Which of the following statements about equity valuation is correct?

A. Constant-growth rate dividend discount model (DDM) imples that a stock's value increases if the required return increases.

B. The security is under valued if its expected holding period return (HPR) is below the required return.

C. The present value of growth opportunities (PVGO) could be negative.

D. Constant-growth rate dividend discount model (DDM) imples that a stock's value decreases if the expected growth rate of dividends increases.

E. Constant-growth rate dividend discount model (DDM) imples that the stock price is expected to grow faster than dividends.