Valuation Model Bias and the Scale Structure of Dividend Discount Returns
研究股息贴现模型（DDM）的偏差问题，分析该模型在股票估值中的规模结构特征，对使用DDM的金融从业者和研究者有参考价值。
The Dividend Discount return model (DDM) is a stock valuation tool used by many financial institutions. It is a natural generalization of the yield-to-maturity concept used to value bonds. In perhaps its most standard form (Sharpe (1981), pp. 381-82), analysts' forecasts of earnings, dividends, earnings growth rates and payout ratios are used to derive anticipated future dividends. The dividend discount return is defined as the internal rate of return that equates current price to the discounted stream of anticipated future dividends.