1

=
= +

[ ]
=
=

+ )
+ )
=
=

D
ke = 1 + g
P0

= =

10

11

12

13

14

15

16

12

17

18

13

19

20

14

21

22

Dt = + (b x BPAt Dt-1) + t

Dt = + 1 x Dt-1+ 2 x BPAt + t
1= - y 2 =

23

24

25

26

21

27

22

28

23 Segn Christine Jolls de la Harvard Law School, citada en The Economist Share buybacks. A popular

option. 25 de abril de 1998 pg.: 92

29

30

31

b. 1,1125 millones

32