As the traditional stock pricing method, dividend discount model is defective in that it cannot precisely determine the expected rate of return of investors and future payment of cash dividend.

传统的股利折现模型在对股票定价的过程中，不能精确地确定投资者的预期收益率和未来支付的现金股利，因此存在着一定的缺陷与不足。

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Future payment streams figure to be tied in part to the success of area college sports, which MASN also broadcasts.

FORBES: Sports Business

His first-term payoff to higher education may be just a down payment on future largesse.

FORBES: Don't Fear The Higher Ed Bubble, Obama Will Keep Reflating It

Mostly from delays of expenditure and from early payment of future taxes.

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