5. Scoops Cooney, a confused investment student, commented, I understand the irrelevance of the dividend decision to

Question:

5. Scoops Cooney, a confused investment student, commented, "I understand the irrelevance of the dividend decision to the value of the firm. As a result, I calculate the value of a firm's stock on the basis of the present value of the firm's expected earnings per share." Is Scoops correct? Why?

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