	19	return	return	NOUN
fsr-3900	61	20	in	in	ADP
fsr-3900	61	21	the	the	DET
fsr-3900	61	22	market	market	NOUN
fsr-3900	61	23	is	be	AUX
fsr-3900	61	24	5	5	NUM
fsr-3900	61	25	%	%	NOUN
fsr-3900	61	26	,	,	PUNCT
fsr-3900	61	27	the	the	DET
fsr-3900	61	28	expected	expect	VERB
fsr-3900	61	29	return	return	NOUN
fsr-3900	61	30	for	for	ADP
fsr-3900	61	31	the	the	DET
fsr-3900	61	32	market	market	NOUN
fsr-3900	61	33	is	be	AUX
fsr-3900	61	34	14	14	NUM
fsr-3900	61	35	%	%	NOUN
fsr-3900	61	36	,	,	PUNCT
fsr-3900	61	37	and	and	CCONJ
fsr-3900	61	38	this	this	DET
fsr-3900	61	39	firm	firm	NOUN
fsr-3900	61	40	’s	’s	PART
fsr-3900	61	41	beta	beta	NOUN
fsr-3900	61	42	is	be	AUX
fsr-3900	61	43	1.10	1.10	NUM
fsr-3900	61	44	.	.	PUNCT
fsr-3900	62	1	the	the	DET
fsr-3900	62	2	yield	yield	NOUN
fsr-3900	62	3	to	to	ADP
fsr-3900	62	4	maturity	maturity	NOUN
fsr-3900	62	5	on	on	ADP
fsr-3900	62	6	its	its	PRON
fsr-3900	62	7	long	long	ADJ
fsr-3900	62	8	term	term	NOUN
fsr-3900	62	9	outstanding	outstanding	ADJ
fsr-3900	62	10	bonds	bond	NOUN
fsr-3900	62	11	is	be	AUX
fsr-3900	62	12	8.25	8.25	NUM
fsr-3900	62	13	%	%	NOUN
fsr-3900	62	14	,	,	PUNCT
fsr-3900	62	15	and	and	CCONJ
fsr-3900	62	16	management	management	NOUN
fsr-3900	62	17	estimates	estimate	VERB
fsr-3900	62	18	an	an	DET
fsr-3900	62	19	8	8	NUM
fsr-3900	62	20	%	%	NOUN
fsr-3900	62	21	premium	premium	NOUN
fsr-3900	62	22	for	for	ADP
fsr-3900	62	23	stocks	stock	NOUN
fsr-3900	62	24	over	over	ADP
fsr-3900	62	25	bonds	bond	NOUN
fsr-3900	62	26	.	.	PUNCT
fsr-3900	63	1	4.2	4.2	NUM
fsr-3900	63	2	.	.	PUNCT
fsr-3900	63	3	information	information	NOUN
fsr-3900	63	4	for	for	ADP
fsr-3900	63	5	estimating	estimate	VERB
fsr-3900	63	6	the	the	DET
fsr-3900	63	7	growth	growth	NOUN
fsr-3900	63	8	rate	rate	NOUN
fsr-3900	63	9	for	for	ADP
fsr-3900	63	10	earnings	earning	NOUN
fsr-3900	63	11	and	and	CCONJ
fsr-3900	63	12	dividends	dividend	NOUN
fsr-3900	63	13	in	in	ADP
fsr-3900	63	14	1996	1996	NUM
fsr-3900	63	15	the	the	DET
fsr-3900	63	16	firm	firm	NOUN
fsr-3900	63	17	’s	’s	PART
fsr-3900	63	18	earnings	earning	NOUN
fsr-3900	63	19	per	per	ADP
fsr-3900	63	20	share	share	NOUN
fsr-3900	63	21	(	(	PUNCT
fsr-3900	63	22	eps	eps	PROPN
fsr-3900	63	23	)	)	PUNCT
fsr-3900	63	24	was	be	AUX
fsr-3900	63	25	$	$	SYM
fsr-3900	63	26	2.00	2.00	NUM
fsr-3900	63	27	,	,	PUNCT
fsr-3900	63	28	and	and	CCONJ
fsr-3900	63	29	in	in	ADP
fsr-3900	63	30	1999	1999	NUM
fsr-3900	63	31	eps	eps	PROPN
fsr-3900	63	32	was	be	AUX
fsr-3900	63	33	$	$	SYM
fsr-3900	63	34	2.32	2.32	NUM
fsr-3900	63	35	.	.	PUNCT
fsr-3900	64	1	the	the	DET
fsr-3900	64	2	firm	firm	NOUN
fsr-3900	64	3	maintains	maintain	VERB
fsr-3900	64	4	a	a	DET
fsr-3900	64	5	50	50	NUM
fsr-3900	64	6	%	%	NOUN
fsr-3900	64	7	dividend	dividend	NOUN
fsr-3900	64	8	payout	payout	NOUN
fsr-3900	64	9	ratio	ratio	NOUN
fsr-3900	64	10	,	,	PUNCT
fsr-3900	64	11	and	and	CCONJ
fsr-3900	64	12	1999	1999	NUM
fsr-3900	64	13	return	return	NOUN
fsr-3900	64	14	on	on	ADP
fsr-3900	64	15	equity	equity	NOUN
fsr-3900	64	16	(	(	PUNCT
fsr-3900	64	17	roe	roe	PROPN
fsr-3900	64	18	)	)	PUNCT
fsr-3900	64	19	was	be	AUX
fsr-3900	64	20	11	11	NUM
fsr-3900	64	21	%	%	NOUN
fsr-3900	64	22	.	.	PUNCT
fsr-3900	65	1	analysts	analyst	NOUN
fsr-3900	65	2	who	who	PRON
fsr-3900	65	3	follow	follow	VERB
fsr-3900	65	4	the	the	DET
fsr-3900	65	5	firm	firm	NOUN
fsr-3900	65	6	’s	’s	PART
fsr-3900	65	7	stock	stock	NOUN
fsr-3900	65	8	estimate	estimate	NOUN
fsr-3900	65	9	earnings	earning	NOUN
fsr-3900	65	10	growth	growth	NOUN
fsr-3900	65	11	of	of	ADP
fsr-3900	65	12	6	6	NUM
fsr-3900	65	13	to	to	PART
fsr-3900	65	14	8	8	NUM
fsr-3900	65	15	%	%	NOUN
fsr-3900	65	16	in	in	ADP
fsr-3900	65	17	the	the	DET
fsr-3900	65	18	next	next	ADJ
fsr-3900	65	19	few	few	ADJ
fsr-3900	65	20	years	year	NOUN
fsr-3900	65	21	.	.	PUNCT
fsr-3900	66	1	fig	fig	NOUN
fsr-3900	66	2	.	.	PUNCT
fsr-3900	67	1	1	1	X
fsr-3900	67	2	.	.	X
fsr-3900	67	3	valuation	valuation	NOUN
fsr-3900	67	4	estimate	estimate	NOUN
fsr-3900	67	5	as	as	ADP
fsr-3900	67	6	ks	ks	PROPN
fsr-3900	67	7	and	and	CCONJ
fsr-3900	67	8	g	g	PROPN
fsr-3900	67	9	converge	converge	NOUN
fsr-3900	67	10	.	.	PUNCT
fsr-3900	68	1	286	286	NUM
fsr-3900	68	2	t.h	t.h	PROPN
fsr-3900	68	3	.	.	PROPN
fsr-3900	68	4	payne	payne	PROPN
fsr-3900	68	5	,	,	PUNCT
fsr-3900	68	6	j.h	j.h	PROPN
fsr-3900	68	7	.	.	PROPN
fsr-3900	68	8	finch	finch	PROPN
fsr-3900	68	9	/	/	SYM
fsr-3900	68	10	financial	financial	ADJ
fsr-3900	68	11	services	service	NOUN
fsr-3900	68	12	review	review	VERB
fsr-3900	68	13	8	8	NUM
fsr-3900	68	14	(	(	PUNCT
fsr-3900	68	15	1999	1999	NUM
fsr-3900	68	16	)	)	PUNCT
fsr-3900	69	1	283–291	283–291	NUM
fsr-3900	69	2	then	then	ADV
fsr-3900	69	3	students	student	NOUN
fsr-3900	69	4	,	,	PUNCT
fsr-3900	69	5	following	follow	VERB
fsr-3900	69	6	textbook	textbook	NOUN
fsr-3900	69	7	methodology	methodology	NOUN
fsr-3900	69	8	,	,	PUNCT
fsr-3900	69	9	should	should	AUX
fsr-3900	69	10	estimate	estimate	VERB
fsr-3900	69	11	the	the	DET
fsr-3900	69	12	ddm	ddm	NOUN
fsr-3900	69	13	parameters	parameter	NOUN
fsr-3900	69	14	as	as	SCONJ
fsr-3900	69	15	follows	follow	VERB
fsr-3900	69	16	:	:	PUNCT
fsr-3900	69	17	4.2.1	4.2.1	NUM
fsr-3900	69	18	.	.	PUNCT
fsr-3900	69	19	estimating	estimate	VERB
fsr-3900	69	20	ks	ks	PROPN
fsr-3900	69	21	method	method	NOUN
fsr-3900	69	22	1	1	NUM
fsr-3900	69	23	–	–	PUNCT
fsr-3900	69	24	the	the	DET
fsr-3900	69	25	capm	capm	NOUN
fsr-3900	69	26	:	:	PUNCT
fsr-3900	69	27	ks	ks	PROPN
fsr-3900	69	28	5rf	5rf	NOUN
fsr-3900	69	29	1	1	NUM
fsr-3900	70	1	[	[	X
fsr-3900	70	2	km	km	NOUN
fsr-3900	70	3	2	2	NUM
fsr-3900	70	4	rf]ß	rf]ß	NOUN
fsr-3900	70	5	(	(	PUNCT
fsr-3900	70	6	3	3	X
fsr-3900	70	7	)	)	PUNCT
fsr-3900	70	8	ks	ks	NOUN
fsr-3900	70	9	5	5	NUM
fsr-3900	70	10	5%1	5%1	PROPN
fsr-3900	71	1	[	[	X
fsr-3900	71	2	14	14	NUM
fsr-3900	71	3	2	2	NUM
fsr-3900	71	4	5%]1.10	5%]1.10	NUM
fsr-3900	71	5	ks	ks	NOUN
fsr-3900	71	6	5	5	NUM
fsr-3900	71	7	14.90	14.90	NUM
fsr-3900	71	8	%	%	NOUN
fsr-3900	71	9	method	method	NOUN
fsr-3900	71	10	2	2	NUM
fsr-3900	71	11	–	–	PUNCT
fsr-3900	71	12	bond	bond	NOUN
fsr-3900	71	13	yield	yield	NOUN
fsr-3900	71	14	plus	plus	CCONJ
fsr-3900	71	15	risk	risk	NOUN
fsr-3900	71	16	premium	premium	NOUN
fsr-3900	71	17	approach	approach	NOUN
fsr-3900	71	18	:	:	PUNCT
fsr-3900	71	19	ks	ks	PROPN
fsr-3900	71	20	5	5	NUM
fsr-3900	71	21	ytm	ytm	NOUN
fsr-3900	71	22	1	1	NUM
fsr-3900	71	23	risk	risk	NOUN
fsr-3900	71	24	premium	premium	NOUN
fsr-3900	71	25	(	(	PUNCT
fsr-3900	71	26	4	4	X
fsr-3900	71	27	)	)	PUNCT
fsr-3900	71	28	ks	k	NOUN
fsr-3900	71	29	5	5	NUM
fsr-3900	71	30	8.25%1	8.25%1	NUM
fsr-3900	71	31	8	8	NUM
fsr-3900	71	32	%	%	NOUN
fsr-3900	71	33	ks5	ks5	NOUN
fsr-3900	71	34	16.25	16.25	NUM
fsr-3900	71	35	%	%	NOUN
fsr-3900	71	36	so	so	ADV
fsr-3900	71	37	,	,	PUNCT
fsr-3900	71	38	the	the	DET
fsr-3900	71	39	average	average	ADJ
fsr-3900	71	40	estimated	estimate	VERB
fsr-3900	71	41	required	require	VERB
fsr-3900	71	42	return	return	NOUN
fsr-3900	71	43	would	would	AUX
fsr-3900	71	44	be	be	AUX
fsr-3900	71	45	:	:	PUNCT
fsr-3900	71	46	ks	ks	NOUN
fsr-3900	71	47	5	5	NUM
fsr-3900	71	48	(	(	PUNCT
fsr-3900	71	49	14.9%1	14.9%1	NUM
fsr-3900	71	50	16.25%)/25	16.25%)/25	NUM
fsr-3900	71	51	15.58	15.58	NUM
fsr-3900	71	52	%	%	NOUN
fsr-3900	71	53	4.2.2	4.2.2	NUM
fsr-3900	71	54	.	.	PUNCT
fsr-3900	72	1	estimating	estimate	VERB
fsr-3900	72	2	g	g	PROPN
fsr-3900	72	3	method	method	NOUN
fsr-3900	72	4	1	1	NUM
fsr-3900	72	5	–	–	PUNCT
fsr-3900	72	6	retention	retention	NOUN
fsr-3900	72	7	growth	growth	NOUN
fsr-3900	72	8	model	model	NOUN
fsr-3900	72	9	:	:	PUNCT
fsr-3900	72	10	g	g	PROPN
fsr-3900	72	11	5	5	NUM
fsr-3900	72	12	b(roe	b(roe	NOUN
fsr-3900	72	13	)	)	PUNCT
fsr-3900	72	14	(	(	PUNCT
fsr-3900	72	15	5	5	X
fsr-3900	72	16	)	)	PUNCT
fsr-3900	72	17	g	g	NOUN
fsr-3900	72	18	5	5	NUM
fsr-3900	72	19	.50(11	.50(11	NUM
fsr-3900	72	20	%	%	NOUN
fsr-3900	72	21	)	)	PUNCT
fsr-3900	73	1	g	g	NOUN
fsr-3900	73	2	5	5	NUM
fsr-3900	73	3	5.5	5.5	NUM
fsr-3900	73	4	%	%	NOUN
fsr-3900	73	5	method	method	NOUN
fsr-3900	73	6	2	2	NUM
fsr-3900	73	7	–	–	PUNCT
