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Journal articles on the topic 'Ohlson valuation model (EBO)'

Author: Grafiati

Published: 28 May 2022

Last updated: 31 July 2025

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1

Astuti, Yuni, and Zulfanita Dien. "Comparative Analysis of EBO and Relative Valuation Models for Banking Stocks in the Jakarta Stock Exchange." Journal of Business and Management Review 6, no. 6 (2025): 620–32. https://doi.org/10.47153/jbmr.v6i6.1704.

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Research Aims: Valuation was one of the most important parts in stock investing to find the valuable and cheapest stock. Thus, investors could get bigger capital gains and dividend yields. This research aimed to determine the best valuation model for bank stocks in the Jakarta Stock Exchange (JCI) and which is the best variable for its to predict the bank stock price itself. Design/methodology/approach: This research used a quantitative approach with secondary data of 13 banks listed in JCI during 2021-2024. Data were analysed by multiple regression techniques to obtain the R2 value and partia

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Неупокоева, Т. Э., and И. Н. Галкин. "Classification of Modern Methods of Business Valuation." ЖУРНАЛ ПРАВОВЫХ И ЭКОНОМИЧЕСКИХ ИССЛЕДОВАНИЙ, no. 1 (March 24, 2024): 239–46. http://dx.doi.org/10.26163/gief.2024.68.90.034.

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В статье проводится обзор и дается сравнительная характеристика как классических подходов и методов оценки бизнеса, так и современных, нестандартных (опционные методы, метод EBO, методы на основе машинного обучения). Анализируются их преимущества и недостатки, определяются сферы применения. По результатам исследования уточняется и дополняется существующая классификация методов оценки бизнеса, куда впервые авторами включается оценочный метод на основе машинного обучения, классифицируемый ими как метод сравнительного подхода. Делается вывод о перспективности данного метода, его ограничениях, а т

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Lo, Kin, and Thomas Lys. "The Ohlson Model: Contribution to Valuation Theory, Limitations, and Empirical Applications." Journal of Accounting, Auditing & Finance 15, no. 3 (2000): 337–67. http://dx.doi.org/10.1177/0148558x0001500311.

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The work of Ohlson (1995) and Feltham and Ohlson (1995) had a profound impact on accounting research in the 1990s. In this paper, we first discuss this valuation framework, identify its key features, and put it in the context of prior valuation models. We then review the numerous empirical studies that are based on these models. We find that most of these studies apply a residual income valuation model without the information dynamics that are the key feature of the Feltham and Ohlson framework. We find that few studies have adequately evaluated the empirical validity of this framework. Moreov

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Berzon, Nikolaj, and Adil Khassanov. "Ohlson Model-Based Valuation of Companies in European Emerging Markets." Moscow University Economics Bulletin 2019, no. 5 (2019): 92–115. http://dx.doi.org/10.38050/01300105201956.

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This article examines the Ohlson model as an alternative way to explain the dynamics of public companies’ market quotations in emerging countries of Europe. In general, Ohlson model is an econometric model that takes into account companies’ financial statements and parameter of “other” information. The purpose of this study is to conduct a comparative analysis of the ability of Ohlson model to estimate the value of companies in emerging markets of Europe. The scientific novelty lies in the following fact: this paper is the first empirical research that simultaneously tests the significance of

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Soon, Wai Leong, and Rohaida Basiruddin. "A Conceptual Framework for A Corporate Finance Valuation Method." Business Management and Strategy 9, no. 2 (2018): 54. http://dx.doi.org/10.5296/bms.v9i2.13731.

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The Ohlson Model and its variants have been widely studied by researchers for value relevance of accounting information. It has been used to predict share prices and to assess the fundamental value of a firm. The original Ohlson Model does not clearly define the non-accounting information variables as the linear information dynamics variables. In relation to that, we propose a conceptual framework that includes the Piotroski F-Score, trading liquidity and systematic risk as the linear information dynamics variables in the Ohlson Model to improve prediction of share prices and forecasting capac

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6

Yuliarini, Sarah. "Prediksi Harga Saham Menggunakan Model Valuasi Teori Surplus Bersih Berdasarkan Pendekatan Ohlson." AKRUAL: Jurnal Akuntansi 1, no. 2 (2010): 171. http://dx.doi.org/10.26740/jaj.v1n2.p171-189.

