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Which of the following statement is not correct Valuation can be used as a very effective business tool by management for better decision making throughout the of the enterprise The equity value-to-book ratio is a function of (a) future returns on equity. (bfuture book value of equity growth rates, and (c) the cost of acuty Estimated values based on the discounted abnormal earnings method will be affected by accounting choices because accounting choices through According to the CAPM model. higher beta stocks have a greater cost of equity, and lower beta stocks have a lower cost of equity