fsr-3900	73	8	point	point	NOUN
fsr-3900	73	9	to	to	PART
fsr-3900	73	10	point	point	VERB
fsr-3900	73	11	estimate	estimate	VERB
fsr-3900	73	12	:	:	PUNCT
fsr-3900	73	13	fv	fv	PROPN
fsr-3900	73	14	5	5	NUM
fsr-3900	73	15	pv(11	pv(11	PROPN
fsr-3900	73	16	g)n	g)n	NOUN
fsr-3900	73	17	(	(	PUNCT
fsr-3900	73	18	6	6	NUM
fsr-3900	73	19	)	)	PUNCT
fsr-3900	73	20	$	$	SYM
fsr-3900	73	21	2.325	2.325	NUM
fsr-3900	73	22	$	$	SYM
fsr-3900	73	23	2.00(11	2.00(11	NUM
fsr-3900	73	24	g)3	g)3	NOUN
fsr-3900	73	25	g	g	ADP
fsr-3900	73	26	5	5	NUM
fsr-3900	73	27	5.07	5.07	NUM
fsr-3900	73	28	%	%	NOUN
fsr-3900	73	29	method	method	NOUN
fsr-3900	73	30	3	3	NUM
fsr-3900	73	31	–	–	PUNCT
fsr-3900	73	32	analysts	analyst	NOUN
fsr-3900	73	33	’	'	PUNCT
fsr-3900	73	34	forecast	forecast	NOUN
fsr-3900	73	35	:	:	PUNCT
fsr-3900	73	36	low	low	ADJ
fsr-3900	73	37	analyst	analyst	NOUN
fsr-3900	73	38	estimate	estimate	NOUN
fsr-3900	73	39	:	:	PUNCT
fsr-3900	73	40	g5	g5	NOUN
fsr-3900	73	41	6	6	NUM
fsr-3900	73	42	%	%	NOUN
fsr-3900	73	43	high	high	ADJ
fsr-3900	73	44	analyst	analyst	NOUN
fsr-3900	73	45	estimate	estimate	NOUN
fsr-3900	73	46	:	:	PUNCT
fsr-3900	73	47	g5	g5	NOUN
fsr-3900	73	48	8	8	NUM
fsr-3900	73	49	%	%	NOUN
fsr-3900	73	50	average	average	ADJ
fsr-3900	73	51	analyst	analyst	NOUN
fsr-3900	73	52	estimate	estimate	VERB
fsr-3900	73	53	:	:	PUNCT
fsr-3900	73	54	g5	g5	NOUN
fsr-3900	73	55	7	7	NUM
fsr-3900	73	56	%	%	NOUN
fsr-3900	73	57	giving	give	VERB
fsr-3900	73	58	equal	equal	ADJ
fsr-3900	73	59	weight	weight	NOUN
fsr-3900	73	60	to	to	ADP
fsr-3900	73	61	each	each	DET
fsr-3900	73	62	technique	technique	NOUN
fsr-3900	73	63	,	,	PUNCT
fsr-3900	73	64	the	the	DET
fsr-3900	73	65	average	average	ADJ
fsr-3900	73	66	estimated	estimate	VERB
fsr-3900	73	67	growth	growth	NOUN
fsr-3900	73	68	rate	rate	NOUN
fsr-3900	73	69	in	in	ADP
fsr-3900	73	70	earnings	earning	NOUN
fsr-3900	73	71	and	and	CCONJ
fsr-3900	73	72	dividends	dividend	NOUN
fsr-3900	73	73	is	be	AUX
fsr-3900	73	74	:	:	PUNCT
fsr-3900	73	75	g5	g5	NOUN
fsr-3900	73	76	(	(	PUNCT
fsr-3900	73	77	5.5%1	5.5%1	NUM
fsr-3900	73	78	5.07%1	5.07%1	NUM
fsr-3900	73	79	7%)/3	7%)/3	NOUN
fsr-3900	73	80	5	5	NUM
fsr-3900	73	81	5.85	5.85	NUM
fsr-3900	73	82	%	%	NOUN
fsr-3900	73	83	applying	apply	VERB
fsr-3900	73	84	the	the	DET
fsr-3900	73	85	ddm	ddm	NOUN
fsr-3900	73	86	,	,	PUNCT
fsr-3900	73	87	we	we	PRON
fsr-3900	73	88	know	know	VERB
fsr-3900	73	89	that	that	SCONJ
fsr-3900	73	90	last	last	ADJ
fsr-3900	73	91	year	year	NOUN
fsr-3900	73	92	’s	’s	PART
fsr-3900	73	93	dividend	dividend	NOUN
fsr-3900	73	94	d0	d0	NOUN
fsr-3900	73	95	was	be	AUX
fsr-3900	73	96	$	$	SYM
fsr-3900	73	97	2.32	2.32	NUM
fsr-3900	73	98	(	(	PUNCT
fsr-3900	73	99	0.50)5	0.50)5	NOUN
fsr-3900	73	100	$	$	SYM
fsr-3900	73	101	1.16	1.16	NUM
fsr-3900	73	102	,	,	PUNCT
fsr-3900	73	103	giving	give	VERB
fsr-3900	73	104	a	a	DET
fsr-3900	73	105	share	share	NOUN
fsr-3900	73	106	price	price	NOUN
fsr-3900	73	107	estimate	estimate	NOUN
fsr-3900	73	108	of	of	ADP
fsr-3900	73	109	:	:	PUNCT
fsr-3900	73	110	287t.h	287t.h	NOUN
fsr-3900	73	111	.	.	PUNCT
fsr-3900	74	1	payne	payne	PROPN
fsr-3900	74	2	,	,	PUNCT
fsr-3900	74	3	j.h	j.h	PROPN
fsr-3900	74	4	.	.	PROPN
fsr-3900	74	5	finch	finch	PROPN
fsr-3900	74	6	/	/	SYM
fsr-3900	74	7	financial	financial	ADJ
fsr-3900	74	8	services	service	NOUN
fsr-3900	74	9	review	review	VERB
fsr-3900	74	10	8	8	NUM
fsr-3900	74	11	(	(	PUNCT
fsr-3900	74	12	1999	1999	NUM
fsr-3900	74	13	)	)	PUNCT
fsr-3900	74	14	283–291	283–291	NUM
fsr-3900	74	15	v0	v0	NOUN
fsr-3900	74	16	5	5	NUM
fsr-3900	74	17	$	$	SYM
fsr-3900	74	18	1.16(1.0585	1.16(1.0585	NUM
fsr-3900	74	19	)	)	PUNCT
fsr-3900	74	20	.15582	.15582	PUNCT
fsr-3900	75	1	.0585	.0585	PROPN
fsr-3900	75	2	v0	v0	PROPN
fsr-3900	75	3	5	5	NUM
fsr-3900	75	4	1.2279	1.2279	NUM
fsr-3900	75	5	.0973	.0973	NOUN
fsr-3900	75	6	v0	v0	VERB
fsr-3900	75	7	5	5	NUM
fsr-3900	75	8	$	$	SYM
fsr-3900	75	9	12.62	12.62	NUM
fsr-3900	75	10	investment	investment	NOUN
fsr-3900	75	11	texts	text	NOUN
fsr-3900	75	12	and	and	CCONJ
fsr-3900	75	13	other	other	ADJ
fsr-3900	75	14	resources	resource	NOUN
fsr-3900	75	15	that	that	PRON
fsr-3900	75	16	outline	outline	VERB
fsr-3900	75	17	these	these	DET
fsr-3900	75	18	various	various	ADJ
fsr-3900	75	19	methodologies	methodology	NOUN
fsr-3900	75	20	generally	generally	ADV
fsr-3900	75	21	do	do	VERB
fsr-3900	75	22	so	so	ADV
fsr-3900	75	23	in	in	ADP
fsr-3900	75	24	a	a	DET
fsr-3900	75	25	very	very	ADV
fsr-3900	75	26	discrete	discrete	ADJ
fsr-3900	75	27	fashion	fashion	NOUN
fsr-3900	75	28	.	.	PUNCT
fsr-3900	76	1	they	they	PRON
fsr-3900	76	2	do	do	AUX
fsr-3900	76	3	not	not	PART
fsr-3900	76	4	adequately	adequately	ADV
fsr-3900	76	5	address	address	VERB
fsr-3900	76	6	the	the	DET
fsr-3900	76	7	range	range	NOUN
fsr-3900	76	8	of	of	ADP
fsr-3900	76	9	estimates	estimate	NOUN
fsr-3900	76	10	arrived	arrive	VERB
fsr-3900	76	11	when	when	SCONJ
fsr-3900	76	12	different	different	ADJ
fsr-3900	76	13	methodologies	methodology	NOUN
fsr-3900	76	14	and	and	CCONJ
fsr-3900	76	15	assumptions	assumption	NOUN
fsr-3900	76	16	are	be	AUX
fsr-3900	76	17	applied	apply	VERB
fsr-3900	76	18	to	to	ADP
fsr-3900	76	19	the	the	DET
fsr-3900	76	20	same	same	ADJ
fsr-3900	76	21	problem	problem	NOUN
fsr-3900	76	22	.	.	PUNCT
fsr-3900	77	1	the	the	DET
fsr-3900	77	2	main	main	ADJ
fsr-3900	77	3	point	point	NOUN
fsr-3900	77	4	which	which	PRON
fsr-3900	77	5	students	student	NOUN
fsr-3900	77	6	should	should	AUX
fsr-3900	77	7	be	be	AUX
fsr-3900	77	8	aware	aware	ADJ
fsr-3900	77	9	of	of	ADP
fsr-3900	77	10	is	be	AUX
fsr-3900	77	11	how	how	SCONJ
fsr-3900	77	12	sensitive	sensitive	ADJ
fsr-3900	77	13	this	this	DET
fsr-3900	77	14	estimate	estimate	NOUN
fsr-3900	77	15	of	of	ADP
fsr-3900	77	16	intrinsic	intrinsic	ADJ
fsr-3900	77	17	value	value	NOUN
fsr-3900	77	18	is	be	AUX
fsr-3900	77	19	to	to	ADP
fsr-3900	77	20	z	z	PROPN
fsr-3900	77	21	,	,	PUNCT
fsr-3900	77	22	the	the	DET
fsr-3900	77	23	relationship	relationship	NOUN
fsr-3900	77	24	between	between	ADP
fsr-3900	77	25	the	the	DET
fsr-3900	77	26	estimates	estimate	NOUN
fsr-3900	77	27	of	of	ADP
fsr-3900	77	28	ks	ks	PROPN
fsr-3900	77	29	and	and	CCONJ
fsr-3900	77	30	g.	g.	PROPN
fsr-3900	77	31	reworking	rework	VERB
fsr-3900	77	32	the	the	DET
fsr-3900	77	33	problem	problem	NOUN
fsr-3900	77	34	,	,	PUNCT
fsr-3900	77	35	using	use	VERB
fsr-3900	77	36	both	both	CCONJ
fsr-3900	77	37	the	the	DET
fsr-3900	77	38	highest	high	ADJ
fsr-3900	77	39	and	and	CCONJ
fsr-3900	77	40	lowest	low	ADJ
fsr-3900	77	41	input	input	NOUN
fsr-3900	77	42	estimates	estimate	NOUN
fsr-3900	77	43	,	,	PUNCT
fsr-3900	77	44	gives	give	VERB
fsr-3900	77	45	the	the	DET
fsr-3900	77	46	following	following	ADJ
fsr-3900	77	47	range	range	NOUN
fsr-3900	77	48	of	of	ADP
fsr-3900	77	49	values	value	NOUN
fsr-3900	77	50	for	for	ADP
fsr-3900	77	51	v0	v0	NOUN
fsr-3900	77	52	:	:	PUNCT
fsr-3900	77	53	v0	v0	NOUN
fsr-3900	77	54	5	5	NUM
fsr-3900	77	55	$	$	SYM
fsr-3900	77	56	1.16(1.08	1.16(1.08	NUM
fsr-3900	77	57	)	)	PUNCT
fsr-3900	77	58	.16252	.16252	NOUN
fsr-3900	78	1	.08	.08	NUM
fsr-3900	78	2	5	5	NUM
fsr-3900	78	3	$	$	SYM
fsr-3900	78	4	15.19	15.19	NUM
fsr-3900	78	5	v0	v0	NOUN
fsr-3900	78	6	5	5	NUM
fsr-3900	78	7	$	$	SYM
fsr-3900	78	8	1.16(1.0507	1.16(1.0507	NUM
fsr-3900	78	9	)	)	PUNCT
fsr-3900	78	10	.1492	.1492	NOUN
fsr-3900	78	11	.0507	.0507	NOUN
fsr-3900	79	1	5	5	NUM
fsr-3900	79	2	$	$	SYM
fsr-3900	79	3	12.39	12.39	NUM
fsr-3900	79	4	students	student	NOUN
fsr-3900	79	5	,	,	PUNCT
fsr-3900	79	6	working	work	VERB
fsr-3900	79	7	on	on	ADP
fsr-3900	79	8	assigned	assign	VERB
fsr-3900	79	9	problems	problem	NOUN
fsr-3900	79	10	or	or	CCONJ
fsr-3900	79	11	an	an	DET
fsr-3900	79	12	exam	exam	NOUN
fsr-3900	79	13	problem	problem	NOUN
fsr-3900	79	14	,	,	PUNCT
fsr-3900	79	15	will	will	AUX
fsr-3900	79	16	likely	likely	ADV
fsr-3900	79	17	panic	panic	VERB
fsr-3900	79	18	at	at	ADP
fsr-3900	79	19	these	these	DET
fsr-3900	79	20	divergent	divergent	ADJ
fsr-3900	79	21	results	result	NOUN
fsr-3900	79	22	,	,	PUNCT
