deletions | additions       diff --git a/section_textit_DDM_textit_RIM__.tex b/section_textit_DDM_textit_RIM__.tex  index 8f3497d..cb7527a 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  $\rho ROE_{t+1}$can be replaced  by $ROE_{t+1}-g$ where $g$ is the perpetual growth rate in dividends. 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