If the constant growth ("Gordon" or "Constant Growth Dividend Discount") model is to give areasonablea valuation of a stock, which of the following isnota valid assumption for the model?

Growth, g, is negative.

There will be no growth,i.e.,growth is zero.

The growth rateexceedsthe required rate of return.

The required return is exceptionally high (e.g., KS> 30%)

All of these are workable assumptions and are valid in the sense that the model can be used even if they hold true.