The explanatory and predictive power of different specifications of the Ohlson (1995) valuation models

References

• Amir , E. and Lev , B. 1995 . Value-relevance of non-financial information: the wireless communication industry . Journal of Accounting and Economics , 22 : 3 – 30 .
   Google Scholar
• Artsberg , K. 1992 . “ Regulation and accounting change: values underlying choices of measurement principles in Swedish accounting ” . In Ph.D. dissertation , Lund University .
   Google Scholar
• Arbarbanell , J. and Bernard , V. L. 1995 . “ Is the U.S. stock market myopic? ” . In Working Paper , University of Michigan .
   Google Scholar
• Ball , R. and Brown , P. 1968 . An empirical evaluation of accounting income number . Journal of Accounting Research , 6 : 159 – 178 .
   Web of Science ®Google Scholar
• Ballester , M. , Livnat , J. and Nishi , S. 2000 . “ Labour costs and investments in human capital ” . In Working Paper , New York University .
   Google Scholar
• Beaver , W. H. 1999 . Comments on “An empirical assessment of the residual income valuation model . Journal of Accounting and Economics , 26 : 35 – 42 .
   Google Scholar
• Botosan , C. 1997 . “ Disclosure level and the cost of equity capital ” . In Accounting Review 323 – 350 .
   Google Scholar
• Claus , J. and Thomas , J. 1999 . “ The equity risk premium is much lower than you think it is: empirical estimates from a new approach ” . In Working Paper , Columbia Business School .
   Google Scholar
• Damodaran , A. 1994 . “ Damodaran on Valuation ” . In Security Analysis for Investment and Corporate Finance , New York : John Wiley .
   Google Scholar
• Dechow , P. M. , Hutton , A. P. and Sloan , R. G. 1999 . An empirical assessment of the residual income model . Journal of Accounting and Economics , 26 : 1 – 34 .
   Web of Science ®Google Scholar
• Dichev , I. 1997 . “ Measuring the value-relevance in accounting-based variables without reference to market price ” . In Working Paper , 1 – 35 . University of Michigan .
   Google Scholar
• Feltham , G. A. and Ohlson , J. A. 1995 . Valuation and clean surplus accounting for operating and financial activitie . Contemporary Accounting Research , 11 Spring : 689 – 731 .
   Google Scholar
• Francis , J. , Olsson , P. and Oswald , D. R. 1997 . “ Comparing the accuracy and explainability of dividend, free cash flow and abnormal earnings equity valuation model ” . In Working Paper , University of Chicago .
   Google Scholar
• Frankel , R. and Lee , C. M. C. 1998 . Accounting valuation, market expectation, and cross-sectional stock return . Journal of Accounting and Economics , 25 : 283 – 319 .
   Web of Science ®Google Scholar
• Gebhard , W. R. , Lee , C. M. C. and Swaminathan , B. 1999 . “ Toward an ex ante cost-ofcapital ” . In Working Paper , 1 – 32 . Cornell University .
   Google Scholar
• Gray , S. J. and Weetman , P. 1991 . A comparative international analysis of the impact of accounting principles on profits: the USAversus the UK, Sweden and the Netherland . Accounting and Business Research , 21 : 363 – 379 .
   Google Scholar
• Green , J. P. , Stark , W. and Thomas , H. M. 1996 . UK evidence on the market valuation of research and development expenditure . Journal of Business Finance and Accounting , 23 ( 2 ) : 191 – 217 .
   Google Scholar
• Hand , J. R. M. and Landsman , W. R. 1998 . “ Testing the Ohlson model: υ or not υ, that is the question ” . In Working Paper , Chapel Hill, NC : University of North Carolina .
   Google Scholar
• Hellman , N. 1993 . A comparative analysis of the impact of accounting differences on profits and return on equity – differences between Swedish practice and US GAAP . European Accounting Review , 3 ( 1 ) : 495 – 530 .
   Google Scholar
• Ibbotson , R. and Sinquefield , R. 1998 . Stocks, Bonds, Bills and Inflation, 1926–1997 , Charlottesville, VA : Financial Analysts Research Federation .
   Google Scholar
• Jönsson , S. and Marton , M. 1994 . “ Sweden ” . In The Regulation of Financial Reporting in the Nordic Countries , Edited by: Flower , J. Stockholm : Fritzes .
   Google Scholar
• Joos , P. 1997 . “ The stockmarket valuation of earnings and book value across international accounting system ” . In Ph.D. dissertation , Stanford University .
   Google Scholar
• Lee , C. M. C. , Myers , J. and Swaminathan , B. 1999 . What is the intrinsic value of the Dow? . Journal of Finance , 54 : 1693 – 1741 .
   Web of Science ®Google Scholar
• Marton , J. 1998 . “ Accounting and stock markets–a study of Swedish accounting for international investors and analyst ” . In Ph.D. thesis , Gothenburg School of Economics and Commercial Law .
   Google Scholar
• Morton , R. M. and Neil , J. D. 1997 . “ The relation between market prices and fundamental value surrounding a corporate restructuring ” . In Working Paper , Florida State University .
   Google Scholar
• Myers , J. N. 1999 . “ Conservative accounting and finite accounting and finite firm life: why residual income valuation estimates understate stock price ” . In Working Paper , University of Washington .
   Google Scholar
• Nilsson , S. 1999 . “ Swedish harmonisation or diversification? A study of the development of reported net income in Swedish companies compared to US GAAP ” . In Working Paper , University of Umeå .
   Google Scholar
• Nissim , D. and Penman , S. H. 1999 . “ Ratio analysis and equity analysi ” . In Working Paper , Berkeley : University of California .
   Google Scholar
• Ohlson , J. A. 1990 . A synthesis of security valuation theory and the role of dividends, cash flows, and earning . Contemporary Accounting Research , 6 ( Spring ) : 648 – 676 .
   Google Scholar
• Ohlson , J. A. 1995 . Earnings, book value, and dividends in equity valuation . Contemporary Accounting Research , 11 Spring : 661 – 687 .
   Google Scholar
• Ohlson , J. A. 1998 . “ Earnings, book value, and dividends in equity valuation: an empirical perspective ” . In Working Paper , New York University .
   Google Scholar
• Ohlson , J. A. 2000 . “ Residual income valuation: the problem ” . In Working Paper , New York University .
   Google Scholar
• Peasnell , K. V. 1982 . Some formal connections between economic values and yields and accounting number . Journal of Business Finance and Accounting , 9 : 361 – 381 .
   Google Scholar
• Penman , S. H. and Sougiannis , T. D. 1998 . A comparison of dividend, cash flow, and earnings approaches to equity valuation . Contemporary Accounting Research , 15 Fall : 343 – 383 .
   Google Scholar
• Runsten , M. 1998 . “ The association between accounting information and stock prices – model development and empirical tests based on Swedish data ” . In Ph.D. thesis , Stockholm School of Economics .
   Google Scholar
• Sougiannis , T. and Yaekura , T. 1997 . “ The accuracy and bias of equity values inferred from analyst' earnings forecast ” . In Working Paper , University of Illinois .
   Google Scholar
• Walker , M. 1997 . Clean surplus accounting models and market-based accounting research: a review . Accounting and Business Research , 27 ( 4 ) : 341 – 355 .
   Google Scholar
• Zhang , X. 1999 . “ Conservative accounting and equity valuation ” . In Working Paper , Berkeley : University of California .
   Google Scholar