Abstract
Footnotes 1. See H. Bierman, Jr., Price/Earnings Ratios Restructuredfor Japan. Financial Analysts JournaL March/April 1991. 2. We assume Y. i O for Vi. If the firm issues debt, Y, is defined as earnings net of interest payments, and the subsequent analysis is also valid. 3. See F. Brioschi, L. Buzzacchi and M G. Columbo, More on Stock Market Value with Reciprocal Ownership, Financial Analysts Journal, Aay/ June 1991. Also see H Bierman, Jr., Total Stock Market Value with Reciprocal Ownership: A Note on the Japanese Situation, Financial Analysts Journal, January/February 1990. His two models are special cases in our general expression.
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