Equivalence of HPR and DDM The book starts from the holding period return,and uses an inductive argument to derive the Discounted Dividend Model(DDM)method for evaluating stocks ■ Equivalently,we start with the discounted cash flow model,and obtain the holding period return THE COURSE OF FINANCE 2017 SPRING SJTU 11Equivalence of HPR and DDM  The book starts from the holding period return, and uses an inductive argument to derive the Discounted Dividend Model(DDM) method for evaluating stocks  Equivalently, we start with the discounted cash flow model, and obtain the holding period return THE COURSE OF FINANCE 2017 SPRING SJTU 11