All of the following are true of stocks except:

• Stocks can be valued as the present value of future expected dividends discounted at the required return.

• Stocks generally have voting rights.

• The stocks of all companies can be valued using the dividend growth model.

• The dividend growth model is fairly easy to calculate but the valuation is quite sensitive to the inputs used.

• Corporations are considered to be ongoing entities so have an infinte life and are therefore valued using perpetuities.