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Accuracy Of Dividend Discount Model Valuation At Macedonian Stock- Exchange

Author

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  • Zoran Ivanovski
  • Zoran Narasanov
  • Nadica Ivanovska

Abstract

Many analysts believed that Dividend Discount Model (DDM) is obsolete, but much of the intuition that drives discounted cash flow (DCF) valuation is embedded in the DDM model. The basic task of these research is to test DDM valuation models accuracy at Macedonian Stock Exchange (MSE) as emerging market by analyzing two “blue-chip” stocks, one from banking sector and other from industry. The descriptive statistics and regression analysis were used to determine the level of correlation between the stocks’ intrinsic value and stock market prices as well as to determine statistical significance of companies’ dividends policies and dividend levels for future stock market prices forecasting.

Suggested Citation

  • Zoran Ivanovski & Zoran Narasanov & Nadica Ivanovska, 2015. "Accuracy Of Dividend Discount Model Valuation At Macedonian Stock- Exchange," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 9(1), pages 73-83.
    • Handle: RePEc:isp:journl:v:9:y:2015:i:1:p:73-83
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    Cited by:

    1. Leo Vashkor Dewri & Md. Rashidul Islam & Fatema-Tuz-Johra & M Mizanur Rahman, 2021. "Measuring Firms Intrinsic Values in an Emerging Economy: Evidence from Bangladesh," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 11(6), pages 429-445, June.

    More about this item

    Keywords

    valuation; securities; free cash flow; dividends; equity; regression;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

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