fsr-3900	79	23	but	but	CCONJ
fsr-3900	79	24	a	a	DET
fsr-3900	79	25	practicing	practice	VERB
fsr-3900	79	26	security	security	NOUN
fsr-3900	79	27	analyst	analyst	NOUN
fsr-3900	79	28	would	would	AUX
fsr-3900	79	29	be	be	AUX
fsr-3900	79	30	very	very	ADV
fsr-3900	79	31	comfortable	comfortable	ADJ
fsr-3900	79	32	with	with	ADP
fsr-3900	79	33	a	a	DET
fsr-3900	79	34	conclusion	conclusion	NOUN
fsr-3900	79	35	such	such	ADJ
fsr-3900	79	36	as	as	ADP
fsr-3900	79	37	“	"	PUNCT
fsr-3900	79	38	we	we	PRON
fsr-3900	79	39	feel	feel	VERB
fsr-3900	79	40	the	the	DET
fsr-3900	79	41	shares	share	NOUN
fsr-3900	79	42	to	to	PART
fsr-3900	79	43	be	be	AUX
fsr-3900	79	44	fairly	fairly	ADV
fsr-3900	79	45	valued	value	VERB
fsr-3900	79	46	in	in	ADP
fsr-3900	79	47	the	the	DET
fsr-3900	79	48	$	$	SYM
fsr-3900	79	49	12	12	NUM
fsr-3900	79	50	to	to	PART
fsr-3900	79	51	$	$	SYM
fsr-3900	79	52	15	15	NUM
fsr-3900	79	53	range	range	NOUN
fsr-3900	79	54	.	.	PUNCT
fsr-3900	79	55	”	"	PUNCT
fsr-3900	80	1	5	5	NUM
fsr-3900	80	2	.	.	X
fsr-3900	80	3	non	non	ADJ
fsr-3900	80	4	-	-	ADJ
fsr-3900	80	5	constant	constant	ADJ
fsr-3900	80	6	dividend	dividend	NOUN
fsr-3900	80	7	growth	growth	NOUN
fsr-3900	80	8	another	another	DET
fsr-3900	80	9	application	application	NOUN
fsr-3900	80	10	of	of	ADP
fsr-3900	80	11	the	the	DET
fsr-3900	80	12	ddm	ddm	NOUN
fsr-3900	80	13	regularly	regularly	ADV
fsr-3900	80	14	covered	cover	VERB
fsr-3900	80	15	in	in	ADP
fsr-3900	80	16	finance	finance	NOUN
fsr-3900	80	17	courses	course	NOUN
fsr-3900	80	18	is	be	AUX
fsr-3900	80	19	the	the	DET
fsr-3900	80	20	nonconstant	nonconstant	ADJ
fsr-3900	80	21	,	,	PUNCT
fsr-3900	80	22	or	or	CCONJ
fsr-3900	80	23	two	two	NUM
fsr-3900	80	24	-	-	PUNCT
fsr-3900	80	25	stage	stage	NOUN
fsr-3900	80	26	growth	growth	NOUN
fsr-3900	80	27	model	model	NOUN
fsr-3900	80	28	.	.	PUNCT
fsr-3900	81	1	this	this	DET
fsr-3900	81	2	method	method	NOUN
fsr-3900	81	3	simply	simply	ADV
fsr-3900	81	4	incorporates	incorporate	VERB
fsr-3900	81	5	multiple	multiple	ADJ
fsr-3900	81	6	growth	growth	NOUN
fsr-3900	81	7	rates	rate	NOUN
fsr-3900	81	8	into	into	ADP
fsr-3900	81	9	the	the	DET
fsr-3900	81	10	share	share	NOUN
fsr-3900	81	11	valuation	valuation	NOUN
fsr-3900	81	12	analysis	analysis	NOUN
fsr-3900	81	13	.	.	PUNCT
fsr-3900	82	1	the	the	DET
fsr-3900	82	2	nonconstant	nonconstant	ADJ
fsr-3900	82	3	growth	growth	NOUN
fsr-3900	82	4	model	model	NOUN
fsr-3900	82	5	involves	involve	VERB
fsr-3900	82	6	three	three	NUM
fsr-3900	82	7	consecutive	consecutive	ADJ
fsr-3900	82	8	steps	step	NOUN
fsr-3900	82	9	:	:	PUNCT
fsr-3900	82	10	1	1	X
fsr-3900	82	11	)	)	PUNCT
fsr-3900	82	12	estimate	estimate	VERB
fsr-3900	82	13	the	the	DET
fsr-3900	82	14	dividends	dividend	NOUN
fsr-3900	82	15	in	in	ADP
fsr-3900	82	16	the	the	DET
fsr-3900	82	17	high	high	ADJ
fsr-3900	82	18	growth	growth	NOUN
fsr-3900	82	19	period(s	period(	VERB
fsr-3900	82	20	)	)	PUNCT
fsr-3900	82	21	individually	individually	ADV
fsr-3900	82	22	,	,	PUNCT
fsr-3900	82	23	2	2	X
fsr-3900	82	24	)	)	PUNCT
fsr-3900	82	25	estimate	estimate	VERB
fsr-3900	82	26	the	the	DET
fsr-3900	82	27	share	share	NOUN
fsr-3900	82	28	price	price	NOUN
fsr-3900	82	29	at	at	ADP
fsr-3900	82	30	the	the	DET
fsr-3900	82	31	final	final	ADJ
fsr-3900	82	32	growth	growth	NOUN
fsr-3900	82	33	phase	phase	NOUN
fsr-3900	82	34	using	use	VERB
fsr-3900	82	35	the	the	DET
fsr-3900	82	36	constant	constant	ADJ
fsr-3900	82	37	growth	growth	NOUN
fsr-3900	82	38	ddm	ddm	PROPN
fsr-3900	82	39	,	,	PUNCT
fsr-3900	82	40	and	and	CCONJ
fsr-3900	82	41	3	3	X
fsr-3900	82	42	)	)	PUNCT
fsr-3900	82	43	discount	discount	VERB
fsr-3900	82	44	the	the	DET
fsr-3900	82	45	future	future	ADJ
fsr-3900	82	46	cash	cash	NOUN
fsr-3900	82	47	flow	flow	NOUN
fsr-3900	82	48	stream	stream	NOUN
fsr-3900	82	49	back	back	ADV
fsr-3900	82	50	to	to	ADP
fsr-3900	82	51	the	the	DET
fsr-3900	82	52	present	present	NOUN
fsr-3900	82	53	at	at	ADP
fsr-3900	82	54	the	the	DET
fsr-3900	82	55	required	require	VERB
fsr-3900	82	56	rate	rate	NOUN
fsr-3900	82	57	of	of	ADP
fsr-3900	82	58	return	return	NOUN
fsr-3900	82	59	and	and	CCONJ
fsr-3900	82	60	sum	sum	NOUN
fsr-3900	82	61	.	.	PUNCT
fsr-3900	83	1	changing	change	VERB
fsr-3900	83	2	the	the	DET
fsr-3900	83	3	previous	previous	ADJ
fsr-3900	83	4	problem	problem	NOUN
fsr-3900	83	5	slightly	slightly	ADV
fsr-3900	83	6	,	,	PUNCT
fsr-3900	83	7	suppose	suppose	VERB
fsr-3900	83	8	the	the	DET
fsr-3900	83	9	firm	firm	NOUN
fsr-3900	83	10	in	in	ADP
fsr-3900	83	11	the	the	DET
fsr-3900	83	12	example	example	NOUN
fsr-3900	83	13	is	be	AUX
fsr-3900	83	14	expected	expect	VERB
fsr-3900	83	15	to	to	PART
fsr-3900	83	16	grow	grow	VERB
fsr-3900	83	17	earnings	earning	NOUN
fsr-3900	83	18	and	and	CCONJ
fsr-3900	83	19	dividends	dividend	NOUN
fsr-3900	83	20	at	at	ADP
fsr-3900	83	21	a	a	DET
fsr-3900	83	22	15	15	NUM
fsr-3900	83	23	%	%	NOUN
fsr-3900	83	24	annual	annual	ADJ
fsr-3900	83	25	rate	rate	NOUN
fsr-3900	83	26	over	over	ADP
fsr-3900	83	27	the	the	DET
fsr-3900	83	28	next	next	ADJ
fsr-3900	83	29	three	three	NUM
fsr-3900	83	30	years	year	NOUN
fsr-3900	83	31	,	,	PUNCT
fsr-3900	83	32	with	with	ADP
fsr-3900	83	33	subsequent	subsequent	ADJ
fsr-3900	83	34	growth	growth	NOUN
fsr-3900	83	35	slowing	slow	VERB
fsr-3900	83	36	to	to	ADP
fsr-3900	83	37	the	the	DET
fsr-3900	83	38	previously	previously	ADV
fsr-3900	83	39	estimated	estimate	VERB
fsr-3900	83	40	average	average	ADJ
fsr-3900	83	41	rate	rate	NOUN
fsr-3900	83	42	of	of	ADP
fsr-3900	83	43	5.85	5.85	NUM
fsr-3900	83	44	%	%	NOUN
fsr-3900	83	45	annually	annually	ADV
fsr-3900	83	46	.	.	PUNCT
fsr-3900	84	1	then	then	ADV
fsr-3900	84	2	the	the	DET
fsr-3900	84	3	dividends	dividend	NOUN
fsr-3900	84	4	for	for	ADP
fsr-3900	84	5	the	the	DET
fsr-3900	84	6	next	next	ADJ
fsr-3900	84	7	three	three	NUM
fsr-3900	84	8	years	year	NOUN
fsr-3900	84	9	are	be	AUX
fsr-3900	84	10	forecasted	forecast	VERB
fsr-3900	84	11	to	to	PART
fsr-3900	84	12	be	be	AUX
fsr-3900	84	13	d1	d1	PROPN
fsr-3900	84	14	5	5	NUM
fsr-3900	84	15	$	$	SYM
fsr-3900	84	16	1.16(1.15)5	1.16(1.15)5	NUM
fsr-3900	84	17	$	$	SYM
fsr-3900	84	18	1.33	1.33	NUM
fsr-3900	84	19	d2	d2	NOUN
fsr-3900	84	20	5	5	NUM
fsr-3900	84	21	$	$	SYM
fsr-3900	84	22	1.33(1.15)5	1.33(1.15)5	NUM
fsr-3900	84	23	$	$	SYM
fsr-3900	84	24	1.53	1.53	NUM
fsr-3900	84	25	d3	d3	PROPN
fsr-3900	84	26	5	5	NUM
fsr-3900	84	27	$	$	SYM
fsr-3900	84	28	1.53(1.15)5	1.53(1.15)5	NUM
fsr-3900	84	29	$	$	SYM
fsr-3900	84	30	1.76	1.76	NUM
fsr-3900	84	31	the	the	DET
fsr-3900	84	32	estimate	estimate	NOUN
fsr-3900	84	33	of	of	ADP
fsr-3900	84	34	share	share	NOUN
fsr-3900	84	35	price	price	NOUN
fsr-3900	84	36	would	would	AUX
fsr-3900	84	37	then	then	ADV
fsr-3900	84	38	be	be	AUX
fsr-3900	84	39	given	give	VERB
fsr-3900	84	40	by	by	ADP
fsr-3900	84	41	:	:	PUNCT
fsr-3900	84	42	288	288	NUM
fsr-3900	84	43	t.h	t.h	PROPN
fsr-3900	84	44	.	.	PROPN
fsr-3900	84	45	payne	payne	PROPN
fsr-3900	84	46	,	,	PUNCT
fsr-3900	84	47	j.h	j.h	PROPN
fsr-3900	84	48	.	.	PROPN
fsr-3900	84	49	finch	finch	PROPN
fsr-3900	84	50	/	/	SYM
fsr-3900	84	51	financial	financial	ADJ
fsr-3900	84	52	services	service	NOUN
fsr-3900	84	53	review	review	VERB
fsr-3900	84	54	8	8	NUM
fsr-3900	84	55	(	(	PUNCT
fsr-3900	84	56	1999	1999	NUM
fsr-3900	84	57	)	)	PUNCT
fsr-3900	84	58	283–291	283–291	NUM
fsr-3900	84	59	v0	v0	NOUN
fsr-3900	84	60	5	5	NUM
fsr-3900	84	61	1.33	1.33	NUM
fsr-3900	84	62	1.1558	1.1558	NUM
fsr-3900	84	63	1	1	NUM
fsr-3900	84	64	1.53	1.53	NUM
fsr-3900	84	65	(	(	PUNCT
fsr-3900	84	66	1.1558)2	1.1558)2	NUM
fsr-3900	84	67	1	1	NUM
fsr-3900	84	68	1.76	1.76	NUM
fsr-3900	84	69	(	(	PUNCT
fsr-3900	84	70	1.1558)3	1.1558)3	NUM
fsr-3900	84	71	1	1	NUM
fsr-3900	84	72	1.76(1.0585)/(.15582	1.76(1.0585)/(.15582	NUM
fsr-3900	84	73	.0585	.0585	NOUN
fsr-3900	84	74	)	)	PUNCT
fsr-3900	84	75	(	(	PUNCT
fsr-3900	84	76	1.1558)3	1.1558)3	NUM
fsr-3900	84	77	v0	v0	NOUN
fsr-3900	84	78	5	5	NUM
fsr-3900	84	79	1.151	1.151	NUM
fsr-3900	84	80	1.151	1.151	NUM
fsr-3900	84	81	1.141	1.141	NUM
fsr-3900	84	82	12.40	12.40	NUM
fsr-3900	84	83	v0	v0	NOUN
