1988–94 with the Federal Communications Commission's technology deployment data, which is currently available for the 1989–93 period only.
9. The discounted dividend model holds that P = E(D)/(k - g) where
See Bodie, Zvi, Alex Kane, and Alan J. Marcus. 1989. Investments. Irwin, Homewood, Ill., pp. 473–480.
10. See Yanis, Steven R., and Thomas J. Lee. 1995. "The Regional Holding Companies Are More Than Plain Old Telephone Companies," Telecommunications Services, Oppenheimer & Company Inc., January 26, p. 8.
11. Increased earnings volatility adds to the risk of owning a share of stock, because it raises the probability that the company in question may not be able to pay future dividends or, for that matter, sustain day-to-day business operations. See Bodie, Zvi, Alex Kane, and Alan J. Marcus. 1989. Investments. Irwin, Homewood, Ill., pp. 130–143.
12. WEFA Group. 1995. Economic Impact of Deregulating U.S. Communications Industries. WEFA Group, Burlington, Mass., February, p. 29.
13. Anderson, Christopher. 1995. "The Internet Survey," The Economist, July 1, p. 18.
14. See Egan, Bruce L. 1994. "Building Value Through Telecommunications: Regulatory Roadblocks on the Information Superhighway," Telecommunications Policy 18(8):580–583.
15. See Governali, Frank. 1995. Weekly Industry and Valuation Report, First Boston, June 16.
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