Consider two public companies whose stocks trade on the New York Stock Exchange. Assume the companies are in the same industry and have equal earnings. Why might these companies have different price-to-earnings (PE) ratios? What type of company has a high PE ratio? If a company has a high PE ratio will it's stock price exceed it's book value? Does this make the stock overpriced? Your response should contain at least 100 words, demonstrating that you understand a company's PE ratio and its book value per share. In your feedback to another student, provide substantive comments, including a critique of their answer to the question.