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For Dow Chemical Company, incorporate the effect of the employee stock option (ESO) plan into the common equity valuation. Be sure to consider both the

For Dow Chemical Company, incorporate the effect of the employee stock option (ESO) plan into the common equity valuation. Be sure to consider both the forecast ESO grants and outstanding ESOs. The financial years that need to be used are 2013 and 2014. Perform your valuation in Excel in 2-3 pages; use appropriate formulas and equations. Please cite references if they were used.

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