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An empirical assessment of the residual income valuation model1

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Cited by:

  1. Kewei Hou & Chen Xue & Lu Zhang, 2012. "Digesting Anomalies: An Investment Approach," NBER Working Papers 18435, National Bureau of Economic Research, Inc.
  2. Karol Marek Klimczak & Grzegorz Szafrański, 2010. "Valuation Effects Of Accounting Information Availability," Post-Print hal-00481073, HAL.
  3. Gavious, Ilanit & Parmet, Yisrael, 2010. "Do private firm valuations contain incremental information content over routine analyst valuations?," Research in International Business and Finance, Elsevier, vol. 24(2), pages 223-234, June.
  4. Ali Abedalqader Al-Thuneibat & Ream Tawfiq Ibrahim Al Issa & Rana Ahmad Ata Baker, 2011. "Do audit tenure and firm size contribute to audit quality?: Empirical evidence from Jordan," Managerial Auditing Journal, Emerald Group Publishing, vol. 26(4), pages 317-334, April.
  5. Ruey S. Tsay & Yi-Mien Lin & Hsiao-Wen Wang, 2009. "Residual income, non-earnings information, and information content," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 28(6), pages 487-511.
  6. William D. Brown, Jr & Ray J. Pfeiffer, Jr, 2008. "Do Investors Under-React to Information in Analysts' Earnings Forecasts?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(7-8), pages 889-911.
  7. repec:bla:acctfi:v:57:y:2017:i:1:p:199-237 is not listed on IDEAS
  8. Nikolaev, V., 2007. "Financial reporting, debt contracting and valuation," Other publications TiSEM ff664d18-33b1-44ce-a682-7, Tilburg University, School of Economics and Management.
  9. Lucie Courteau & Jennifer L. Kao & Yao Tian, 2015. "Does Accrual Management Impair the Performance of Earnings-Based Valuation Models?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(1-2), pages 101-137, January.
  10. Kothari, S. P., 2001. "Capital markets research in accounting," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 105-231, September.
  11. Wei Jiang & Yun Shen, 2009. ""Discussion of" Scale Effects in Capital Markets-Based Accounting Research," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(3-4), pages 289-296.
  12. Hemantha S. B. Herath & A. William Richardson & Raafat R. Roubi & Mark Tippett, 2015. "Non-linear Equity Valuation: An Empirical Analysis," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 86-115, March.
  13. So, Eric C., 2013. "A new approach to predicting analyst forecast errors: Do investors overweight analyst forecasts?," Journal of Financial Economics, Elsevier, vol. 108(3), pages 615-640.
  14. Gikas Hardouvelis & George Papanastasopoulos & Dimitrios D. Thomakos & Tao Wang, 2007. "Accruals, Net Stock Issues and Value-Glamour Anomalies: New Evidence on their Relation," Working Paper series 47_07, Rimini Centre for Economic Analysis.
  15. Canarella, Giorgio & Miller, Stephen M. & Nourayi, Mahmoud M., 2013. "Firm profitability: Mean-reverting or random-walk behavior?," Journal of Economics and Business, Elsevier, vol. 66(C), pages 76-97.
  16. repec:bbz:fcpbbr:v:1:y:2004:i:2:p:136-150 is not listed on IDEAS
  17. Luzi Hail, 2002. "The impact of voluntary corporate disclosures on the ex-ante cost of capital for Swiss firms," European Accounting Review, Taylor & Francis Journals, vol. 11(4), pages 741-773.
  18. Clare Roberts & Yue Wang, 2009. "Accounting harmonization and the value-relevance of dirty surplus accounting flows," Review of Accounting and Finance, Emerald Group Publishing, vol. 8(4), pages 340-368, October.
  19. Raul Iñiguez & Francisco Poveda & Pablo J. Vazquez, 2010. "Valuing Loss Firms: What Can Be Learned From Analysts' Forecasts?," Abacus, Accounting Foundation, University of Sydney, vol. 46(2), pages 129-152.
  20. Ruey Tsay & Yi-Mien Lin & Hsiao-Wen Wang, 2008. "Residual income, value-relevant information and equity valuation: a simultaneous equations approach," Review of Quantitative Finance and Accounting, Springer, vol. 31(4), pages 331-358, November.
  21. Donglin Li, 2014. "Dissecting and connecting the growth and accounting distortion components of accruals," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 1-28, January.
