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James Ohlson (1995)
Earnings, Book Values, and Dividends in Equity Valuation*Contemporary Accounting Research, 11
T. Agmon, D. Lessard (1977)
Investor Recognition of Corporate International DiversificationJournal of Finance, 32
J. Dunning (1988)
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Daniel Sullivan (1994)
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Jane Ou, S. Penman (1989)
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S. Penman (1992)
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George Tsetsekos (1991)
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Jane Ou, S. Penman (1989)
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Presents a study of the importance of multinationality in predicting firm valuation and profitability using Ohlson’s (1988, 1991) valuation model as a basis for model development. Tests these models on 1987‐1992 US data and compares them with predictions based on current return on equity. Presents the results, which suggest that the degree of internationalization helps to explain cross‐sectional differences in market value, but does not provide much extra information on future profitability.
Managerial Finance – Emerald Publishing
Published: Dec 1, 1999
Keywords: Accounting research; Methods of valuation; Modelling; Predictive validity; International trade; USA
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