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AbstractThe aim of empirical research is continouing study about clean-surplus theory contributed to valuing firm that listed in Indonesian capital marked. Ohlson (1995) had resolved final counts by assuming that abnormal earning have a regressing time could be counted based on accounting data. The result have to be correlated with marked capitalized. Regression tested refer to positive correlation and significant with marked valued. Valuation adopted Ohlson (1995) count about 130%, when it could be in post of global monetary crisis, above of marked value differ with prior result. In summary,

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Ahmed, Anwer S., Richard M. Morton, and Thomas F. Schaefer. "Accounting Conservatism and the Valuation of Accounting Numbers: Evidence on the Feltham-Ohlson (1996) Model." Journal of Accounting, Auditing & Finance 15, no. 3 (2000): 271–92. http://dx.doi.org/10.1177/0148558x0001500305.

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We empirically investigate the effects of accounting conservatism on (1) the stock market valuation of operating assets in the context of the Feltham-Ohlson (1996) model and (2) the weight on operating assets in the Feltham-Ohlson abnormal operating earnings dynamics (hereafter referred to as the LIM conservatism parameter). Consistent with the Feltham-Ohlson (1996) model, we find that accounting-based conservatism proxies are positively related to the valuation weight on operating assets. Furthermore, the accounting-based conservatism proxies have incremental explanatory power even after cont

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Vergos, Konstantinos, Apostolos G. Christopoulos, and Vasilios Kalogirou. "Macroeconomic Factors and Company Value in the Context of the Ohlson Residual Income Valuation Model." International Journal of Sustainable Economies Management 2, no. 2 (2013): 1–11. http://dx.doi.org/10.4018/ijsem.2013040101.

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Over the past decades the Ohlson Residual Income Model for equity valuation has drawn much attention concerning its advantages when compared to traditional models (DDM, FCFM). This paper attempts to empirically investigate the validity of the Ohlson Residual Income model using data from the Greek economy over the period 1969-2001. By using multiple regression analysis and by incorporating macroeconomic factors as explanatory variables, we investigate the link of accounting and macroeconomic factors in the market valuation of major Greek companies listed in the Athens Stock exchange. We find th

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Ордов and K. Ordov. "Using of Ohlson Model for Express Valuation of the Company." Auditor 2, no. 4 (2016): 34–37. http://dx.doi.org/10.12737/18995.

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Th e article discusses the prospect of using the model of Ohlson to conduct a rapid assessment of the market value of the company. Model of added value have a high reliability of the fi nal calculations with a high quality of accounting in the company.

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10

Myers, James N. "Implementing Residual Income Valuation With Linear Information Dynamics." Accounting Review 74, no. 1 (1999): 1–28. http://dx.doi.org/10.2308/accr.1999.74.1.1.

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Residual income (RI) valuation is a method of estimating firm value based on expected future accounting numbers. This study documents the necessity of using linear information models (LIMs) of the time series of accounting numbers in valuation. I find that recent studies that make ad hoc modifications to the LIMs contain internal inconsistencies and violate the no arbitrage assumption. I outline a method for modifying the LIMs while preserving internal consistency. I also find that when estimated as a time series, the LIMs of Ohlson (1995), and Feltham and Ohlson (1995) provide value estimates

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Tharavanij, Piyapas. "Tobin’s q Revisited: A Theoretical and Empirical Framework for Accurate Business Valuation." GATR Global Journal of Business Social Sciences Review 12, no. 3 (2024): 125–33. http://dx.doi.org/10.35609/gjbssr.2024.12.3(3).

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Objective - This study revisits Tobin’s q by offering a theoretically derived empirical model based on the Ohlson framework, aiming to correct the misapplications found in existing literature. Methodology/Technique – While Tobin’s q has been extensively used as a measure of firm value, the traditional empirical models often assume a linear relationship with variables such as growth, leverage, and profitability. Finding – This paper demonstrates that even in a basic model, such as the Gordon growth model, this linearity does not hold. In fact, this paper shows that a linear relationship will ho

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AKSENT'EV, Andrei A. "The impact of deferred taxes on the market value of Russian banks." International Accounting 25, no. 9 (2022): 1033–70. http://dx.doi.org/10.24891/ia.25.9.1033.

