Appendix 20
Equality Test for Projected Potential Growth of Stock Prices Using the DCF and Real Options Methods (Cinema):Two Observations with Different Variances

Table A20.1.

g brokersg BSM
Mean17.5%3.8%
Variance9.6%0.9%
Observations1717
Hypothetical mean difference0
Degrees of freedom19
Stat t1.74
P(T<=t) bilateral0.10
Critical value for F (bilateral)2.09
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