  22. Tami Dinh Thi & Wolfgang Schultze, 2011. "Capitalizing research & development and ‘other information’: the incremental information content of accruals versus cash flows," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 22(3), pages 241-278, November.
  23. Akbar, Saeed & Shah, Syed Zulfiqar Ali & Stark, Andrew W., 2011. "The value relevance of cash flows, current accruals, and non-current accruals in the UK," International Review of Financial Analysis, Elsevier, vol. 20(5), pages 311-319.
  24. Shih-Cheng Lee & Chien-Ting Lin & Min-Teh Yu, 2013. "A fractional cointegration approach to testing the Ohlson accounting based valuation model," Review of Quantitative Finance and Accounting, Springer, vol. 41(3), pages 535-547, October.
  25. Mary E. Barth & Greg Clinch, 2009. "Scale Effects in Capital Markets-Based Accounting Research," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(3-4), pages 253-288.
  26. Jeffrey L. Callen, 2016. "Accounting Valuation and Cost of Equity Capital Dynamics," Abacus, Accounting Foundation, University of Sydney, vol. 52(1), pages 5-25, March.
  27. Lee-Seok Hwang & Woo-Jong Lee, 2013. "Stock Return Predictability of Residual-Income-Based Valuation: Risk or Mispricing?," Abacus, Accounting Foundation, University of Sydney, vol. 49(2), pages 219-241, June.
  28. Lin, Hsuan-Chu & Chou, Ting-Kai & Cheng, Jia-Chi, 2011. "Does market misvaluation drive post-acquisition underperformance in stock deals?," International Review of Economics & Finance, Elsevier, vol. 20(4), pages 690-706, October.
  29. Ma, Qingzhong & Whidbee, David A. & Zhang, Athena Wei, 2011. "Value, valuation, and the long-run performance of merged firms," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 1-17, February.
  30. Barth, Mary E. & Beaver, William H. & Landsman, Wayne R., 2001. "The relevance of the value relevance literature for financial accounting standard setting: another view," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 77-104, September.
  31. Aharon, David Y. & Gavious, Ilanit & Yosef, Rami, 2010. "Stock market bubble effects on mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(4), pages 456-470, November.
  32. repec:spr:reaccs:v:22:y:2017:i:3:d:10.1007_s11142-017-9402-6 is not listed on IDEAS
  33. José Miguel Melo, 2011. "Estratégia Militar e Gestão de Activos: Uma Visão Heurística," Working Papers de Gestão (Management Working Papers) 01, Católica Porto Business School, Universidade Católica Portuguesa.
  34. Crawley, Michael & Wahlen, James, 2014. "Analytics in empirical/archival financial accounting research," Business Horizons, Elsevier, vol. 57(5), pages 583-593.
  35. Onali, Enrico & Ginesti, Gianluca, 2015. "Sins of Omission in Value Relevance Empirical Studies," MPRA Paper 64265, University Library of Munich, Germany.
  36. Kryzanowski, Lawrence & Mohsni, Sana, 2015. "Earnings forecasts and idiosyncratic volatilities," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 107-123.
  37. Perotti, Pietro & Rindi, Barbara, 2010. "Market makers as information providers: The natural experiment of STAR," Journal of Empirical Finance, Elsevier, vol. 17(5), pages 895-917, December.
  38. Richard Sweeney, 2014. "Equivalent valuations in cash flow and accounting models," Review of Quantitative Finance and Accounting, Springer, vol. 42(1), pages 29-49, January.
  39. Daniel, Kent & Hirshleifer, David & Teoh, Siew Hong, 2002. "Investor psychology in capital markets: evidence and policy implications," Journal of Monetary Economics, Elsevier, vol. 49(1), pages 139-209, January.
  40. repec:rfa:afajnl:v:4:y:2018:i:1:p:122-145 is not listed on IDEAS
  41. Hanlon, Michelle & Myers, James N. & Shevlin, Terry, 2003. "Dividend taxes and firm valuation:: a re-examination," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 119-153, June.
  42. Mary E. Barth & Greg Clinch & Doron Israeli, 2016. "What do accruals tell us about future cash flows?," Review of Accounting Studies, Springer, vol. 21(3), pages 768-807, September.