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Subject. This article attempts to identify the relationship between deferred taxes and the market reaction to the value of Russian banks. It is a continuation of previous studies to assess the relationship between deferred tax assets and the company value, and the applicability of the MTB and Ohlson Models as tools for assessing the relationship between market and accounting indicators. Objectives. The article aims to explore the information significance of deferred taxes from the standpoint of their impact on the market value of Russian banks whose shares are listed on the Moscow Stock Exchan

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Tharavanij, Piyapas. "Theoretical-based Tobin's Q empirical model." Global Conference on Business and Social Sciences Proceeding 16, no. 1 (2024): 87. https://doi.org/10.35609/gcbssproceeding.2024.1(87).

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In existing empirical studies, the Tobin's Q ratio is mostly used as a measure of firm value. Researchers simply use it as a dependent variable and relate it with explanatory variables that determine firm value such as growth, leverage, size in a linear regression. However, even in the simplest case as in the Gordon growth model (constant growth model) with no leverage, this linear relationship does not hold. This paper theoretically derives the Tobin's Q empirical equation based on the Ohlson model. This provides a theoretical foundation for the empirical model. The result shows that most emp

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Etemadi, Hossein, and Forough Rahimi Mougouie. "Firms Life Cycle and Ohlson Valuation Model: Evidence from Iran." Asian Economic and Financial Review 5, no. 4 (2015): 641–52. http://dx.doi.org/10.18488/journal.aefr/2015.5.4/102.4.641.652.

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15

Liu, Yuzhi, and Yunjie Zhao. "The Study of Equity Valuation Based on Modified Ohlson Model: Case of BYD." Highlights in Business, Economics and Management 24 (January 22, 2024): 2459–72. http://dx.doi.org/10.54097/298npx17.

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New energy vehicle companies are at an early stage of development and have large differences in terms of technological development, market maturity and R&D costs. In this context, traditional valuation methods do not meet the requirements for valuing new energy vehicle companies. This study modified the traditional Ohlson model according to the characteristics of new energy vehicle companies, adopts DuPont's analysis system to decompose and measure several financial indicators, addresses the problem that residual returns are difficult to predict directly, and provides a reasonable and accu

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Feltham, Gerald A., and James A. Ohlson. "Residual Earnings Valuation With Risk and Stochastic Interest Rates." Accounting Review 74, no. 2 (1999): 165–83. http://dx.doi.org/10.2308/accr.1999.74.2.165.

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This paper provides a general version of the accounting-based valuation model that equates the market value of a firm's equity to book value plus the present value of expected abnormal earnings. Prior theoretical work (e.g., Ohlson 1995; Feltham and Ohlson 1995, 1996) assumes investors are risk neutral and interest rates are nonstochastic and flat. Our more general analysis rests on only two assumptions: no arbitrage in financial markets and clean surplus accounting. These assumptions imply a risk-adjusted formula for the present value of expected abnormal earnings. The risk adjustments consis

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Fullana, Olga, Mariano González, and David Toscano. "The Role of Assumptions in Ohlson Model Performance: Lessons for Improving Equity-Value Modeling." Mathematics 9, no. 5 (2021): 513. http://dx.doi.org/10.3390/math9050513.

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In this paper, we test whether the short-run econometric conditions for the basic assumptions of the Ohlson valuation model hold, and then we relate these results with the fulfillment of the short-run econometric conditions for this model to be effective. Better future modeling motivated us to analyze to what extent the assumptions involved in this seminal model are not good enough approximations to solve the firm valuation problem, causing poor model performance. The model is based on the well-known dividend discount model and the residual income valuation model, and it adds a linear informat

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Mandl, Christian, Sebastian Lobe, Klaus Röder, and Martina Dürndorfer. "Fundamental valuation of extra-financial information." Corporate Ownership and Control 8, no. 1 (2010): 296–320. http://dx.doi.org/10.22495/cocv8i1c2p4.

