Shareholder wealth maximization is accepted by most financial economists as the appropriate objective for financial decision-making. Recently, wealth maximization has been criticized by a growing array of opponents for condoning the exploitation of employees, customers, and other stakeholders,...

The constant growth model (Gordon, 1962) plays an important role in the stock selection process for individual investors, in part, because of its computational simplicity. However, value estimates from the model can be highly dependent on cash flows to be received in the distant future. If...