  43. repec:kap:iaecre:v:16:y:2010:i:3:p:269-281 is not listed on IDEAS
  44. Ramnath, Sundaresh & Rock, Steve & Shane, Philip, 2008. "The financial analyst forecasting literature: A taxonomy with suggestions for further research," International Journal of Forecasting, Elsevier, vol. 24(1), pages 34-75.
  45. repec:bla:abacus:v:53:y:2017:i:1:p:28-58 is not listed on IDEAS
  46. Jean-François Casta & Luc Paugam & Hervé Stolowy, 2011. "Non-additivity in accounting valuation: Internally generated goodwill as an aggregation of interacting assets," Post-Print halshs-00541525, HAL.
  47. Georgia Pazarzi, 2014. "Comparison of the Residual Income and the Pricing - Multiples Equity Valuation Models," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(3), pages 88-114.
  48. Misund, Bård & Asche, Frank & Osmundsen, Petter, 2008. "Industry upheaval and valuation: Empirical evidence from the international oil and gas industry," The International Journal of Accounting, Elsevier, vol. 43(4), pages 398-424, December.
  49. Dittmann, I. & Maug, E.G., 2006. "Valuation Biases, Error Measures, and the Conglomerate Discount," ERIM Report Series Research in Management ERS-2006-011-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  50. Kuo, Chen-Yin, 2016. "Does the vector error correction model perform better than others in forecasting stock price? An application of residual income valuation theory," Economic Modelling, Elsevier, vol. 52(PB), pages 772-789.
  51. Stephen Kean & Peter Wells, 2007. "Earnings Decomposition and the Persistence of Earnings," Accounting Research Journal, Emerald Group Publishing, vol. 20(2), pages 111-127, December.
  52. Lucie Courteau & Jennifer L. Kao & Yao Tian, 2013. "Does Accrual Management Impair the Performance of Earnings-Based Valuation Models?," BEMPS - Bozen Economics & Management Paper Series BEMPS12, Faculty of Economics and Management at the Free University of Bozen.
  53. Carretta, Alessandro & Farina, Vincenzo & Fiordelisi, Franco & Schwizer, Paola, 2006. "Corporate culture and shareholder value in banking industry," MPRA Paper 8304, University Library of Munich, Germany.
  54. Kjærland, Frode, 2010. "Market (in)efficiency in valuing electric utilities--The case of Norwegian generating companies," Energy Policy, Elsevier, vol. 38(5), pages 2379-2385, May.
  55. Duarte Atoche Teresa & Pérez López José Ángel & Camúñez Ruíz José Antonio, 2012. "Información sobre I+D y valoración de empresas," Contaduría y Administración, Accounting and Management, vol. 57(4), pages 107-136, octubre-d.
  56. Huong Higgins, 2011. "Forecasting stock price with the residual income model," Review of Quantitative Finance and Accounting, Springer, vol. 36(4), pages 583-604, May.
  57. repec:eee:advacc:v:30:y:2014:i:1:p:128-142 is not listed on IDEAS
  58. César Medeiros Cupertino & Paulo Roberto Barbosa Lustosa, 2005. "The Ohlson Model of Evaluation of Companies:Tutorial for Use," Finance 0508002, EconWPA.
  59. Ballas, Apostolos A. & Hevas, Dimosthenis L., 2005. "Differences in the valuation of earnings and book value: Regulation effects or industry effects?," The International Journal of Accounting, Elsevier, vol. 40(4), pages 363-389.
  60. Lee, Shih-Cheng & Lin, Chien-Ting & Chang, Pei-Ting, 2011. "An Ohlson valuation framework for valuing corporate governance: The case of Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 19(4), pages 420-434, September.
  61. Fiordelisi, Franco & Molyneux, Phil, 2010. "Total factor productivity and shareholder returns in banking," Omega, Elsevier, vol. 38(5), pages 241-253, October.
  62. Wang, Y. & Buijink, W.F.J. & Eken Ra, R.C.W., 2003. "The Value Relevance of Dirty Surplus Accounting Flows in the Netherlands," Discussion Paper 2003-63, Tilburg University, Center for Economic Research.
  63. Hossein Etemadi & Forough Rahimi Mougouie, 2015. "Firms Life Cycle and Ohlson Valuation Model: Evidence from Iran," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(4), pages 641-652, April.
  64. Core, John E. & Guay, Wayne R. & Buskirk, Andrew Van, 2003. "Market valuations in the New Economy: an investigation of what has changed," Journal of Accounting and Economics, Elsevier, vol. 34(1-3), pages 43-67, January.
