g has to be less than r for this to make sense because if g--if it's growing faster than the rate of interest, then this infinite series will not converge and the value would be infinite.

必须小于r才行得通,因为如果g比利率涨的还快,那么这个无穷序列就不会收敛,价值就是无穷了

youdao

g has to be less than r for this to make sense because if g--if it's growing faster than the rate of interest, then this infinite series will not converge and the value would be infinite.

必须小于r才行得通,因为如果g比利率涨的还快,那么这个无穷序列就不会收敛,价值就是无穷了

耶鲁公开课 - 金融市场课程节选

He responded that, since stocks are infinite maturity instruments, they should logically be priced off of long-term interest rates.

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