fsr-3900	84	84	5	5	NUM
fsr-3900	84	85	$	$	SYM
fsr-3900	84	86	15.84	15.84	NUM
fsr-3900	84	87	typically	typically	ADV
fsr-3900	84	88	,	,	PUNCT
fsr-3900	84	89	students	student	NOUN
fsr-3900	84	90	spend	spend	VERB
fsr-3900	84	91	the	the	DET
fsr-3900	84	92	majority	majority	NOUN
fsr-3900	84	93	of	of	ADP
fsr-3900	84	94	their	their	PRON
fsr-3900	84	95	time	time	NOUN
fsr-3900	84	96	on	on	ADP
fsr-3900	84	97	the	the	DET
fsr-3900	84	98	first	first	ADJ
fsr-3900	84	99	and	and	CCONJ
fsr-3900	84	100	third	third	ADJ
fsr-3900	84	101	steps	step	NOUN
fsr-3900	84	102	in	in	ADP
fsr-3900	84	103	solving	solve	VERB
fsr-3900	84	104	the	the	DET
fsr-3900	84	105	problem	problem	NOUN
fsr-3900	84	106	.	.	PUNCT
fsr-3900	85	1	however	however	ADV
fsr-3900	85	2	,	,	PUNCT
fsr-3900	85	3	instructors	instructor	NOUN
fsr-3900	85	4	should	should	AUX
fsr-3900	85	5	emphasize	emphasize	VERB
fsr-3900	85	6	the	the	DET
fsr-3900	85	7	contribution	contribution	NOUN
fsr-3900	85	8	of	of	ADP
fsr-3900	85	9	the	the	DET
fsr-3900	85	10	constant	constant	ADJ
fsr-3900	85	11	growth	growth	NOUN
fsr-3900	85	12	estimation	estimation	NOUN
fsr-3900	85	13	of	of	ADP
fsr-3900	85	14	share	share	NOUN
fsr-3900	85	15	price	price	NOUN
fsr-3900	85	16	at	at	ADP
fsr-3900	85	17	the	the	DET
fsr-3900	85	18	end	end	NOUN
fsr-3900	85	19	of	of	ADP
fsr-3900	85	20	the	the	DET
fsr-3900	85	21	high	high	ADJ
fsr-3900	85	22	growth	growth	NOUN
fsr-3900	85	23	phase	phase	NOUN
fsr-3900	85	24	to	to	ADP
fsr-3900	85	25	the	the	DET
fsr-3900	85	26	overall	overall	ADJ
fsr-3900	85	27	share	share	NOUN
fsr-3900	85	28	estimate	estimate	NOUN
fsr-3900	85	29	.	.	PUNCT
fsr-3900	86	1	in	in	ADP
fsr-3900	86	2	this	this	DET
fsr-3900	86	3	problem	problem	NOUN
fsr-3900	86	4	,	,	PUNCT
fsr-3900	86	5	this	this	DET
fsr-3900	86	6	step	step	NOUN
fsr-3900	86	7	contributes	contribute	VERB
fsr-3900	86	8	$	$	SYM
fsr-3900	86	9	12.40/$15.845	12.40/$15.845	NUM
fsr-3900	86	10	78	78	NUM
fsr-3900	86	11	%	%	NOUN
fsr-3900	86	12	of	of	ADP
fsr-3900	86	13	the	the	DET
fsr-3900	86	14	total	total	ADJ
fsr-3900	86	15	share	share	NOUN
fsr-3900	86	16	value	value	NOUN
fsr-3900	86	17	.	.	PUNCT
fsr-3900	87	1	here	here	ADV
fsr-3900	87	2	again	again	ADV
fsr-3900	87	3	,	,	PUNCT
fsr-3900	87	4	the	the	DET
fsr-3900	87	5	emphasis	emphasis	NOUN
fsr-3900	87	6	should	should	AUX
fsr-3900	87	7	be	be	AUX
fsr-3900	87	8	on	on	ADP
fsr-3900	87	9	estimating	estimate	VERB
fsr-3900	87	10	a	a	DET
fsr-3900	87	11	reasonable	reasonable	ADJ
fsr-3900	87	12	range	range	NOUN
fsr-3900	87	13	for	for	ADP
fsr-3900	87	14	the	the	DET
fsr-3900	87	15	price	price	NOUN
fsr-3900	87	16	at	at	ADP
fsr-3900	87	17	the	the	DET
fsr-3900	87	18	end	end	NOUN
fsr-3900	87	19	of	of	ADP
fsr-3900	87	20	the	the	DET
fsr-3900	87	21	high	high	ADJ
fsr-3900	87	22	growth	growth	NOUN
fsr-3900	87	23	period	period	NOUN
fsr-3900	87	24	(	(	PUNCT
fsr-3900	87	25	end	end	NOUN
fsr-3900	87	26	of	of	ADP
fsr-3900	87	27	year	year	NOUN
fsr-3900	87	28	three	three	NUM
fsr-3900	87	29	)	)	PUNCT
fsr-3900	87	30	,	,	PUNCT
fsr-3900	87	31	given	give	VERB
fsr-3900	87	32	its	its	PRON
fsr-3900	87	33	significance	significance	NOUN
fsr-3900	87	34	to	to	ADP
fsr-3900	87	35	the	the	DET
fsr-3900	87	36	overall	overall	ADJ
fsr-3900	87	37	share	share	NOUN
fsr-3900	87	38	valuation	valuation	NOUN
fsr-3900	87	39	estimate	estimate	NOUN
fsr-3900	87	40	.	.	PUNCT
fsr-3900	88	1	6	6	NUM
fsr-3900	88	2	.	.	PUNCT
fsr-3900	88	3	an	an	DET
fsr-3900	88	4	applied	apply	VERB
fsr-3900	88	5	example	example	NOUN
fsr-3900	88	6	from	from	ADP
fsr-3900	88	7	portfolio	portfolio	NOUN
fsr-3900	88	8	management	management	NOUN
fsr-3900	88	9	class	class	NOUN
fsr-3900	88	10	examples	example	NOUN
fsr-3900	88	11	from	from	ADP
fsr-3900	88	12	student	student	NOUN
fsr-3900	88	13	-	-	PUNCT
fsr-3900	88	14	produced	produce	VERB
fsr-3900	88	15	stock	stock	NOUN
fsr-3900	88	16	valuation	valuation	NOUN
fsr-3900	88	17	reports	report	NOUN
fsr-3900	88	18	highlight	highlight	VERB
fsr-3900	88	19	these	these	DET
fsr-3900	88	20	issues	issue	NOUN
fsr-3900	88	21	from	from	ADP
fsr-3900	88	22	an	an	DET
fsr-3900	88	23	individual	individual	ADJ
fsr-3900	88	24	financial	financial	ADJ
fsr-3900	88	25	management	management	NOUN
fsr-3900	88	26	perspective	perspective	NOUN
fsr-3900	88	27	.	.	PUNCT
fsr-3900	89	1	classes	class	NOUN
fsr-3900	89	2	are	be	AUX
fsr-3900	89	3	offered	offer	VERB
fsr-3900	89	4	at	at	ADP
fsr-3900	89	5	the	the	DET
fsr-3900	89	6	authors	author	NOUN
fsr-3900	89	7	’	’	PART
fsr-3900	89	8	respective	respective	ADJ
fsr-3900	89	9	institutions	institution	NOUN
fsr-3900	89	10	in	in	ADP
fsr-3900	89	11	which	which	PRON
fsr-3900	89	12	students	student	NOUN
fsr-3900	89	13	manage	manage	VERB
fsr-3900	89	14	actual	actual	ADJ
fsr-3900	89	15	securities	security	NOUN
fsr-3900	89	16	portfolios	portfolio	NOUN
fsr-3900	89	17	worth	worth	ADJ
fsr-3900	89	18	over	over	ADP
fsr-3900	89	19	$	$	SYM
fsr-3900	89	20	150,000	150,000	NUM
fsr-3900	89	21	each	each	PRON
fsr-3900	89	22	.	.	PUNCT
fsr-3900	90	1	to	to	PART
fsr-3900	90	2	make	make	VERB
fsr-3900	90	3	new	new	ADJ
fsr-3900	90	4	stock	stock	NOUN
fsr-3900	90	5	recommendations	recommendation	NOUN
fsr-3900	90	6	,	,	PUNCT
fsr-3900	90	7	students	student	NOUN
fsr-3900	90	8	are	be	AUX
fsr-3900	90	9	required	require	VERB
fsr-3900	90	10	to	to	PART
fsr-3900	90	11	produce	produce	VERB
fsr-3900	90	12	research	research	NOUN
fsr-3900	90	13	reports	report	NOUN
fsr-3900	90	14	that	that	PRON
fsr-3900	90	15	include	include	VERB
fsr-3900	90	16	an	an	DET
fsr-3900	90	17	individual	individual	ADJ
fsr-3900	90	18	firm	firm	ADJ
fsr-3900	90	19	analysis	analysis	NOUN
fsr-3900	90	20	,	,	PUNCT
fsr-3900	90	21	an	an	DET
fsr-3900	90	22	industry	industry	NOUN
fsr-3900	90	23	analysis	analysis	NOUN
fsr-3900	90	24	,	,	PUNCT
fsr-3900	90	25	and	and	CCONJ
fsr-3900	90	26	a	a	DET
fsr-3900	90	27	quantitative	quantitative	ADJ
fsr-3900	90	28	valuation	valuation	NOUN
fsr-3900	90	29	of	of	ADP
fsr-3900	90	30	the	the	DET
fsr-3900	90	31	firm	firm	NOUN
fsr-3900	90	32	’s	’s	PART
fsr-3900	90	33	share	share	NOUN
fsr-3900	90	34	value	value	NOUN
fsr-3900	90	35	using	use	VERB
fsr-3900	90	36	the	the	DET
fsr-3900	90	37	nonconstant	nonconstant	ADJ
fsr-3900	90	38	dividend	dividend	NOUN
fsr-3900	90	39	growth	growth	NOUN
fsr-3900	90	40	model	model	NOUN
fsr-3900	90	41	and	and	CCONJ
fsr-3900	90	42	other	other	ADJ
fsr-3900	90	43	techniques	technique	NOUN
fsr-3900	90	44	.	.	PUNCT
fsr-3900	91	1	the	the	DET
fsr-3900	91	2	following	follow	VERB
fsr-3900	91	3	example	example	NOUN
fsr-3900	91	4	illustrates	illustrate	VERB
fsr-3900	91	5	how	how	SCONJ
fsr-3900	91	6	students	student	NOUN
fsr-3900	91	7	in	in	ADP
fsr-3900	91	8	our	our	PRON
fsr-3900	91	9	classes	class	NOUN
fsr-3900	91	10	have	have	AUX
fsr-3900	91	11	applied	apply	VERB
fsr-3900	91	12	the	the	DET
fsr-3900	91	13	nonconstant	nonconstant	ADJ
fsr-3900	91	14	growth	growth	NOUN
fsr-3900	91	15	model	model	NOUN
fsr-3900	91	16	to	to	PART
fsr-3900	91	17	value	value	VERB
fsr-3900	91	18	a	a	DET
fsr-3900	91	19	firm	firm	NOUN
fsr-3900	91	20	in	in	ADP
fsr-3900	91	21	1998	1998	NUM
fsr-3900	91	22	.	.	PUNCT
fsr-3900	92	1	the	the	DET
fsr-3900	92	2	first	first	ADJ
fsr-3900	92	3	period	period	NOUN
fsr-3900	92	4	growth	growth	NOUN
fsr-3900	92	5	rate	rate	NOUN
fsr-3900	92	6	,	,	PUNCT
fsr-3900	92	7	g1	g1	PROPN
fsr-3900	92	8	,	,	PUNCT
fsr-3900	92	9	was	be	AUX
fsr-3900	92	10	estimated	estimate	VERB
fsr-3900	92	11	using	use	VERB
fsr-3900	92	12	a	a	DET
fsr-3900	92	13	four	four	NUM
fsr-3900	92	14	-	-	PUNCT
fsr-3900	92	15	year	year	NOUN
fsr-3900	92	16	point	point	NOUN
fsr-3900	92	17	to	to	PART
fsr-3900	92	18	point	point	NOUN
fsr-3900	92	19	estimate	estimate	NOUN
fsr-3900	92	20	as	as	ADP
fsr-3900	92	21	13.29	13.29	NUM
fsr-3900	92	22	%	%	NOUN
fsr-3900	92	23	.	.	PUNCT
fsr-3900	93	1	the	the	DET
fsr-3900	93	2	students	student	NOUN
fsr-3900	93	3	’	’	PART
fsr-3900	93	4	assumption	assumption	NOUN
fsr-3900	93	5	was	be	AUX
fsr-3900	93	6	that	that	SCONJ
fsr-3900	93	7	this	this	DET
fsr-3900	93	8	growth	growth	NOUN
