Common stock represents the_____position in a firm, and is valued as the present value of its expected future ______stream. Common stock dividends _____ specified by contract-they depend on the firm's earnings. Two models are used to estimate a stock's intrinsic value: the discounted dividend model and the corporate valuation model. The ____ model values a common stock as the present value of its expected future cash flows at the firm's required rate of return on equity. Variations of this model are used to value constant growth stocks, zero growth stocks, and nonconstant growth stocks. The _____ model is an alternative model used to value a firm, especially one that does not pay dividends or is privately held. This model calculates the firm's _____ , and then finds their present values at the firm's weighted average cost of capital to determine a firm's value.