Which one of the follow statements is NOT CORRECT?

The abnormal earnings growth must be equal to the change in residual earnings.

All else equal, recognizing lower earnings today and higher earnings next year will increase next year's residual earnings.

Free cash flow is not a proper measure for value creation because it considers investments in operating activities as value destroying.

If the residual earning is growing at a constant rate, then the abnormal earnings growth is also growing at a constant rate.

If the abnormal earnings growth is growing at a constant rate, then the residual earnings is also growing at a constant rate.