fsr-3900	93	9	rate	rate	NOUN
fsr-3900	93	10	could	could	AUX
fsr-3900	93	11	be	be	AUX
fsr-3900	93	12	maintained	maintain	VERB
fsr-3900	93	13	for	for	ADP
fsr-3900	93	14	three	three	NUM
fsr-3900	93	15	more	more	ADJ
fsr-3900	93	16	years	year	NOUN
fsr-3900	93	17	.	.	PUNCT
fsr-3900	94	1	the	the	DET
fsr-3900	94	2	estimated	estimate	VERB
fsr-3900	94	3	dividend	dividend	NOUN
fsr-3900	94	4	stream	stream	NOUN
fsr-3900	94	5	at	at	ADP
fsr-3900	94	6	this	this	DET
fsr-3900	94	7	growth	growth	NOUN
fsr-3900	94	8	rate	rate	NOUN
fsr-3900	94	9	for	for	ADP
fsr-3900	94	10	the	the	DET
fsr-3900	94	11	next	next	ADJ
fsr-3900	94	12	three	three	NUM
fsr-3900	94	13	years	year	NOUN
fsr-3900	94	14	was	be	AUX
fsr-3900	94	15	$	$	SYM
fsr-3900	94	16	0.70	0.70	NUM
fsr-3900	94	17	per	per	ADP
fsr-3900	94	18	share	share	NOUN
fsr-3900	94	19	in	in	ADP
fsr-3900	94	20	1998	1998	NUM
fsr-3900	94	21	,	,	PUNCT
fsr-3900	94	22	$	$	SYM
fsr-3900	94	23	0.79	0.79	NUM
fsr-3900	94	24	in	in	ADP
fsr-3900	94	25	1999	1999	NUM
fsr-3900	94	26	,	,	PUNCT
fsr-3900	94	27	and	and	CCONJ
fsr-3900	94	28	$	$	SYM
fsr-3900	94	29	0.89	0.89	NUM
fsr-3900	94	30	in	in	ADP
fsr-3900	94	31	2000	2000	NUM
fsr-3900	94	32	.	.	PUNCT
fsr-3900	95	1	a	a	DET
fsr-3900	95	2	scenario	scenario	NOUN
fsr-3900	95	3	analysis	analysis	NOUN
fsr-3900	95	4	was	be	AUX
fsr-3900	95	5	performed	perform	VERB
fsr-3900	95	6	using	use	VERB
fsr-3900	95	7	a	a	DET
fsr-3900	95	8	range	range	NOUN
fsr-3900	95	9	of	of	ADP
fsr-3900	95	10	required	require	VERB
fsr-3900	95	11	rates	rate	NOUN
fsr-3900	95	12	of	of	ADP
fsr-3900	95	13	return	return	NOUN
fsr-3900	95	14	(	(	PUNCT
fsr-3900	95	15	ks	ks	NOUN
fsr-3900	95	16	)	)	PUNCT
fsr-3900	95	17	and	and	CCONJ
fsr-3900	95	18	secondary	secondary	ADJ
fsr-3900	95	19	growth	growth	NOUN
fsr-3900	95	20	rates	rate	NOUN
fsr-3900	95	21	(	(	PUNCT
fsr-3900	95	22	g2	g2	PROPN
fsr-3900	95	23	)	)	PUNCT
fsr-3900	95	24	.	.	PUNCT
fsr-3900	96	1	following	follow	VERB
fsr-3900	96	2	are	be	AUX
fsr-3900	96	3	the	the	DET
fsr-3900	96	4	share	share	NOUN
fsr-3900	96	5	valuation	valuation	NOUN
fsr-3900	96	6	estimates	estimate	NOUN
fsr-3900	96	7	.	.	PUNCT
fsr-3900	97	1	scenario	scenario	NOUN
fsr-3900	97	2	1	1	NUM
fsr-3900	97	3	:	:	PUNCT
fsr-3900	97	4	ks	ks	NOUN
fsr-3900	97	5	5	5	NUM
fsr-3900	97	6	13.5	13.5	NUM
fsr-3900	97	7	%	%	NOUN
fsr-3900	97	8	,	,	PUNCT
fsr-3900	97	9	g2	g2	PROPN
fsr-3900	97	10	5	5	NUM
fsr-3900	97	11	12	12	NUM
fsr-3900	97	12	%	%	NOUN
fsr-3900	97	13	present	present	ADJ
fsr-3900	97	14	value	value	NOUN
fsr-3900	97	15	of	of	ADP
fsr-3900	97	16	g1	g1	PROPN
fsr-3900	97	17	stage	stage	NOUN
fsr-3900	97	18	dividends	dividend	NOUN
fsr-3900	97	19	:	:	PUNCT
fsr-3900	97	20	0.70/(1.135)1	0.70/(1.135)1	NUM
fsr-3900	97	21	0.79/(1.135)2	0.79/(1.135)2	NUM
fsr-3900	97	22	1	1	NUM
fsr-3900	97	23	0.89/(1.135)3	0.89/(1.135)3	NUM
fsr-3900	97	24	5	5	NUM
fsr-3900	97	25	$	$	SYM
fsr-3900	97	26	1.85	1.85	NUM
fsr-3900	97	27	estimated	estimate	VERB
fsr-3900	97	28	price	price	NOUN
fsr-3900	97	29	at	at	ADP
fsr-3900	97	30	the	the	DET
fsr-3900	97	31	end	end	NOUN
fsr-3900	97	32	of	of	ADP
fsr-3900	97	33	year	year	NOUN
fsr-3900	97	34	2000	2000	NUM
fsr-3900	97	35	:	:	PUNCT
fsr-3900	97	36	(	(	PUNCT
fsr-3900	97	37	0.89)(1.12)/(0.1352	0.89)(1.12)/(0.1352	NOUN
fsr-3900	97	38	0.12)5	0.12)5	PROPN
fsr-3900	97	39	$	$	SYM
fsr-3900	97	40	66.45	66.45	NUM
fsr-3900	97	41	present	present	ADJ
fsr-3900	97	42	value	value	NOUN
fsr-3900	97	43	of	of	ADP
fsr-3900	97	44	price	price	NOUN
fsr-3900	97	45	2000	2000	NUM
fsr-3900	97	46	:	:	PUNCT
fsr-3900	98	1	289t.h	289t.h	NOUN
fsr-3900	98	2	.	.	PUNCT
fsr-3900	99	1	payne	payne	PROPN
fsr-3900	99	2	,	,	PUNCT
fsr-3900	99	3	j.h	j.h	PROPN
fsr-3900	99	4	.	.	PROPN
fsr-3900	99	5	finch	finch	PROPN
fsr-3900	99	6	/	/	SYM
fsr-3900	99	7	financial	financial	ADJ
fsr-3900	99	8	services	service	NOUN
fsr-3900	99	9	review	review	VERB
fsr-3900	99	10	8	8	NUM
fsr-3900	99	11	(	(	PUNCT
fsr-3900	99	12	1999	1999	NUM
fsr-3900	99	13	)	)	PUNCT
fsr-3900	100	1	283–291	283–291	NUM
fsr-3900	100	2	66.45/(1.135)3	66.45/(1.135)3	NOUN
fsr-3900	100	3	5	5	NUM
fsr-3900	100	4	$	$	SYM
fsr-3900	100	5	45.45	45.45	NUM
fsr-3900	100	6	estimated	estimate	VERB
fsr-3900	100	7	current	current	ADJ
fsr-3900	100	8	share	share	NOUN
fsr-3900	100	9	price	price	NOUN
fsr-3900	100	10	:	:	PUNCT
fsr-3900	100	11	$	$	SYM
fsr-3900	100	12	1.85	1.85	NUM
fsr-3900	100	13	1	1	NUM
fsr-3900	100	14	$	$	SYM
fsr-3900	100	15	45.45	45.45	NUM
fsr-3900	100	16	5	5	NUM
fsr-3900	100	17	$	$	SYM
fsr-3900	100	18	47.30	47.30	NUM
fsr-3900	100	19	(	(	PUNCT
fsr-3900	100	20	3.91	3.91	NUM
fsr-3900	100	21	%	%	NOUN
fsr-3900	100	22	)	)	PUNCT
fsr-3900	100	23	(	(	PUNCT
fsr-3900	100	24	96.09	96.09	NUM
fsr-3900	100	25	%	%	NOUN
fsr-3900	100	26	)	)	PUNCT
fsr-3900	100	27	(	(	PUNCT
fsr-3900	100	28	100	100	NUM
fsr-3900	100	29	%	%	NOUN
fsr-3900	100	30	)	)	PUNCT
fsr-3900	100	31	scenario	scenario	NOUN
fsr-3900	100	32	2	2	NUM
fsr-3900	100	33	:	:	PUNCT
fsr-3900	100	34	ks	ks	NOUN
fsr-3900	100	35	5	5	NUM
fsr-3900	100	36	14	14	NUM
fsr-3900	100	37	%	%	NOUN
fsr-3900	100	38	,	,	PUNCT
fsr-3900	100	39	g2	g2	PROPN
fsr-3900	100	40	5	5	NUM
fsr-3900	100	41	12.25	12.25	NUM
fsr-3900	100	42	%	%	NOUN
fsr-3900	100	43	present	present	ADJ
fsr-3900	100	44	value	value	NOUN
fsr-3900	100	45	of	of	ADP
fsr-3900	100	46	g1	g1	PROPN
fsr-3900	100	47	stage	stage	NOUN
fsr-3900	100	48	dividends	dividend	NOUN
fsr-3900	100	49	:	:	PUNCT
fsr-3900	100	50	0.70/(1.14)1	0.70/(1.14)1	NOUN
fsr-3900	100	51	0.79/(1.14)2	0.79/(1.14)2	CCONJ
fsr-3900	100	52	1	1	NUM
fsr-3900	100	53	0.89/(1.14)3	0.89/(1.14)3	NUM
fsr-3900	100	54	5	5	NUM
fsr-3900	100	55	$	$	SYM
fsr-3900	100	56	1.82	1.82	NUM
fsr-3900	100	57	estimated	estimate	VERB
fsr-3900	100	58	share	share	NOUN
fsr-3900	100	59	price	price	NOUN
fsr-3900	100	60	at	at	ADP
fsr-3900	100	61	end	end	NOUN
fsr-3900	100	62	of	of	ADP
fsr-3900	100	63	year	year	NOUN
fsr-3900	100	64	2000	2000	NUM
fsr-3900	100	65	:	:	PUNCT
fsr-3900	100	66	0.89(1.1225)/(0.142	0.89(1.1225)/(0.142	NOUN
fsr-3900	100	67	0.1225)5	0.1225)5	NUM
fsr-3900	100	68	$	$	SYM
fsr-3900	100	69	57.09	57.09	NUM
fsr-3900	100	70	present	present	ADJ
fsr-3900	100	71	value	value	NOUN
fsr-3900	100	72	of	of	ADP
fsr-3900	100	73	year	year	NOUN
fsr-3900	100	74	2000	2000	NUM
fsr-3900	100	75	price	price	NOUN
fsr-3900	100	76	:	:	PUNCT
fsr-3900	100	77	$	$	SYM
fsr-3900	100	78	57.09/(1.14)3	57.09/(1.14)3	NUM
fsr-3900	100	79	5	5	NUM
fsr-3900	100	80	$	$	SYM
fsr-3900	100	81	38.53	38.53	NUM
fsr-3900	100	82	estimated	estimate	VERB
fsr-3900	100	83	current	current	ADJ
fsr-3900	100	84	price	price	NOUN
fsr-3900	100	85	:	:	PUNCT
fsr-3900	100	86	$	$	SYM
fsr-3900	100	87	1.821	1.821	NUM
fsr-3900	100	88	$	$	SYM
fsr-3900	100	89	38.535	38.535	NUM
fsr-3900	100	90	$	$	SYM
fsr-3900	100	91	40.35	40.35	NUM
fsr-3900	100	92	(	(	PUNCT
fsr-3900	100	93	4.51	4.51	NUM
fsr-3900	100	94	%	%	NOUN
fsr-3900	100	95	)	)	PUNCT
fsr-3900	100	96	(	(	PUNCT
fsr-3900	100	97	95.49	95.49	NUM
fsr-3900	100	98	%	%	NOUN
fsr-3900	100	99	)	)	PUNCT
fsr-3900	100	100	(	(	PUNCT
fsr-3900	100	101	100	100	NUM
fsr-3900	100	102	%	%	NOUN
fsr-3900	100	103	)	)	PUNCT
fsr-3900	100	104	scenario	scenario	NOUN
fsr-3900	100	105	3	3	NUM
fsr-3900	100	106	:	:	PUNCT
fsr-3900	100	107	ks	ks	NOUN
fsr-3900	100	108	5	5	NUM
fsr-3900	100	109	14.5	14.5	NUM
fsr-3900	100	110	%	%	NOUN
fsr-3900	100	111	,	,	PUNCT
fsr-3900	100	112	g2	g2	PROPN
fsr-3900	100	113	5	5	NUM
fsr-3900	100	114	12.5	12.5	NUM
fsr-3900	100	115	%	%	NOUN
fsr-3900	100	116	present	present	ADJ
fsr-3900	100	117	value	value	NOUN
fsr-3900	100	118	of	of	ADP
fsr-3900	100	119	g1	g1	PROPN
fsr-3900	100	120	stage	stage	NOUN
fsr-3900	100	121	dividends	dividend	NOUN
fsr-3900	100	122	:	:	PUNCT
fsr-3900	100	123	0.70/(1.145)1	0.70/(1.145)1	NUM
fsr-3900	100	124	0.79/(1.145)2	0.79/(1.145)2	NUM
fsr-3900	100	125	1	1	NUM
fsr-3900	100	126	0.89/(1.145)3	0.89/(1.145)3	NUM
fsr-3900	100	127	5	5	NUM
fsr-3900	100	128	$	$	SYM
fsr-3900	100	129	1.81	1.81	NUM
fsr-3900	100	130	estimated	estimate	VERB
fsr-3900	100	131	share	share	NOUN
