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The valuation of stocks is more difficult than the valuation of bonds because ____ The appropriate discount rate is more difficult to determine for stocks
The valuation of stocks is more difficult than the valuation of bonds because
____
The appropriate discount rate is more difficult to determine for stocks than it is for bonds
The future cash flows from stocks are more uncertain than the ones from bonds
The stock market is more volatile than the bond market
Stocks represent a residual claim on the firms assets whereas bonds have a senior claim on the assets
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