Nexus Corp’s earnings and dividends are growing at 15% per year. Alpha Corp’s earnings and dividends are growing at 8% per year. The companies’ assets, earnings, and dividends per share are now (at date 0) exactly the same. Yet the Present Value of Growth Opportunities (PVGO) accounts for a greater fraction of Alpha Corp’s stock price. How is this possible? (Hint: There is more than one possible explanation.)