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Professor Cliff Webley made the following statements in his asset-valuation class:
Statement 1: “Residual income approaches generally model ROE as approaching zero over time.”
Statement 2: “If actual return on equity equals required return on equity, the residual income model sets the company’s proper market value equal to its book value.”
Statement 3: “Using consistent assumptions, the single-stage residual income model should give you the same valuation as the Gordon Growth Dividend-discount model.”
Which of Webley’s statements is least accurate? A. Statement 2. B. Statement 3. C. Statement 1. |