We propose a latent variables approach within a present-value model to estimate the expected returns and expected dividend growth rates of the aggregate stock market. This approach aggregates information contained in the history of price-dividend ratios and dividend growth rates to predict...

Most people confuse two ideas: money pyramid and stock market investment. The majority of the people know their definitions, understand the drawbacks of pyramids, however, they miss the main point. The research contributes to the development of financial literacy among Kazakh people because the...