fsr-3900	100	132	price	price	NOUN
fsr-3900	100	133	at	at	ADP
fsr-3900	100	134	end	end	NOUN
fsr-3900	100	135	of	of	ADP
fsr-3900	100	136	year	year	NOUN
fsr-3900	100	137	2000	2000	NUM
fsr-3900	100	138	:	:	PUNCT
fsr-3900	101	1	0.89(1.125)/(0.1452	0.89(1.125)/(0.1452	NOUN
fsr-3900	101	2	0.125)5	0.125)5	NUM
fsr-3900	101	3	$	$	SYM
fsr-3900	101	4	50.06	50.06	NUM
fsr-3900	101	5	present	present	ADJ
fsr-3900	101	6	value	value	NOUN
fsr-3900	101	7	of	of	ADP
fsr-3900	101	8	year	year	NOUN
fsr-3900	101	9	2000	2000	NUM
fsr-3900	101	10	price	price	NOUN
fsr-3900	101	11	:	:	PUNCT
fsr-3900	101	12	$	$	SYM
fsr-3900	101	13	50.06/(1.145)3	50.06/(1.145)3	NOUN
fsr-3900	101	14	5	5	NUM
fsr-3900	101	15	$	$	SYM
fsr-3900	101	16	33.35	33.35	NUM
fsr-3900	101	17	estimated	estimate	VERB
fsr-3900	101	18	current	current	ADJ
fsr-3900	101	19	share	share	NOUN
fsr-3900	101	20	price	price	NOUN
fsr-3900	101	21	:	:	PUNCT
fsr-3900	101	22	$	$	SYM
fsr-3900	101	23	1.811	1.811	NUM
fsr-3900	101	24	$	$	SYM
fsr-3900	101	25	33.355	33.355	NUM
fsr-3900	101	26	$	$	SYM
fsr-3900	101	27	35.16	35.16	NUM
fsr-3900	101	28	(	(	PUNCT
fsr-3900	101	29	5.15	5.15	NUM
fsr-3900	101	30	%	%	NOUN
fsr-3900	101	31	)	)	PUNCT
fsr-3900	101	32	(	(	PUNCT
fsr-3900	101	33	94.85	94.85	NUM
fsr-3900	101	34	%	%	NOUN
fsr-3900	101	35	)	)	PUNCT
fsr-3900	101	36	(	(	PUNCT
fsr-3900	101	37	100	100	NUM
fsr-3900	101	38	%	%	NOUN
fsr-3900	101	39	)	)	PUNCT
fsr-3900	101	40	a	a	DET
fsr-3900	101	41	couple	couple	NOUN
fsr-3900	101	42	of	of	ADP
fsr-3900	101	43	points	point	NOUN
fsr-3900	101	44	are	be	AUX
fsr-3900	101	45	worth	worth	ADJ
fsr-3900	101	46	emphasizing	emphasize	VERB
fsr-3900	101	47	in	in	ADP
fsr-3900	101	48	this	this	DET
fsr-3900	101	49	actual	actual	ADJ
fsr-3900	101	50	application	application	NOUN
fsr-3900	101	51	of	of	ADP
fsr-3900	101	52	the	the	DET
fsr-3900	101	53	nonconstant	nonconstant	ADJ
fsr-3900	101	54	growth	growth	PROPN
fsr-3900	101	55	dividend	dividend	NOUN
fsr-3900	101	56	discount	discount	NOUN
fsr-3900	101	57	model	model	NOUN
fsr-3900	101	58	.	.	PUNCT
fsr-3900	102	1	first	first	ADV
fsr-3900	102	2	,	,	PUNCT
fsr-3900	102	3	assuming	assume	VERB
fsr-3900	102	4	a	a	DET
fsr-3900	102	5	maturing	mature	VERB
fsr-3900	102	6	firm	firm	NOUN
fsr-3900	102	7	,	,	PUNCT
fsr-3900	102	8	out	out	ADJ
fsr-3900	102	9	-	-	PUNCT
fsr-3900	102	10	year	year	NOUN
fsr-3900	102	11	growth	growth	NOUN
fsr-3900	102	12	rates	rate	NOUN
fsr-3900	102	13	for	for	ADP
fsr-3900	102	14	each	each	DET
fsr-3900	102	15	scenario	scenario	NOUN
fsr-3900	102	16	are	be	AUX
fsr-3900	102	17	lower	low	ADJ
fsr-3900	102	18	than	than	ADP
fsr-3900	102	19	the	the	DET
fsr-3900	102	20	13.29	13.29	NUM
fsr-3900	102	21	%	%	NOUN
fsr-3900	102	22	point	point	NOUN
fsr-3900	102	23	-	-	PUNCT
fsr-3900	102	24	to	to	ADP
fsr-3900	102	25	-	-	PUNCT
fsr-3900	102	26	point	point	NOUN
fsr-3900	102	27	estimate	estimate	NOUN
fsr-3900	102	28	for	for	ADP
fsr-3900	102	29	g1	g1	NOUN
fsr-3900	102	30	.	.	PUNCT
fsr-3900	103	1	secondly	secondly	ADV
fsr-3900	103	2	,	,	PUNCT
fsr-3900	103	3	as	as	SCONJ
fsr-3900	103	4	the	the	DET
fsr-3900	103	5	uncertainty	uncertainty	NOUN
fsr-3900	103	6	about	about	ADP
fsr-3900	103	7	the	the	DET
fsr-3900	103	8	future	future	ADJ
fsr-3900	103	9	growth	growth	NOUN
fsr-3900	103	10	rate	rate	NOUN
fsr-3900	103	11	increases	increase	NOUN
fsr-3900	103	12	so	so	ADV
fsr-3900	103	13	does	do	VERB
fsr-3900	103	14	the	the	DET
fsr-3900	103	15	investor	investor	NOUN
fsr-3900	103	16	’s	’s	PART
fsr-3900	103	17	required	require	VERB
fsr-3900	103	18	rate	rate	NOUN
fsr-3900	103	19	of	of	ADP
fsr-3900	103	20	return	return	NOUN
fsr-3900	103	21	.	.	PUNCT
fsr-3900	104	1	since	since	SCONJ
fsr-3900	104	2	the	the	DET
fsr-3900	104	3	assumed	assume	VERB
fsr-3900	104	4	growth	growth	NOUN
fsr-3900	104	5	rate	rate	NOUN
fsr-3900	104	6	after	after	ADP
fsr-3900	104	7	year	year	NOUN
fsr-3900	104	8	2000	2000	NUM
fsr-3900	104	9	was	be	AUX
fsr-3900	104	10	less	less	ADV
fsr-3900	104	11	certain	certain	ADJ
fsr-3900	104	12	,	,	PUNCT
fsr-3900	104	13	the	the	DET
fsr-3900	104	14	required	require	VERB
fsr-3900	104	15	rate	rate	NOUN
fsr-3900	104	16	of	of	ADP
fsr-3900	104	17	290	290	NUM
fsr-3900	104	18	t.h	t.h	PROPN
fsr-3900	104	19	.	.	PROPN
fsr-3900	104	20	payne	payne	PROPN
fsr-3900	104	21	,	,	PUNCT
fsr-3900	104	22	j.h	j.h	PROPN
fsr-3900	104	23	.	.	PROPN
fsr-3900	104	24	finch	finch	PROPN
fsr-3900	104	25	/	/	SYM
fsr-3900	104	26	financial	financial	ADJ
fsr-3900	104	27	services	service	NOUN
fsr-3900	104	28	review	review	VERB
fsr-3900	104	29	8	8	NUM
fsr-3900	104	30	(	(	PUNCT
fsr-3900	104	31	1999	1999	NUM
fsr-3900	104	32	)	)	PUNCT
fsr-3900	105	1	283–291	283–291	NUM
fsr-3900	105	2	return	return	NOUN
fsr-3900	105	3	was	be	AUX
fsr-3900	105	4	increased	increase	VERB
fsr-3900	105	5	in	in	ADP
fsr-3900	105	6	scenario	scenario	NOUN
fsr-3900	105	7	2	2	NUM
fsr-3900	105	8	to	to	PART
fsr-3900	105	9	reflect	reflect	VERB
fsr-3900	105	10	this	this	DET
fsr-3900	105	11	higher	high	ADJ
fsr-3900	105	12	risk	risk	NOUN
fsr-3900	105	13	.	.	PUNCT
fsr-3900	106	1	finally	finally	ADV
fsr-3900	106	2	,	,	PUNCT
fsr-3900	106	3	following	follow	VERB
fsr-3900	106	4	gordon	gordon	PROPN
fsr-3900	106	5	and	and	CCONJ
fsr-3900	106	6	gould	gould	PROPN
fsr-3900	106	7	(	(	PUNCT
fsr-3900	106	8	1978	1978	NUM
fsr-3900	106	9	)	)	PUNCT
fsr-3900	106	10	,	,	PUNCT
fsr-3900	106	11	this	this	DET
fsr-3900	106	12	uncertainty	uncertainty	NOUN
fsr-3900	106	13	generally	generally	ADV
fsr-3900	106	14	makes	make	VERB
fsr-3900	106	15	ks	k	NOUN
fsr-3900	106	16	increase	increase	VERB
fsr-3900	106	17	with	with	ADP
fsr-3900	106	18	g.	g.	PROPN
fsr-3900	106	19	based	base	VERB
fsr-3900	106	20	in	in	ADP
fsr-3900	106	21	part	part	NOUN
fsr-3900	106	22	on	on	ADP
fsr-3900	106	23	more	more	ADV
fsr-3900	106	24	optimistic	optimistic	ADJ
fsr-3900	106	25	industry	industry	NOUN
fsr-3900	106	26	and	and	CCONJ
fsr-3900	106	27	economic	economic	ADJ
fsr-3900	106	28	assumptions	assumption	NOUN
fsr-3900	106	29	,	,	PUNCT
fsr-3900	106	30	higher	high	ADJ
fsr-3900	106	31	growth	growth	NOUN
fsr-3900	106	32	rate	rate	NOUN
fsr-3900	106	33	and	and	CCONJ
fsr-3900	106	34	required	require	VERB
fsr-3900	106	35	return	return	NOUN
fsr-3900	106	36	estimates	estimate	NOUN
fsr-3900	106	37	were	be	AUX
fsr-3900	106	38	used	use	VERB
fsr-3900	106	39	in	in	ADP
fsr-3900	106	40	scenario	scenario	NOUN
fsr-3900	106	41	3	3	NUM
fsr-3900	106	42	.	.	PUNCT
fsr-3900	107	1	the	the	DET
fsr-3900	107	2	student	student	NOUN
fsr-3900	107	3	analysts	analyst	NOUN
fsr-3900	107	4	can	can	AUX
fsr-3900	107	5	readily	readily	ADV
fsr-3900	107	6	see	see	VERB
fsr-3900	107	7	that	that	SCONJ
fsr-3900	107	8	iterations	iteration	NOUN
fsr-3900	107	9	have	have	VERB
fsr-3900	107	10	a	a	DET
fsr-3900	107	11	profound	profound	ADJ
fsr-3900	107	12	effect	effect	NOUN
fsr-3900	107	13	on	on	ADP
fsr-3900	107	14	the	the	DET
fsr-3900	107	15	value	value	NOUN
fsr-3900	107	16	of	of	ADP
fsr-3900	107	17	the	the	DET
fsr-3900	107	18	estimated	estimate	VERB
fsr-3900	107	19	share	share	NOUN
fsr-3900	107	20	price	price	NOUN
fsr-3900	107	21	.	.	PUNCT
fsr-3900	108	1	in	in	ADP
fsr-3900	108	2	this	this	DET
fsr-3900	108	3	case	case	NOUN
fsr-3900	108	4	,	,	PUNCT
fsr-3900	108	5	the	the	DET
fsr-3900	108	6	overall	overall	ADJ
fsr-3900	108	7	price	price	NOUN
fsr-3900	108	8	ranges	range	VERB
fsr-3900	108	9	from	from	ADP
fsr-3900	108	10	$	$	SYM
fsr-3900	108	11	35.16	35.16	NUM
fsr-3900	108	12	to	to	ADP
fsr-3900	108	13	$	$	SYM
fsr-3900	108	14	47.30	47.30	NUM
fsr-3900	108	15	.	.	PUNCT
fsr-3900	109	1	as	as	SCONJ
fsr-3900	109	2	the	the	DET
fsr-3900	109	3	proficiency	proficiency	NOUN
fsr-3900	109	4	with	with	ADP
fsr-3900	109	5	the	the	DET
fsr-3900	109	6	models	model	NOUN
fsr-3900	109	7	and	and	CCONJ
fsr-3900	109	8	their	their	PRON
fsr-3900	109	9	underlying	underlie	VERB
fsr-3900	109	10	assumptions	assumption	NOUN
fsr-3900	109	11	improves	improve	VERB
fsr-3900	109	12	,	,	PUNCT
fsr-3900	109	13	it	it	PRON
fsr-3900	109	14	is	be	AUX
fsr-3900	109	15	very	very	ADV
