Dividends And Stock Valuation: A Study From The Nineteenth To The Twenty-First Century Page 45
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45Figure 4: Graph of the implied cost of equity from the DDM and GGM as well as the cost of equity
estimated using the moving average of the past 30 years (MA30) and the aggregation of all of the past
data (cum).
US mkt (MA30)
19%
US mkt (cum)
ke_implied (DDM)
ke_implied (GGM), g from GNP
17%
15%
13%
11%
9%
7%
5%
43
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