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In which circumstance is a dividend discount model (DDM) least likely to be an appropriate measure of a stocks value? A. The company has a

In which circumstance is a dividend discount model (DDM) least likely to be an appropriate measure of a stocks value?

A. The company has a clear dividend policy related to the firm's earnings

B. The investor is a majority shareholder

C. The company is a mature firm that generates excess cash flow

D. The company has a long history of dividend payments

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