Empirical estimation of the Residual Income Valuation Model: Profit-Making vs. Loss-Making firms
Abstract
This paper tests the empirical performance of different specifications of the residual income valuation model based upon the inflation-adjusted model of Gregory, Saleh, and Tucker (2005) that is consistent with the Walker's (1997, p 354) suggestion that historical cost accounting versions of the model be abandoned in favor of one based on deprival values. Overall, the paper concludes that the Ohlson (1995) specification appears to be the best model that explains stock prices relative to other specifications used in this paper.
Full Text: PDF DOI: 10.15640/jfbm.v5n2a2
Abstract
This paper tests the empirical performance of different specifications of the residual income valuation model based upon the inflation-adjusted model of Gregory, Saleh, and Tucker (2005) that is consistent with the Walker's (1997, p 354) suggestion that historical cost accounting versions of the model be abandoned in favor of one based on deprival values. Overall, the paper concludes that the Ohlson (1995) specification appears to be the best model that explains stock prices relative to other specifications used in this paper.
Full Text: PDF DOI: 10.15640/jfbm.v5n2a2
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