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Which of the following is likely valid critique of AQR's approach in forming equity market...

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Which of the following is likely valid critique of AQR's approach in forming equity market expectation? a. The assumption that these is no long-term adjustment in overall market valuation is questionable b. The use of the 0.5 for the long-term dividend payout ratio across different countries seems questionable C. There is no justification of why equally weighing the earning-based and payout-based model d. All of the options

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