The market value of equity curve is approaching the fixed adaptation value on the left of the point, and approaching capitalized expected earnings on the right of the point. For low expected future earnings, adaptation value does more contribution to market value of firm’s equity, and a revision in expected future earnings matters little for the valuation of a firm.For high expected future earnings, however, recursion value does more contribution to market value of firm’s equity, and a revision of expected future earnings has a great impact on market value. For middle class of earnings, the market value is attributive to a more balanced combination of recursion and adaptation value. In this case, keeping adaptation value constant, the market value revision because of a change in the mean of expected future earnings depends on the level of the mean of expected earnings. The slope of the association between market value and expected earnings increases over the range of expected future earnings towards its limiting value, the earnings capitalization part.