  65. Hilary, Gilles, 2003. "Accounting behavior of German firms after an ADR issuance," The International Journal of Accounting, Elsevier, vol. 38(3), pages 355-376.
  66. Begona Giner & Carmelo Reverte, 1999. "The value relevance of earnings disaggregation provided in the Spanish profit and loss account," European Accounting Review, Taylor & Francis Journals, vol. 8(4), pages 609-629.
  67. repec:eee:crpeac:v:26:y:2015:i:c:p:157-167 is not listed on IDEAS
  68. Hung-Chao Yu & Wen-Ying Wang & Chingfu Chang, 2015. "The stock market valuation of intellectual capital in the IT industry," Review of Quantitative Finance and Accounting, Springer, vol. 45(2), pages 279-304, August.
  69. 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.
  70. Sommer Friedrich & Rose Christian & Wöhrmann Arnt, 2014. "Negative Value Indicators in Relative Valuation – An Empirical Perspective," Journal of Business Valuation and Economic Loss Analysis, De Gruyter, vol. 9(1), pages 1-32, January.
  71. Lee, Charles M. C., 2001. "Market efficiency and accounting research: a discussion of 'capital market research in accounting' by S.P. Kothari," Journal of Accounting and Economics, Elsevier, vol. 31(1-3), pages 233-253, September.
  72. repec:eee:advacc:v:35:y:2016:i:c:p:98-113 is not listed on IDEAS
  73. Tadanori Yosano & Yoshinori Shimada, 2008. "Cross-sectional Stock Returns on Fundamental Value vs. Market Value in Mergers and Acquisitions: Evidence from Japan," Discussion Papers 2008-59, Kobe University, Graduate School of Business Administration.
  74. Echterling, F. & Eierle, B. & Ketterer, S., 2015. "A review of the literature on methods of computing the implied cost of capital," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 235-252.
  75. 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.
  76. Paugam, Luc, 2011. "Valorisation et reporting du goodwill : enjeux théoriques et empiriques," Economics Thesis from University Paris Dauphine, Paris Dauphine University, number 123456789/8007 edited by Casta, Jean-François, December.
  77. Vincent Chen & Samuel Tiras, 2015. "‘Other information’ as an explanatory factor for the opposite market reactions to earnings surprises," Review of Quantitative Finance and Accounting, Springer, vol. 45(4), pages 757-784, November.
  78. Nicholas Apergis & John Sorros, 2010. "Disaggregated Earnings and Stock Prices: Evidence from International Listed Shipping Firms," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 16(3), pages 269-281, August.
  79. Michael McCrae & Henrik Nilsson, 2001. "The explanatory and predictive power of different specifications of the Ohlson (1995) valuation models," European Accounting Review, Taylor & Francis Journals, vol. 10(2), pages 315-341.
  80. John Maher & Robert Brown & Raman Kumar, 2008. "Firm valuation, abnormal earnings, and mutual funds flow," Review of Quantitative Finance and Accounting, Springer, vol. 31(2), pages 167-189, August.
  81. Jeong-Bon Kim & Roland Lipka & Heibatollah Sami, 2012. "Portfolio performance and accounting measures of earnings: an alternative look at usefulness," Review of Quantitative Finance and Accounting, Springer, vol. 38(1), pages 87-107, January.
  82. Dechow, Patricia M. & Hutton, Amy P. & Meulbroek, Lisa & Sloan, Richard G., 2001. "Short-sellers, fundamental analysis, and stock returns," Journal of Financial Economics, Elsevier, vol. 61(1), pages 77-106, July.
  83. Jiang, Xiaoquan & Lee, Bong-Soo, 2007. "Stock returns, dividend yield, and book-to-market ratio," Journal of Banking & Finance, Elsevier, vol. 31(2), pages 455-475, February.
  84. Chen, Li-Wen & Yu, Hsin-Yi & Huang, Hsu-Huei, 2015. "Revisiting the earnings–price effect: The importance of future earnings," Finance Research Letters, Elsevier, vol. 13(C), pages 90-96.
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  86. Pedro Verga Matos & Miguel Coelho, 2016. "Short-Termism In Euronext Lisbon: An Empirical Analysis," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 21(1), pages 49-76.
