Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective *

Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective * This paper revisits Ohlson 1995 to make a number of points not generally appreciated in the literature. First, the residual income valuation (RIV) model does not serve as a crucial centerpiece in the analysis. Instead, RIV plays the role of condensing and streamlining the analysis, but without any effect on the substantive empirical conclusions. Second, the concept of “other information” in the model can be given concrete empirical content if one presumes that next‐period expected earnings are observable. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Contemporary Accounting Research Wiley

Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective *

Contemporary Accounting Research, Volume 18 (1) – Mar 1, 2001

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Publisher
Wiley
Copyright
2001 Canadian Academic Accounting Association
ISSN
0823-9150
eISSN
1911-3846
D.O.I.
10.1506/7TPJ-RXQN-TQC7-FFAE
Publisher site
See Article on Publisher Site

Abstract

This paper revisits Ohlson 1995 to make a number of points not generally appreciated in the literature. First, the residual income valuation (RIV) model does not serve as a crucial centerpiece in the analysis. Instead, RIV plays the role of condensing and streamlining the analysis, but without any effect on the substantive empirical conclusions. Second, the concept of “other information” in the model can be given concrete empirical content if one presumes that next‐period expected earnings are observable.

Journal

Contemporary Accounting ResearchWiley

Published: Mar 1, 2001

References

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