earnings book values and dividends in equity valuation pdf

Earnings Book Values And Dividends In Equity Valuation Pdf

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Skip to search form Skip to main content You are currently offline. Some features of the site may not work correctly. DOI: The paper develops and analyzes a model of a firm's market value as it relates to contemporaneous and future earnings, book values, and dividends.

What Is the Intrinsic Value of a Stock?

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The valuation performance of mathematically-optimised, equity-based composite multiples. The objective is to ascertain whether equity-based composite multiples models produce more accurate equity valuations than optimal equity-based, single-factor multiples models. The research results indicated that composite models produced up to 67 per cent more accurate valuations than single-factor multiples models for the period between and , which represents a substantial gain in valuation precision. Keywords Emerging markets, Composite multiples, Equity multiples, Equity valuations, Valuation precision. This paper examines the valuation precision of composite models in each of six key industries in South Africa.

Earnings, Book Values, and Dividends in Equity Valuation*

Value Relevance of the Ohlson model with Mexican data. In this study, the value relevance of Mexican accounting variables is tested under econometric terms. The aim of the study is to provide evidence of the ability of Mexican accounting numbers to summarize the information underlying stock prices. The accounting variables used are from companies listed in the Mexican stock market from to The methodology employed is that described by Collins, Maydew, and Weiss The econometric results show that, under Panel Data Analysis, book value and earnings are value relevant in Mexican stock market companies, and only the book value is value relevant under Ordinary Least Squared Regression Analysis.


The paper develops and analyzes a model of a firm's market value as it relates to contemporaneous and future earnings, book values, and dividends. The model satisfies many appealing properties, and it provides a useful benchmark when one conceptualizes how market value relates to accounting data and other information.


Earnings, Book Values, and Dividends in Equity Valuation*

Practitioners and most academics in valuation include changes in liquid assets potential dividends in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments underline that only flows of cash should be considered for valuation; theoretical arguments show how potential dividends lead to contradiction and to arbitrage losses.

This study examines the value relevance of earnings and Book values derived under the Kuwaiti accounting system that assures a complete compliance with the International Accounting Standards. The study also compares the incremental explanatory power of earnings and book values and examines some conditions under which earnings or book values would explain a relatively higher proportion of the variation of stock prices. The results show that earnings and book values jointly and individually are positively and significantly related to stock prices. The incremental information content of earnings is greater than that of book values.

Book Value, Residual Earnings, and Equilibrium Firm Value with Asymmetric Information

The clean surplus accounting method provides elements of a forecasting model that yields price as a function of earnings, expected returns, and change in book value.

Clean surplus accounting

The residual income valuation model RIM by Ohlson and Feltham and Ohlson assumes that investors are risk-neutral with homogenous beliefs. Thus, the present value of expected dividends represents firm value. The purpose of the present study is to derive a RIM in a market setting of the Kyle type.

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Abstract. The paper develops and analyzes a model of a firm's market value as it relates to contemporaneous and future earnings, book values, and dividends.


Earnings, Book Values, and Dividends in Equity Valuation*

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