deletions | additions       diff --git a/abstract.tex b/abstract.tex  index 5a0914c..2f038c4 100644  --- a/abstract.tex  +++ b/abstract.tex 
...
The traditional Profitability/Valuation framework is derived from the Residual Income Model (hereafter \textit{RIM}) which is in fact a derivation of the Dividend Discount Model (hereafter \textit{DDM}). Drawbacks of the dividend or earnings approach to valuation are well known. We create a new profitability/valuation framework based on a firm's cash-flows. This should allow to contourner caveats of earnings/dividends valuation model. We build a new Profitability/Valuation framework that hinges on the cash-flows a firm is able to generate. Using cash-flows allows to neutralize the leverage effect at the operating level of a firm as well as the balance sheet level. The paper is organized as follow. The As a means of introduction we remind the basic principles behind asset valuation and show how they can be translated into equity valuation models. In the  first section section, we give a brief description of the links between the \textit{DDM}, the \textit{RIM} and the \textit{PB-ROE} framework. We also show how the \textit{PB-ROE} framework can be used as a screening tool for equity investors. In the second section, we show how we can build a new Profitability/Valuation framework based on a firm's cash-flows instead of a firms earnings. the  deals with accounting relationship.