deletions | additions       diff --git a/section_textit_DDM_textit_RIM__.tex b/section_textit_DDM_textit_RIM__.tex  index cb7527a..f7131aa 100644  --- a/section_textit_DDM_textit_RIM__.tex  +++ b/section_textit_DDM_textit_RIM__.tex 
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\begin{equation}  \frac{P_{t}}{B_{t}}=\frac{\rho ROE_{t+1}}{R-g}  \end{equation}  Where $\rho$ is the payout ratio. We can use the clean surplus accounting rule and replace $\rho ROE_{t+1}$ by $ROE_{t+1}-g$ where $g$ is the perpetual growth rate in dividends. We therefore have another version of the GGM based on the price-to-book :  \begin{equation}  \frac{P_{t}}{B_{t}}=\frac{ROE_{t+1}-g}{R-g}  \end{equation}  The \textit{GGM}  shows that the market value of equities is a trade-off between the discount rate and future  growth while the \textit{RIM} shows that the market value of equities is a trade-off between the