  87. repec:kap:rqfnac:v:50:y:2018:i:4:d:10.1007_s11156-017-0654-9 is not listed on IDEAS
  88. repec:gam:jsusta:v:10:y:2018:i:3:p:736-:d:135140 is not listed on IDEAS
  89. Chen, Hong-Yi & Lee, Cheng-Few & Shih, Wei K., 2016. "Technical, fundamental, and combined information for separating winners from losers," Pacific-Basin Finance Journal, Elsevier, vol. 39(C), pages 224-242.
  90. Loh, Roger & Mian, G. Mujtaba, 2005. "Do Accurate Earnings Forecasts Facilitate Superior Investment Recommendations?," Working Paper Series 2004-17, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  91. repec:kap:rqfnac:v:49:y:2017:i:1:d:10.1007_s11156-016-0587-8 is not listed on IDEAS
  92. Yuri Biondi & Pierpaolo Giannoccolo, 2015. "Share price formation, market exuberance and financial stability under alternative accounting regimes," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 10(2), pages 333-362, October.
  93. Erica X. N. Li & Dmitry Livdan & Lu Zhang, 2009. "Anomalies," Review of Financial Studies, Society for Financial Studies, vol. 22(11), pages 4301-4334, November.
  94. Muhammad Zulqarnain Jatoi & Ghulam Shabir & Naqvi Hamad & Nadeem Iqbal & Khan Muhammad, 2014. "A Regressional Impact of Earning per Share on Market Value of Share: A Case Study Cement Industry of Pakistan," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(4), pages 221-227, October.
  95. Mohamed Sellami, 2006. "Typologie des déterminants comptables de la valeur : Apports de l'approche économique de l'information dans la mesure de la valeur," Post-Print halshs-00558252, HAL.
  96. Frederico Belo & Chen Xue & Lu Zhang, 2013. "A Supply Approach to Valuation," Review of Financial Studies, Society for Financial Studies, vol. 26(12), pages 3029-3067.
  97. Jacob, Martin & Schütt, Harm, 2013. "Firm valuation and the uncertainty of future tax avoidance," arqus Discussion Papers in Quantitative Tax Research 149, arqus - Arbeitskreis Quantitative Steuerlehre.
  98. Pengguo Wang, 2014. "On the relevance of earnings components in valuation and forecasting," Review of Quantitative Finance and Accounting, Springer, vol. 42(3), pages 399-413, April.
  99. Ota, Koji, 2002. "A test of the Ohlson (1995) model: Empirical evidence from Japan," The International Journal of Accounting, Elsevier, vol. 37(2), pages 157-182.
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  102. Andrew Worthington & Tracey West, 2000. "A Review and Synthesis of the Economic Value-Added Literature," School of Economics and Finance Discussion Papers and Working Papers Series 075, School of Economics and Finance, Queensland University of Technology.
  103. Christensen, Peter O. & Feltham, Gerald A. & Sabac, Florin, 2005. "A contracting perspective on earnings quality," Journal of Accounting and Economics, Elsevier, vol. 39(2), pages 265-294, June.
  104. Fiordelisi, Franco, 2007. "Shareholder value efficiency in European banking," Journal of Banking & Finance, Elsevier, vol. 31(7), pages 2151-2171, July.
  105. Blacconiere, Walter G. & Johnson, Marilyn F. & Johnson, Mark S., 2000. "Market valuation and deregulation of electric utilities," Journal of Accounting and Economics, Elsevier, vol. 29(2), pages 231-260, April.
  106. Loh, Roger K. & Mian, G. Mujtaba, 2006. "Do accurate earnings forecasts facilitate superior investment recommendations?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 455-483, May.
  107. Myers, Linda A., 2003. "A discussion of the paper "Differential levels of disclosure and the earnings-return association: evidence from foreign registrants in the United States" by Edward Douthett, Jr., Jonathan E.," The International Journal of Accounting, Elsevier, vol. 38(2), pages 163-167.
  108. Wang, Yue & Buijink, Willem & Eken, Rob, 2006. "The value relevance of dirty surplus accounting flows in The Netherlands," The International Journal of Accounting, Elsevier, vol. 41(4), pages 387-405, 012.
  109. Asker, John & Farre-Mensa, Joan & Ljungqvist, Alexander P., 2010. "Does the Stock Market Harm Investment Incentives?," CEPR Discussion Papers 7857, C.E.P.R. Discussion Papers.
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