I describe a model of earnings and earnings growth and I demonstrate how this model may
be used to obtain estimates of the expected rate of return on equity capital. These estimates …

This paper develops a parsimonious model relating a firm's price per share to,(i), next year
expected earnings per share (or 12 months forward eps),(ii), short-term growth (FY-2 versus …

We evaluate the extent to which unbiased and accurate estimates of equity value can be
derived from three multiperiod accounting-based valuation models using consensus …

This paper investigates the determinants of residual income scaled by book value of equity,
ie, abnormal return on equity (ROE), by analyzing the impact of value‐creation (economic …

RESUMEN U no de los hechos más relevantes de la investigación contable orientada hacía
el mercado de capitales durante la última década ha sido, sin duda alguna, la vuelta al …

This paper takes a new approach to examine whether investors extrapolate from past
returns to form expectations about future stock returns. Unlike prior research that relies on …

The PE ratio divided by the short-term earnings growth rate (the PEG ratio) is often used to
rank stocks. This ranking implicitly assumes that earnings growth will not change beyond the …

En este trabajo se contrasta empíricamente la validez de los modelos teóricos de valoración
de Ohlson [1995] y Feltham y Ohlson [1995], a través de distintas aplicaciones con diversos …

Im Sog der Bilanzskandale ist auch die Pro-forma-Berichterstattung ins Blickfeld der
Öffentlichkeit geraten. An Stelle handelsrechtlicher Rechnungslegung rücken weltweit …

This study examines the effects of firms' tendency to meet or beat analysts' forecasts of
earnings on (1) the earnings response coefficient (henceforth: ERC),(2) the firm specific risk …