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Accounting based valuation models: what have we learned?

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  • Gordon Richardson
  • Surjit Tinaikar

Abstract

The present survey article formed the basis of a presentation by G. Richardson to the 8 July 2003 plenary session of the Accounting and Finance Association of Australia and New Zealand Conference in Brisbane, Australia. The present article reconciles the historical and forecasting branches in the published accounting literature. Prior survey articles have primarily focused either on the historical branch or the forecasting branch. While these approaches have yielded useful insights, they do not attempt to synthesize the link between the two branches of the published literature. An obvious link between the two branches is that the Ohlson model begins with the Residual Income Model as an initial assumption. We believe that there are other links that need further emphasis. In the process, we also review the empirical issues and the evidence within these two branches. We know of no paper to date that has surveyed the empirical evidence on both the historical and forecasting branches of the published literature. In particular, we draw inferences on the following question: on balance, what have we learned from nearly a decade of research on accounting based valuation models and its applications? Copyright AFAANZ, 2004..

Suggested Citation

  • Gordon Richardson & Surjit Tinaikar, 2004. "Accounting based valuation models: what have we learned?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 44(2), pages 223-255.
  • Handle: RePEc:bla:acctfi:v:44:y:2004:i:2:p:223-255
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-629X.2004.00109.x
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    Cited by:

    1. Roychowdhury, Sugata & Watts, Ross L., 2007. "Asymmetric timeliness of earnings, market-to-book and conservatism in financial reporting," Journal of Accounting and Economics, Elsevier, vol. 44(1-2), pages 2-31, September.
    2. Richardson, Scott & Tuna, Irem & Wysocki, Peter, 2010. "Accounting anomalies and fundamental analysis: A review of recent research advances," Journal of Accounting and Economics, Elsevier, vol. 50(2-3), pages 410-454, December.
    3. Li Wang & Pervaiz Alam & Stephen Makar, 2005. "The Value-Relevance of Derivative Disclosures by Commercial Banks: A Comprehensive Study of Information Content Under SFAS Nos. 119 and 133," Review of Quantitative Finance and Accounting, Springer, vol. 25(4), pages 413-427, December.
    4. Koh, SzeKee & Durand, Robert B. & Limkriangkrai, Manapon, 2015. "The value of Saints and the price of Sin," Pacific-Basin Finance Journal, Elsevier, vol. 35(PA), pages 56-72.
    5. Volkov, Dmitry L. & Berezinets, Irina V., 2007. "Accounting-based valuations and market prices of equity: Case of Russian market," Working Papers 790, Graduate School of Management, St. Petersburg State University.
    6. Arturo Leccadito & Stefania Veltri, 2015. "A regime switching Ohlson model," Quality & Quantity: International Journal of Methodology, Springer, vol. 49(5), pages 2015-2035, September.

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