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Residual Income-based Equity Valuation: Augmentation of Ohlson (1995) Model and its Validity - Couverture souple

Choi, Young-Soo

 
9783843357944: Residual Income-based Equity Valuation: Augmentation of Ohlson (1995) Model and its Validity
Couverture souple
ISBN 10 : 3843357943 ISBN 13 : 9783843357944
Editeur : LAP LAMBERT Academic Publishing, 2010

Synopsis

Following the seminal theoretical work of Ohlson (1995), many researchers have tried to investigate the linear information dynamics (LID) model's validity empirically. However, empirical applications of the LID approach to residual income (RI)-based equity valuation have produced estimates of firm value that are substantially lower on average than corresponding observed market values. This book augments the Ohlson model by incorporating residual income and 'other information' intercepts into the original linear information dynamics, in order to capture the impact of the intercept terms on the residual income forecasts and firm values. I argue that the large negative bias in LID-based value estimates might be attributable to failure to deal fully with the effects of conservative accounting in projecting residual income. The main objective of the book is thus to examine whether the 'intercept-inclusive' LID model produces more reliable value estimates than the extant RI-based valuation models. I also address a potentially important issue of the different applicability under different conditions of different RI-based valuation models.

Les informations fournies dans la section « Synopsis » peuvent faire référence à une autre édition de ce titre.

Présentation de l'éditeur

Following the seminal theoretical work of Ohlson (1995), many researchers have tried to investigate the linear information dynamics (LID) model's validity empirically. However, empirical applications of the LID approach to residual income (RI)-based equity valuation have produced estimates of firm value that are substantially lower on average than corresponding observed market values. This book augments the Ohlson model by incorporating residual income and 'other information' intercepts into the original linear information dynamics, in order to capture the impact of the intercept terms on the residual income forecasts and firm values. I argue that the large negative bias in LID-based value estimates might be attributable to failure to deal fully with the effects of conservative accounting in projecting residual income. The main objective of the book is thus to examine whether the 'intercept-inclusive' LID model produces more reliable value estimates than the extant RI-based valuation models. I also address a potentially important issue of the different applicability under different conditions of different RI-based valuation models.

Biographie de l'auteur

PhD: Studied Financial Accounting at Lancaster University, UK. Associate Professor at SKK Business School, SungKyunKwan University, Seoul.

Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.

Éditeur
LAP LAMBERT Academic Publishing
Date d'édition
2010
Langue
anglais
ISBN 10 
3843357943
ISBN 13 
9783843357944
Reliure
Broché
Nombre de pages
280
Coordonnées du fabricant
non disponible
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