CFA2 residual income

RI = Earnings(t時) − r × Book(t−1時)

PV of continuing residual income in year T-1
PV  = RI/(1+r−ω)
ω=persistence factor,0≤ω≤1
RIはTの時

The present value of continuing residual income
={(P−B) +RI}/(1+r)