英文标题：
《The Dividend Discount Model with Multiple Growth Rates of Any Order for
  Stock Evaluation》
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作者：
Abdulnasser Hatemi-J and Youssef El-Khatib
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最新提交年份：
2018
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英文摘要：
  In this paper we provide a general solution for the dividend discount model in order to compute the intrinsic value of a common stock that allows for multiple stage growth rates of any predetermined number of periods. A mathematical proof is provided for the suggested general solution. A numerical application is also presented. The solution introduced in this paper is expected to improve on the precision of stock valuation, which might be of fundamental importance for investors as well as financial institutions.
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中文摘要：
在本文中，我们为股息贴现模型提供了一个通用的解决方案，以计算普通股的内在价值，该价值允许任何预定时期数的多阶段增长率。对建议的通解进行了数学证明。并给出了一个数值应用。本文介绍的解决方案有望提高股票估值的精度，这对投资者和金融机构都具有重要意义。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Pricing of Securities        证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
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