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We augment seminal models based on Ohlson (1995) by integrating the value impact of ratings related to three different extra-financial categories, i. e. corporate governance, human capital, and innovation capital. By integrating extra-financial information in valuation models, we examine whether current market values can be better estimated and future stock performance better predicted when considering this information. For a sample of large European public firms, we find that a model including human capital information and analysts’ earnings forecasts best explains current stock prices. Our m

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Nasfi Salem, Faten. "Comparative study of Ohlson and cash flow discounting models in the prediction of the stock price." Corporate Ownership and Control 18, no. 2 (2021): 162–68. http://dx.doi.org/10.22495/cocv18i2art13.

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Two models derived from the dividend discount model attracted the attention of researchers: the residual income model (RIM) and the Ohlson model. These models are said to be dualistic since they combine both aspects of the economic and accounting vision. We propose, in our study, to test the performance of the dualistic evaluation model and to show the importance of accounting information. To do this, we will calculate the value of a listed company according to the actuarial valuation model, namely: the available cash flow discounting model (DCF) and the Ohlson model as a dualistic model. Then

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Holland, Larry C. "A Flexible Valuation Model Incorporating Declining Growth Rates." Accounting and Finance Research 7, no. 1 (2017): 116. http://dx.doi.org/10.5430/afr.v7n1p116.

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A new model is developed in this paper which demonstrates a flexible method for modeling a cash flow stream with a declining growth rate that asymptotically approaches a mature long-term growth rate. This model can be applied when the initial growth rate in cash flows is temporarily larger than the required rate of return. A simple closed form equation of the valuation model is presented along with an example to illustrate the valuation of future cash flows with a declining growth rate. A comparison is made with the valuation from multi-stage models that have constant growth segments, the H-Mo

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Mousa, Musaab, Judit Sági, and Zoltán Zéman. "Brand and Firm Value: Evidence from Arab Emerging Markets." Economies 9, no. 1 (2021): 5. http://dx.doi.org/10.3390/economies9010005.

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This study aims to estimate the impact of brand as the most important intangible marketing asset on firm value, measured by share return in some Arab emerging market, as well analyze the moderating role of agency costs in the relationship between share return and brand. We use the Ohlson model of valuation with a sample of the most traded companies on four markets under study. The panel data regression results show a significant impact of brand on return as well as agency costs that promote the valuation model power, meaning that good corporate governance increases the degree of marketing inve

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Livnat, Joshua. "Discussion: “The Ohlson Model: Contribution to Valuation Theory, Limitations, and Empirical Applications”." Journal of Accounting, Auditing & Finance 15, no. 3 (2000): 368–70. http://dx.doi.org/10.1177/0148558x0001500312.

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Lee, Shih-Cheng, Chien-Ting Lin, and Min-Teh Yu. "A fractional cointegration approach to testing the Ohlson accounting based valuation model." Review of Quantitative Finance and Accounting 41, no. 3 (2012): 535–47. http://dx.doi.org/10.1007/s11156-012-0321-0.

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Hassan, Nazmul, and Hasan Md Mahmood Ul Haque. "Role of Accounting Information in Assessing Stock Prices in Bangladesh." International Journal of Business and Social Research 7, no. 10 (2017): 18. http://dx.doi.org/10.18533/ijbsr.v7i10.1089.

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<p>This paper seeks to explore the relationship between share prices and the value-relevance of accounting information. The basic <a href="file:///D:/IJBSR/October%2017/Published/1089-3299-2-SM.docx#Ohlson">Ohlson (1995)</a> valuation model has been used to conduct the research using a sample of 93 companies from six broad industries listed on the Dhaka Stock Exchange (DSE), Bangladesh. The adjusted (R²) and estimated regression coefficients of accounting variables are tested in this model. Results report that both Earnings per Share (EPS) and Book Value (BV) have influential

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Gao, Zhan, James N. Myers, Linda A. Myers, and Wan-Ting Wu. "Can a Hybrid Method Improve Equity Valuation? An Empirical Evaluation of the Ohlson and Johannesson (2016) Model." Accounting Review 94, no. 6 (2019): 227–52. http://dx.doi.org/10.2308/accr-52415.

