5 When using the discounted flows to equity valuation model, the market value of common shares depends upon investors': Multiple Choice future expectations about the future economic prospects of cash flows before payments to debtholders and preferred shareholders. current expectations about the future economic prospects of cash flows after payments to debtholders and preferred shareholders. future expectations about the current economic prospects of cash flows to both debtholders and preferred shareholders. current expectations about the current economic prospects of cash flows to both debtholders and preferred shareholders