fsr-3900	109	16	useful	useful	ADJ
fsr-3900	109	17	to	to	PART
fsr-3900	109	18	place	place	VERB
fsr-3900	109	19	the	the	DET
fsr-3900	109	20	staged	stage	VERB
fsr-3900	109	21	growth	growth	NOUN
fsr-3900	109	22	model	model	NOUN
fsr-3900	109	23	and	and	CCONJ
fsr-3900	109	24	parameter	parameter	NOUN
fsr-3900	109	25	estimate	estimate	NOUN
fsr-3900	109	26	formulas	formula	NOUN
fsr-3900	109	27	into	into	ADP
fsr-3900	109	28	an	an	DET
fsr-3900	109	29	excel	excel	NOUN
fsr-3900	109	30	spreadsheet	spreadsheet	NOUN
fsr-3900	109	31	.	.	PUNCT
fsr-3900	110	1	by	by	ADP
fsr-3900	110	2	doing	do	VERB
fsr-3900	110	3	this	this	PRON
fsr-3900	110	4	,	,	PUNCT
fsr-3900	110	5	estimates	estimate	NOUN
fsr-3900	110	6	for	for	ADP
fsr-3900	110	7	ks	ks	PROPN
fsr-3900	110	8	and	and	CCONJ
fsr-3900	110	9	g	g	PROPN
fsr-3900	110	10	derived	derive	VERB
fsr-3900	110	11	from	from	ADP
fsr-3900	110	12	the	the	DET
fsr-3900	110	13	various	various	ADJ
fsr-3900	110	14	models	model	NOUN
fsr-3900	110	15	can	can	AUX
fsr-3900	110	16	be	be	AUX
fsr-3900	110	17	directly	directly	ADV
fsr-3900	110	18	referenced	reference	VERB
fsr-3900	110	19	in	in	ADP
fsr-3900	110	20	the	the	DET
fsr-3900	110	21	constant	constant	ADJ
fsr-3900	110	22	or	or	CCONJ
fsr-3900	110	23	staged	stage	VERB
fsr-3900	110	24	growth	growth	NOUN
fsr-3900	110	25	ddm	ddm	PROPN
fsr-3900	110	26	.	.	PUNCT
fsr-3900	111	1	this	this	PRON
fsr-3900	111	2	eliminates	eliminate	VERB
fsr-3900	111	3	duplicative	duplicative	ADJ
fsr-3900	111	4	calculations	calculation	NOUN
fsr-3900	111	5	and	and	CCONJ
fsr-3900	111	6	allows	allow	VERB
fsr-3900	111	7	students	student	NOUN
fsr-3900	111	8	to	to	PART
fsr-3900	111	9	change	change	VERB
fsr-3900	111	10	basic	basic	ADJ
fsr-3900	111	11	model	model	NOUN
fsr-3900	111	12	assumptions	assumption	NOUN
fsr-3900	111	13	and	and	CCONJ
fsr-3900	111	14	immediately	immediately	ADV
fsr-3900	111	15	see	see	VERB
fsr-3900	111	16	the	the	DET
fsr-3900	111	17	impact	impact	NOUN
fsr-3900	111	18	on	on	ADP
fsr-3900	111	19	the	the	DET
fsr-3900	111	20	price	price	NOUN
fsr-3900	111	21	estimate	estimate	NOUN
fsr-3900	111	22	.	.	PUNCT
fsr-3900	112	1	students	student	NOUN
fsr-3900	112	2	in	in	ADP
fsr-3900	112	3	the	the	DET
fsr-3900	112	4	portfolio	portfolio	NOUN
fsr-3900	112	5	management	management	NOUN
fsr-3900	112	6	classes	class	NOUN
fsr-3900	112	7	regularly	regularly	ADV
fsr-3900	112	8	express	express	VERB
fsr-3900	112	9	their	their	PRON
fsr-3900	112	10	surprise	surprise	NOUN
fsr-3900	112	11	(	(	PUNCT
fsr-3900	112	12	and	and	CCONJ
fsr-3900	112	13	occasional	occasional	ADJ
fsr-3900	112	14	frustration	frustration	NOUN
fsr-3900	112	15	)	)	PUNCT
fsr-3900	112	16	at	at	ADP
fsr-3900	112	17	how	how	SCONJ
fsr-3900	112	18	small	small	ADJ
fsr-3900	112	19	changes	change	NOUN
fsr-3900	112	20	in	in	ADP
fsr-3900	112	21	their	their	PRON
fsr-3900	112	22	assumptions	assumption	NOUN
fsr-3900	112	23	for	for	ADP
fsr-3900	112	24	ks	ks	PROPN
fsr-3900	112	25	and	and	CCONJ
fsr-3900	112	26	g	g	PROPN
fsr-3900	112	27	can	can	AUX
fsr-3900	112	28	result	result	VERB
fsr-3900	112	29	in	in	ADP
fsr-3900	112	30	a	a	DET
fsr-3900	112	31	wide	wide	ADJ
fsr-3900	112	32	range	range	NOUN
fsr-3900	112	33	of	of	ADP
fsr-3900	112	34	current	current	ADJ
fsr-3900	112	35	price	price	NOUN
fsr-3900	112	36	estimates	estimate	NOUN
fsr-3900	112	37	.	.	PUNCT
fsr-3900	113	1	7	7	X
fsr-3900	113	2	.	.	X
fsr-3900	113	3	summary	summary	NOUN
fsr-3900	113	4	while	while	SCONJ
fsr-3900	113	5	a	a	DET
fsr-3900	113	6	very	very	ADV
fsr-3900	113	7	powerful	powerful	ADJ
fsr-3900	113	8	tool	tool	NOUN
fsr-3900	113	9	for	for	ADP
fsr-3900	113	10	estimating	estimate	VERB
fsr-3900	113	11	value	value	NOUN
fsr-3900	113	12	,	,	PUNCT
fsr-3900	113	13	proper	proper	ADJ
fsr-3900	113	14	application	application	NOUN
fsr-3900	113	15	of	of	ADP
fsr-3900	113	16	the	the	DET
fsr-3900	113	17	constant	constant	ADJ
fsr-3900	113	18	growth	growth	NOUN
fsr-3900	113	19	dividend	dividend	NOUN
fsr-3900	113	20	discount	discount	NOUN
fsr-3900	113	21	model	model	NOUN
fsr-3900	113	22	requires	require	VERB
fsr-3900	113	23	an	an	DET
fsr-3900	113	24	understanding	understanding	NOUN
fsr-3900	113	25	of	of	ADP
fsr-3900	113	26	the	the	DET
fsr-3900	113	27	fundamental	fundamental	ADJ
fsr-3900	113	28	nature	nature	NOUN
fsr-3900	113	29	of	of	ADP
fsr-3900	113	30	the	the	DET
fsr-3900	113	31	model	model	NOUN
fsr-3900	113	32	and	and	CCONJ
fsr-3900	113	33	its	its	PRON
fsr-3900	113	34	parameters	parameter	NOUN
fsr-3900	113	35	.	.	PUNCT
fsr-3900	114	1	the	the	DET
fsr-3900	114	2	ease	ease	NOUN
fsr-3900	114	3	of	of	ADP
fsr-3900	114	4	calculation	calculation	NOUN
fsr-3900	114	5	makes	make	VERB
fsr-3900	114	6	the	the	DET
fsr-3900	114	7	model	model	NOUN
fsr-3900	114	8	intuitively	intuitively	ADV
fsr-3900	114	9	appealing	appeal	VERB
fsr-3900	114	10	for	for	ADP
fsr-3900	114	11	finance	finance	NOUN
fsr-3900	114	12	students	student	NOUN
fsr-3900	114	13	.	.	PUNCT
fsr-3900	115	1	however	however	ADV
fsr-3900	115	2	,	,	PUNCT
fsr-3900	115	3	they	they	PRON
fsr-3900	115	4	should	should	AUX
fsr-3900	115	5	be	be	AUX
fsr-3900	115	6	able	able	ADJ
fsr-3900	115	7	not	not	PART
fsr-3900	115	8	only	only	ADV
fsr-3900	115	9	to	to	PART
fsr-3900	115	10	“	"	PUNCT
fsr-3900	115	11	plug	plug	VERB
fsr-3900	115	12	and	and	CCONJ
fsr-3900	115	13	chug	chug	VERB
fsr-3900	115	14	”	"	PUNCT
fsr-3900	115	15	the	the	DET
fsr-3900	115	16	ddm	ddm	PROPN
fsr-3900	115	17	formula	formula	NOUN
fsr-3900	115	18	,	,	PUNCT
fsr-3900	115	19	but	but	CCONJ
fsr-3900	115	20	also	also	ADV
fsr-3900	115	21	to	to	PART
fsr-3900	115	22	understand	understand	VERB
fsr-3900	115	23	the	the	DET
fsr-3900	115	24	model	model	NOUN
fsr-3900	115	25	’s	’s	PART
fsr-3900	115	26	inputs	input	NOUN
fsr-3900	115	27	and	and	CCONJ
fsr-3900	115	28	sensitivity	sensitivity	NOUN
fsr-3900	115	29	to	to	ADP
fsr-3900	115	30	the	the	DET
fsr-3900	115	31	relationship	relationship	NOUN
fsr-3900	115	32	between	between	ADP
fsr-3900	115	33	the	the	DET
fsr-3900	115	34	required	require	VERB
fsr-3900	115	35	rate	rate	NOUN
fsr-3900	115	36	of	of	ADP
fsr-3900	115	37	return	return	NOUN
fsr-3900	115	38	and	and	CCONJ
fsr-3900	115	39	the	the	DET
fsr-3900	115	40	growth	growth	NOUN
fsr-3900	115	41	rate	rate	NOUN
fsr-3900	115	42	.	.	PUNCT
fsr-3900	116	1	students	student	NOUN
fsr-3900	116	2	should	should	AUX
fsr-3900	116	3	be	be	AUX
fsr-3900	116	4	aware	aware	ADJ
fsr-3900	116	5	that	that	SCONJ
fsr-3900	116	6	the	the	DET
fsr-3900	116	7	sensitivity	sensitivity	NOUN
fsr-3900	116	8	of	of	ADP
fsr-3900	116	9	the	the	DET
fsr-3900	116	10	ddm	ddm	PROPN
fsr-3900	116	11	to	to	ADP
fsr-3900	116	12	error	error	NOUN
fsr-3900	116	13	increases	increase	NOUN
fsr-3900	116	14	geometrically	geometrically	ADV
fsr-3900	116	15	when	when	SCONJ
fsr-3900	116	16	the	the	DET
fsr-3900	116	17	estimates	estimate	NOUN
fsr-3900	116	18	of	of	ADP
fsr-3900	116	19	ks	ks	PROPN
fsr-3900	116	20	and	and	CCONJ
fsr-3900	116	21	g	g	PROPN
fsr-3900	116	22	converge	converge	NOUN
fsr-3900	116	23	.	.	PUNCT
fsr-3900	117	1	since	since	SCONJ
fsr-3900	117	2	estimates	estimate	NOUN
fsr-3900	117	3	for	for	ADP
fsr-3900	117	4	ks	ks	PROPN
fsr-3900	117	5	and	and	CCONJ
fsr-3900	117	6	g	g	PROPN
fsr-3900	117	7	can	can	AUX
fsr-3900	117	8	vary	vary	VERB
fsr-3900	117	9	widely	widely	ADV
fsr-3900	117	10	depending	depend	VERB
fsr-3900	117	11	upon	upon	SCONJ
fsr-3900	117	12	the	the	DET
fsr-3900	117	13	estimation	estimation	NOUN
fsr-3900	117	14	methods	method	NOUN
fsr-3900	117	15	used	use	VERB
fsr-3900	117	16	,	,	PUNCT
fsr-3900	117	17	it	it	PRON
fsr-3900	117	18	is	be	AUX
fsr-3900	117	19	both	both	CCONJ
fsr-3900	117	20	insufficient	insufficient	ADJ
fsr-3900	117	21	and	and	CCONJ
fsr-3900	117	22	impractical	impractical	ADJ
fsr-3900	117	23	to	to	PART
fsr-3900	117	24	merely	merely	ADV
fsr-3900	117	25	calculate	calculate	VERB
fsr-3900	117	26	a	a	DET
fsr-3900	117	27	value	value	NOUN
fsr-3900	117	28	based	base	VERB
fsr-3900	117	29	on	on	ADP
fsr-3900	117	30	a	a	DET
fsr-3900	117	31	single	single	ADJ
fsr-3900	117	32	set	set	NOUN