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ABSTRACT This paper investigates the validity and usefulness of “hybrid” valuation models. We recast the model in Ohlson and Johannesson (2016) as a hybrid of the Dividend Discount Model and an earnings-based price multiple model, and develop a new hybrid model that generalizes the Residual Income Valuation Model. After validating the theoretical properties of these models' unique parameters, we assess the usefulness of the hybrid models in two applications. In application one, we find that intrinsic values from the hybrid models are more accurate than those from common discounted models or pr

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Khassanov, A. B. "Business valuation through the Ohlson model: Evidence from the advanced markets of Europe." Finance and Credit 25, no. 5 (2019): 1205–26. http://dx.doi.org/10.24891/fc.25.5.1205.

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Hu, Yiming, Xinmin Tian, and Zhiyong Zhu. "Market transaction characteristics and pricing effect of accounting valuation models." China Finance Review International 6, no. 1 (2016): 2–31. http://dx.doi.org/10.1108/cfri-05-2015-0036.

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Purpose – In capital market, share prices of listed companies generally respond to accounting information. In 1995, Ohlson proposed a share valuation model based on two accounting indicators: company residual income and book value of net asset. In 2000, Zhang introduced the thought of option pricing and developed a new accounting valuation model. The purpose of this paper is to investigate the valuation deviation and the influence of some market transaction characteristics on pricing models. Design/methodology/approach – The authors use listed companies from 1999 to 2013 as samples, and conduc

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Elshamy, Mostafa, Husain Y. Alyousef, and Jassem Al-Mudhaf. "Is Comprehensive Income Superior To Net Income In Equity Valuation? Evidence From The Capital Market Of Kuwait." Journal of Applied Business Research (JABR) 35, no. 4 (2019): 97–108. http://dx.doi.org/10.19030/jabr.v35i4.10304.

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The study examines whether comprehensive income numbers reported under International Financial Reporting Standards (IFRS) have value relevance over net income in equity valuation. We use a sample of firms that are listed in Kuwait Stock Exchange from banking, investment, real estate, industrial, basic materials, telecommunications, consumer services, oil & gas and health care sectors during the years 2012-2015.The study applies a methodology used by Collins, Maydew and Weiss (1997) that is based on Ohlson (1995) equity valuation model and Theil (1971) technique to measure and compare the r

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Song, Yooin, and Yongwoong Lee. "A Study on the Ohlson Model using Real Options: Focusing on KOSDAQ Companies." Korean Data Analysis Society 25, no. 6 (2023): 2229–44. http://dx.doi.org/10.37727/jkdas.2023.25.6.2229.

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This study newly suggests investor’s psychological expectation values as ‘other information’ not yet clearly identified in the Ohlson model. These values are calculated through real option valuation. A total of 9,791 annual corporate stock prices and financial statements are investigated for KOSDAQ companies from 2011 to 2021. According to the classification criteria of the Korea Exchange, the entire sample was classified into a total of 8 panels: bluechip, midsize, venture, and technology companies, and each further classified into two sub-groups based on their respective residual income sign

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Sotti, Francesco. "The role of non-controlling interests in the value relevance of consolidated financial statements." Corporate Ownership and Control 15 (2017): 435–43. http://dx.doi.org/10.22495/cocv15i1c2p12.

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Based on a sample of European listed companies, the present study has investigated value relevance of consolidated financial statements prepared according to IASs/IFRSs and whether presence or absence of non-controlling interests is relevant to capital markets investors. Several previous studies deal with value relevance of consolidated annual reports, but none of them considered the influence of non-controlling interests on investor’s choices. To analyze if and how minority shareholders presence can affect investors’ choices, we have analyzed the value relevance of consolidated financial stat

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Jiménez-Angueira, Carlos E., Emeka Nwaeze, and Sung-Jin Park. "The effect of conservative financial reporting and tax aggressiveness on the market valuation of unrecognized tax benefits." Asian Review of Accounting 29, no. 2 (2021): 150–72. http://dx.doi.org/10.1108/ara-07-2020-0111.

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PurposePrior studies document a positive relation between stock prices and tax-related contingent liability, unrecognized tax benefits (UTBs) and interpret the finding as evidence that investors reward tax aggressiveness. The purpose of this paper is to explore the nature of this puzzle finding by considering a link between UTBs and financial reporting strategy and propose that financial reporting conservatism may explain the positive association between UTBs and stock prices.Design/methodology/approachTo estimate the incremental valuation weights on UTBs, the authors employ the Ohlson (1995)

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Bowerman, Suzanne, and Umesh Sharma. "The effect of corporate social responsibility disclosures on share prices in Japan and the UK." Corporate Ownership and Control 13, no. 2 (2016): 202–16. http://dx.doi.org/10.22495/cocv13i2c1p2.

