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A Comparison Of Dividend Cash Flow And Earnings Approaches by Penmann, Sougiannis

By Penmann, Sougiannis

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0 Excluding S. 7. *Apart from the RPED countries the Ng and Yeats sample includes Angola, Democratic Republic of Congo, Gabon, Liberia, Mauritius, Nigeria and South Africa. The figures in parentheses give the totals for all these countries without South Africa. The reasons for the apparent loss of competitiveness in export markets for a large number of African countries will be the subject of further analysis in Part V of this book. Exports as a Percentage of GDP It will be wrong to conclude from the evidence of the declining export values that the African countries were by and large “closed” economies.

The size distribution of firms observed at a point of time is the result of purely random growth of firms of different sizes. Firms grow each year following a random drawing from a distribution of growth rates. Both large and small firms have identical probabilities of growth. Moreover, the distribution of probable growth rates around the mean growth rate is similar for all firms. ” Stochastic growth models based on this Law generate lognormal types of the size distribution of firms (Pareto). Work on the size distribution of firms done in developed industrial economies has not generally supported the hypothesis of random growth.

00 Zimbabwe .. 64 Source: African Development Indicators. 54 One of the problems of these economies before the adjustment measures had been that, while the inflation rates continued to be high, nominal interest rates in the formal banking sector were controlled. Thus low or even negative real interest rates were common for preferred borrowers who had access to credit. 9 shows that the real interest rate appears to have increased substantially in the 1990s with the advent of structural adjustment programs.

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