Including risk in the dividend-discount model as shown here, which one of the following will cause an increase in the current price of a stock?

P

today

=D

today

(1+g)

rf+rpg

Ptoday=Dtoday(1+g)rf+rp-g

A. a decrease in the current dividend

B. a decrease in the risk-free return

C. a decrease in the dividend growth rate

D. either an increase in the risk-free return or an increase in the current dividend