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This paper investigates whether corporate social responsibility disclosure (CSRD) is associated with firms’ market values in order to assess whether CSRD provides incremental value relevant information to investors. A modified Ohlson (1995) model is used, which is a widely accepted equity valuation model in accounting research. The findings suggest that investors in the UK consider CSRD information in the total information set they use for their investment decision-making, whereas Japanese investors do not appear to find that CSRD provides incremental information over and above financial infor

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Al-Hares, Osama M., Naser M. AbuGhazaleh, and Ayman E. Haddad. "The Effect Of Other Information On Equity Valuation: Kuwait Evidence." Journal of Applied Business Research (JABR) 27, no. 6 (2011): 57. http://dx.doi.org/10.19030/jabr.v27i6.6466.

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Previous studies on the value relevance of accounting information adopt Ohlsons linear information dynamics which, if other information is ignored, leads to a theoretical valuation model solely involving earnings, book value, and net shareholder cash flows or (net dividends). The lack of analysis of other value-relevant data may defeat the effectiveness of the Ohlsons model since the current accounting data cannot fully account for future earnings. The potential implication of ignoring other information is that it could introduce bias into estimated coefficients (e.g. Ohlson, 1995; Hand and La

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Rosário, João, and Maria Carlos Annes. "A The Environmental, Social and Governance information creates value for the shareholder in the Euronext Stock Exchanges." Global Conference on Business and Social Sciences Proceeding 16, no. 1 (2024): 106. https://doi.org/10.35609/gcbssproceeding.2024.1(106).

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This study investigates the impact of the three sustainability pillars, Environmental, Social, and Governance (ESG) information on the price of assets listed on the Stock Exchanges in the Euronext network over the period 2002-2022. Applying different specifications based on the Ohlson (1995) valuation model, the results show that investors react differently to the sustainability information in different markets. The subject matter of this work focused on central and eastern Europe in which we did not observe the effect in opposite to previous results where we found mixed results. Keywords: Env

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Brugni, Talles Vianna, Alfredo Sarlo Neto, Patrícia Maria Bortolon, and António Oscar Santos Góes. "Different levels of corporate governance and the Ohlson valuation framework: The case of Brazil." Corporate Ownership and Control 9, no. 2 (2012): 486–97. http://dx.doi.org/10.22495/cocv9i2c5art3.

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We examine whether Brazilian companies with enhanced corporate governance levels have higher market values according to the model of Ohlson (1995), modified to include variables such as governance level, type of control and shareholding structure. This study produces empirical results based on information taken from the Economática® and Brazilian Securities Commission (CVM) databases, in the period from 2004 to 2010. Multiple linear regressions on panel data is used to analyze a sample of 90 firms through 630 observations. The findings indicate that the addition of governance measures to the m

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Horno-Bueno, María Paz, Ana Licerán-Gutiérrez, and Rafael Bautista-Mesa. "Capital markets and valuation models of investment properties. A pre and post crisis analysis." Revista de Contabilidad 25, no. 2 (2022): 233–43. http://dx.doi.org/10.6018/rcsar.431411.

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This work analyses the effect of the fair value and historical cost models, optionally applicable under IAS 40 for investment properties on the market value of Spanish groups of real estate listed companies between 2005 and 2018. The results of the application of the Ohlson Model do not suggest any relationship of financial information with the market value in the pre-crisis and economic crisis periods. However, in the post-crisis period, financial information represented by book value gains relevance, showing a significant positive relationship with the market value of real estate companies,

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Ryan, Stephen G. "Discussion: “Accounting Conservatism and the Valuation of Accounting Numbers: Evidence on the Feltham-Ohlson (1996) Model”." Journal of Accounting, Auditing & Finance 15, no. 3 (2000): 293–99. http://dx.doi.org/10.1177/0148558x0001500306.

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Durán-Vázquez, Rocío, Arturo Lorenzo-Valdés, and Claudia E. Castillo-Ramírez. "Effectiveness of corporate finance valuation methods: Piotroski score in an Ohlson model: the case of Mexico." Journal of Economics Finance and Administrative Science 19, no. 37 (2014): 104–7. http://dx.doi.org/10.1016/j.jefas.2014.04.003.