fsr-3900	117	33	of	of	ADP
fsr-3900	117	34	narrow	narrow	ADJ
fsr-3900	117	35	assumptions	assumption	NOUN
fsr-3900	117	36	.	.	PUNCT
fsr-3900	118	1	rather	rather	ADV
fsr-3900	118	2	,	,	PUNCT
fsr-3900	118	3	students	student	NOUN
fsr-3900	118	4	need	need	VERB
fsr-3900	118	5	to	to	PART
fsr-3900	118	6	recognize	recognize	VERB
fsr-3900	118	7	that	that	SCONJ
fsr-3900	118	8	implementation	implementation	NOUN
fsr-3900	118	9	of	of	ADP
fsr-3900	118	10	the	the	DET
fsr-3900	118	11	model	model	NOUN
fsr-3900	118	12	means	mean	VERB
fsr-3900	118	13	estimating	estimate	VERB
fsr-3900	118	14	a	a	DET
fsr-3900	118	15	set	set	NOUN
fsr-3900	118	16	of	of	ADP
fsr-3900	118	17	feasible	feasible	ADJ
fsr-3900	118	18	values	value	NOUN
fsr-3900	118	19	to	to	PART
fsr-3900	118	20	arrive	arrive	VERB
fsr-3900	118	21	at	at	ADP
fsr-3900	118	22	a	a	DET
fsr-3900	118	23	range	range	NOUN
fsr-3900	118	24	of	of	ADP
fsr-3900	118	25	intrinsic	intrinsic	ADJ
fsr-3900	118	26	value	value	NOUN
fsr-3900	118	27	per	per	ADP
fsr-3900	118	28	share	share	NOUN
fsr-3900	118	29	for	for	ADP
fsr-3900	118	30	which	which	PRON
fsr-3900	118	31	the	the	DET
fsr-3900	118	32	student	student	NOUN
fsr-3900	118	33	(	(	PUNCT
fsr-3900	118	34	or	or	CCONJ
fsr-3900	118	35	analyst	analyst	NOUN
fsr-3900	118	36	)	)	PUNCT
fsr-3900	118	37	can	can	AUX
fsr-3900	118	38	feel	feel	VERB
fsr-3900	118	39	confident	confident	ADJ
fsr-3900	118	40	.	.	PUNCT
fsr-3900	119	1	references	reference	NOUN
fsr-3900	119	2	black	black	ADJ
fsr-3900	119	3	,	,	PUNCT
fsr-3900	119	4	f.	f.	PROPN
fsr-3900	119	5	(	(	PUNCT
fsr-3900	119	6	1986	1986	NUM
fsr-3900	119	7	)	)	PUNCT
fsr-3900	119	8	.	.	PUNCT
fsr-3900	120	1	noise.journal	noise.journal	ADJ
fsr-3900	120	2	of	of	ADP
fsr-3900	120	3	finance	finance	NOUN
fsr-3900	120	4	,	,	PUNCT
fsr-3900	120	5	march,529–544	march,529–544	PROPN
fsr-3900	120	6	.	.	PUNCT
fsr-3900	120	7	gehr	gehr	NOUN
fsr-3900	120	8	,	,	PUNCT
fsr-3900	120	9	a.	a.	PROPN
fsr-3900	120	10	k.	k.	PROPN
fsr-3900	121	1	(	(	PUNCT
fsr-3900	121	2	1992	1992	NUM
fsr-3900	121	3	)	)	PUNCT
fsr-3900	121	4	.	.	PUNCT
fsr-3900	122	1	a	a	DET
fsr-3900	122	2	bias	bias	NOUN
fsr-3900	122	3	in	in	ADP
fsr-3900	122	4	dividend	dividend	NOUN
fsr-3900	122	5	discount	discount	NOUN
fsr-3900	122	6	models.financial	models.financial	ADJ
fsr-3900	122	7	analysts	analyst	NOUN
fsr-3900	122	8	journal	journal	NOUN
fsr-3900	122	9	,	,	PUNCT
fsr-3900	122	10	january	january	PROPN
fsr-3900	122	11	/	/	SYM
fsr-3900	122	12	february	february	PROPN
fsr-3900	122	13	,	,	PUNCT
fsr-3900	122	14	75–80	75–80	PROPN
fsr-3900	122	15	.	.	PUNCT
fsr-3900	122	16	good	good	PROPN
fsr-3900	122	17	,	,	PUNCT
fsr-3900	122	18	w.	w.	PROPN
fsr-3900	122	19	r.	r.	PROPN
fsr-3900	122	20	(	(	PUNCT
fsr-3900	122	21	1989	1989	NUM
fsr-3900	122	22	)	)	PUNCT
fsr-3900	122	23	.	.	PUNCT
fsr-3900	123	1	bias	bias	NOUN
fsr-3900	123	2	in	in	ADP
fsr-3900	123	3	stock	stock	NOUN
fsr-3900	123	4	market	market	NOUN
fsr-3900	123	5	valuation.financial	valuation.financial	PROPN
fsr-3900	123	6	analysts	analyst	NOUN
fsr-3900	123	7	journal	journal	NOUN
fsr-3900	123	8	,	,	PUNCT
fsr-3900	123	9	september	september	PROPN
fsr-3900	123	10	/	/	SYM
fsr-3900	123	11	october	october	PROPN
fsr-3900	123	12	,	,	PUNCT
fsr-3900	123	13	6–7	6–7	NUM
fsr-3900	123	14	.	.	PUNCT
fsr-3900	124	1	gordon	gordon	PROPN
fsr-3900	124	2	,	,	PUNCT
fsr-3900	124	3	m.	m.	NOUN
fsr-3900	124	4	j.	j.	PROPN
fsr-3900	124	5	(	(	PUNCT
fsr-3900	124	6	1962).the	1962).the	NUM
fsr-3900	124	7	investment	investment	NOUN
fsr-3900	124	8	,	,	PUNCT
fsr-3900	124	9	financing	financing	NOUN
fsr-3900	124	10	and	and	CCONJ
fsr-3900	124	11	valuation	valuation	NOUN
fsr-3900	124	12	of	of	ADP
fsr-3900	124	13	the	the	DET
fsr-3900	124	14	corporation.richard	corporation.richard	PROPN
fsr-3900	124	15	d.	d.	PROPN
fsr-3900	124	16	irwin	irwin	PROPN
fsr-3900	124	17	.	.	PUNCT
fsr-3900	125	1	gordon	gordon	PROPN
fsr-3900	125	2	,	,	PUNCT
fsr-3900	125	3	m.	m.	PROPN
fsr-3900	125	4	j.	j.	PROPN
fsr-3900	125	5	&	&	CCONJ
fsr-3900	125	6	gould	gould	PROPN
fsr-3900	125	7	,	,	PUNCT
fsr-3900	125	8	l.	l.	PROPN
fsr-3900	125	9	i.	i.	PROPN
fsr-3900	125	10	(	(	PUNCT
fsr-3900	125	11	1978	1978	NUM
fsr-3900	125	12	)	)	PUNCT
fsr-3900	125	13	.	.	PUNCT
fsr-3900	126	1	the	the	DET
fsr-3900	126	2	cost	cost	NOUN
fsr-3900	126	3	of	of	ADP
fsr-3900	126	4	equity	equity	NOUN
fsr-3900	126	5	capital	capital	NOUN
fsr-3900	126	6	:	:	PUNCT
fsr-3900	126	7	a	a	DET
fsr-3900	126	8	reconsideration.journal	reconsideration.journal	ADJ
fsr-3900	126	9	of	of	ADP
fsr-3900	126	10	finance	finance	NOUN
fsr-3900	126	11	,	,	PUNCT
fsr-3900	126	12	33	33	NUM
fsr-3900	126	13	,	,	PUNCT
fsr-3900	126	14	849–861	849–861	NUM
fsr-3900	126	15	.	.	PUNCT
fsr-3900	127	1	gordon	gordon	PROPN
fsr-3900	127	2	,	,	PUNCT
fsr-3900	127	3	m.	m.	NOUN
fsr-3900	127	4	j.	j.	PROPN
fsr-3900	127	5	,	,	PUNCT
fsr-3900	127	6	&	&	CCONJ
fsr-3900	127	7	shapiro	shapiro	PROPN
fsr-3900	127	8	,	,	PUNCT
fsr-3900	127	9	e.	e.	PROPN
fsr-3900	127	10	(	(	PUNCT
fsr-3900	127	11	1956	1956	NUM
fsr-3900	127	12	)	)	PUNCT
fsr-3900	127	13	.	.	PUNCT
fsr-3900	128	1	capital	capital	NOUN
fsr-3900	128	2	equipment	equipment	NOUN
fsr-3900	128	3	analysis	analysis	NOUN
fsr-3900	128	4	:	:	PUNCT
fsr-3900	128	5	the	the	DET
fsr-3900	128	6	required	require	VERB
fsr-3900	128	7	rate	rate	NOUN
fsr-3900	128	8	of	of	ADP
fsr-3900	128	9	profit.management	profit.management	PROPN
fsr-3900	128	10	science	science	NOUN
fsr-3900	128	11	,	,	PUNCT
fsr-3900	128	12	october,102–110	october,102–110	PROPN
fsr-3900	128	13	.	.	PUNCT
fsr-3900	129	1	hickman	hickman	PROPN
fsr-3900	129	2	,	,	PUNCT
fsr-3900	129	3	k.	k.	PROPN
fsr-3900	129	4	&	&	CCONJ
fsr-3900	129	5	petry	petry	PROPN
fsr-3900	129	6	,	,	PUNCT
fsr-3900	129	7	g.	g.	PROPN
fsr-3900	129	8	h.	h.	PROPN
fsr-3900	129	9	(	(	PUNCT
fsr-3900	129	10	1990	1990	NUM
fsr-3900	129	11	)	)	PUNCT
fsr-3900	129	12	.	.	PUNCT
fsr-3900	130	1	a	a	DET
fsr-3900	130	2	comparison	comparison	NOUN
fsr-3900	130	3	of	of	ADP
fsr-3900	130	4	stock	stock	NOUN
fsr-3900	130	5	price	price	NOUN
fsr-3900	130	6	predictions	prediction	NOUN
fsr-3900	130	7	using	use	VERB
fsr-3900	130	8	court	court	NOUN
fsr-3900	130	9	accepted	accept	VERB
fsr-3900	130	10	formulas	formula	NOUN
fsr-3900	130	11	,	,	PUNCT
fsr-3900	130	12	dividend	dividend	NOUN
fsr-3900	130	13	discount	discount	NOUN
fsr-3900	130	14	,	,	PUNCT
fsr-3900	130	15	and	and	CCONJ
fsr-3900	130	16	p	p	X
fsr-3900	130	17	/	/	SYM
fsr-3900	130	18	e	e	X
fsr-3900	130	19	models.financial	models.financial	ADJ
fsr-3900	130	20	management	management	NOUN
fsr-3900	130	21	,	,	PUNCT
fsr-3900	130	22	summer	summer	NOUN
fsr-3900	130	23	,	,	PUNCT
fsr-3900	130	24	76–87	76–87	NUM
fsr-3900	130	25	.	.	PUNCT
fsr-3900	131	1	jacobs	jacobs	PROPN
fsr-3900	131	2	,	,	PUNCT
fsr-3900	131	3	b.	b.	PROPN
fsr-3900	131	4	i.	i.	PROPN
fsr-3900	131	5	&	&	CCONJ
fsr-3900	131	6	levy	levy	PROPN
fsr-3900	131	7	,	,	PUNCT
fsr-3900	131	8	k.	k.	PROPN
fsr-3900	131	9	n.	n.	PROPN
fsr-3900	131	10	(	(	PUNCT
fsr-3900	131	11	1988	1988	NUM
fsr-3900	131	12	)	)	PUNCT
fsr-3900	131	13	.	.	PUNCT
fsr-3900	132	1	on	on	ADP
fsr-3900	132	2	the	the	DET
fsr-3900	132	3	value	value	NOUN
fsr-3900	132	4	of	of	ADP
fsr-3900	132	5	‘	'	PUNCT
fsr-3900	132	6	value’.financial	value’.financial	ADJ
fsr-3900	132	7	analysts	analyst	NOUN
fsr-3900	132	8	journal	journal	NOUN
fsr-3900	132	9	,	,	PUNCT
fsr-3900	132	10	july	july	PROPN
fsr-3900	132	11	/	/	SYM
fsr-3900	132	12	august	august	PROPN
fsr-3900	132	13	,	,	PUNCT
fsr-3900	132	14	47–62	47–62	NUM
fsr-3900	132	15	.	.	PUNCT
fsr-3900	132	16	291t.h	291t.h	NOUN
fsr-3900	132	17	.	.	PUNCT
fsr-3900	133	1	payne	payne	PROPN
fsr-3900	133	2	,	,	PUNCT
fsr-3900	133	3	j.h	j.h	PROPN
fsr-3900	133	4	.	.	PROPN
fsr-3900	133	5	finch	finch	PROPN
fsr-3900	133	6	/	/	SYM
fsr-3900	133	7	financial	financial	ADJ
fsr-3900	133	8	services	service	NOUN
fsr-3900	133	9	review	review	VERB
fsr-3900	133	10	8	8	NUM
fsr-3900	133	11	(	(	PUNCT
fsr-3900	133	12	1999	1999	NUM
fsr-3900	133	13	)	)	PUNCT
fsr-3900	133	14	283–291	283–291	NUM