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Swartz, G. E., N‐P Swartz, and S. Firer. "An empirical examination of the value relevance of intellectual capital using the Ohlson (1995) valuation model." Meditari Accountancy Research 14, no. 2 (2006): 67–81. http://dx.doi.org/10.1108/10222529200600013.

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Easterday, Kathryn E. "The January effect anomaly: effect on the returns-earnings association." American Journal of Business 30, no. 2 (2015): 114–46. http://dx.doi.org/10.1108/ajb-08-2014-0048.

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Purpose – The purpose of this paper is to examine the January effect, a well-documented capital markets pricing anomaly in which January return premiums are observed to be on average higher than in other months of the year. Extant literature focusses primarily on investor trading behaviors and incentives. This study is different in that it investigates the link between the unusually high returns characteristic of the January effect and accounting earnings, a popular measure that investors use to judge firm value. Design/methodology/approach – The empirical model used in this study is derived f

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Moyo, Vusani, and Fidelis Mache. "Inferring The Cost Of Equity: Does The CAPM Consistently Outperform The Income And Multiples Valuation Models?" Journal of Applied Business Research (JABR) 34, no. 3 (2018): 519–32. http://dx.doi.org/10.19030/jabr.v34i3.10174.

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A number of surveys reveal that a large number of analysts, valuation experts, investors, chief financial officers and finance academics employ the capital asset pricing model (CAPM) of Sharpe (1962) and Lintner (1965) to estimate the cost of equity. There are, however, a number of alternative valuation models that can be used to infer the cost of equity. These alternative equity valuation models include the constant growth dividend discount, the earnings and book market multiples, the residual income and the Ohlson and Juettner-Nauroth (2005) abnormal earnings growth (AEG) models. Using four

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Kjærland, Frode. "Simple valuation of electric utilities – a comparison of the residual income model and a real options approach." Investment Management and Financial Innovations 13, no. 2 (2016): 53–64. http://dx.doi.org/10.21511/imfi.13(2).2016.06.

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Since deregulation of the energy market in Norway, there has been a number of mergers and acquisitions of electric utilities. In all these transactions, the companies have been valued. Many of the transactions have sparked significant controversy (by politicians, consultants and others) who claim that the companies have been sold too cheaply, especially concerning hydropower generating companies. How can business valuation of these enterprises be explained? Real option theory is, in this study, applied in order to explain the value beyond a traditional approach. The residual income model propo

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Collins, Daniel W., Morton Pincus, and Hong Xie. "Equity Valuation and Negative Earnings: The Role of Book Value of Equity." Accounting Review 74, no. 1 (1999): 29–61. http://dx.doi.org/10.2308/accr.1999.74.1.29.

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This study provides an explanation for the anomalous significantly negative price-earnings relation using the simple earnings capitalization model for firms that report losses. We hypothesize and find that including book value of equity in the valuation specification eliminates the negative relation. This suggests that the simple earnings capitalization model is misspecified and the negative coefficient on earnings for loss firms is a manifestation of that misspecification. Furthermore, we provide evidence on three competing explanations for the role that book value of equity plays in valuing

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Fazzini, Marco, and Lorenzo Dal Maso. "The value relevance of firms’ anti-bribery and corruption efforts the Italian evidence." Corporate Ownership and Control 12, no. 4 (2015): 718–26. http://dx.doi.org/10.22495/cocv12i4c7p3.

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In this paper, we utilized a sample of Italian companies to explore the influence of firms’ Anti-Bribery and Corruption efforts on firm value. On a sample of 47 Italian listed companies followed by Asset4 (Thomson Reuters business collecting corporate social responsibility data) during period 2002 to 2013, we investigate the relevance of information related to firms’ Anti-Bribery and Corruption efforts in explaining stock price through the accounting-based valuation model developed by Ohlson (1995). Results corroborate empirical evidence of a positive correlation between efforts made by firms

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Ahmad, Hafiz Imtiaz. "Doing Better by Doing Good: Discussing the Value Potential of Selected “Just Companies”." International Journal of Financial Research 11, no. 2 (2020): 40. http://dx.doi.org/10.5430/ijfr.v11n2p40.

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On December 10, 2018, The JUST Capital Foundation, in partnership with Forbes, has released the 2018 ranking of the one hundred most socially "just" companies in the United States (Forbes; Just capital Foundation, 2018).This paper aims to discuss the value generation potential of the selected companies in this list by using (Ohlson, 1995) model. Our findings suggest that the in the context of USA, markets value social responsibility efficiently and the impact is visible in various sectors. These results may be of interest for investment analysts, academic researchers, Governments and regulator

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Feltham, Gerald A., and Jinhan Pae. "Analysis of the Impact of Accounting Accruals on Earnings Uncertainty and Response Coefficients." Journal of Accounting, Auditing & Finance 15, no. 3 (2000): 199–220. http://dx.doi.org/10.1177/0148558x0001500301.

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This paper uses the residual income valuation model in Feltham and Ohlson (1996) as the basis for developing a model in which management has private information and their choice of accruals influences the information received by investors. The noisiness of accruals relative to management's private value relevant information is exogenous. The analysis examines how the characteristics of the management's private information and their accrual choice process influences the variance of unexpected earnings and the earnings response coefficient. The variance of unexpected earnings is shown to be an i

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Dawar, Varun. "Earnings persistence and stock prices: empirical evidence from an emerging market." Journal of Financial Reporting and Accounting 12, no. 2 (2014): 117–34. http://dx.doi.org/10.1108/jfra-06-2013-0044.

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Purpose – This study aims to investigate the persistence ability of accounting variables, namely, abnormal earnings, book value, accruals and cash flows over a period of time and their valuation relevance in Indian scenario. Design/methodology/approach – The study utilizes the generalized version of the Ohlson model which links market prices with abnormal earnings, book value and earning components (accruals and cash flows). Fixed-effect panel data regression is used to analyze six years of data on the sample units to determine the persistence and valuation relevance. Findings – The findings p

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Tseng, Kuo-An, Ching-I. Lin, and Szu-Wei Yen. "Contingencies of intellectual capitals and financial capital on value creation." Journal of Intellectual Capital 16, no. 1 (2015): 156–73. http://dx.doi.org/10.1108/jic-04-2014-0042.

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Purpose – The purpose of this paper is to investigate the relationship among intellectual capital (IC), financial capital (FC), firm value (V), and value creation (VC) in different business cycles (BC) for the conduct of strategic management that will maintain stable values and further increase V. Design/methodology/approach – This research cites ICs as “other information” to combine ICs and the Ohlson model. Information provided by various capitals is validated by multiple regression analysis. Multi-group analysis is performed to test whether the coefficient is moderated by BC. Findings – Res

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Soyemi, Kenny Adedapo, Joel Adeniyi Okewale, and Joshua Damilare Olaniyan. "Environmental Responsiveness and Firm Value: Evidence from Nigeria." Acta Universitatis Sapientiae, Economics and Business 9, no. 1 (2021): 133–55. http://dx.doi.org/10.2478/auseb-2021-0008.

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Abstract This paper examines the effects of environmental responsiveness on firm value in Nigeria and provides an insight into the feasibility of corporate entities engaging with the United Nations’ sustainable development agenda, without compromising their wealth creation agenda. Secondary data were gathered from annual reports and audited accounts of 83 quoted non-financial firms for three years covering the period of 2016–2018. Thereafter, a regression analysis using the Ohlson value relevant model for price valuation was done. Results of the empirical analysis confirm the positive influenc

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Alnodel, Ali A. "The Impact of IFRS Adoption on the Value Relevance of Accounting Information: Evidence from the Insurance Sector." International Journal of Business and Management 13, no. 4 (2018): 138. http://dx.doi.org/10.5539/ijbm.v13n4p138.

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This paper aims to investigate whether the adoption of International Financial Reporting Standards (IFRS) increases the value relevance of accounting information for insurance firms listed in the Saudi stock market. The study employs the Ohlson model (1995) and the Easton–Harris valuation model (1991) in order to examine the association among stock market value and book value and earnings per share. The data was collected for 21 insurance companies listed in the Saudi stock market during the period 2007–2014, which covered pre- / post-IFRS periods. The results reveal that the book value of equ

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