Discussion of “On Accounting-Based Valuation Formulae” and “Expected EPS and EPS Growthas Determinants of Value” |
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Authors: | Stephen H Penman |
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Institution: | (1) Graduate School of Business, Columbia University, New York, NY, 10027 |
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Abstract: | This discussion evaluates the abnormal earnings growth valuation (AEG) Model of Ohlson and Juettner-Nauroth and, in similar vein to the Ohlson review paper at this conference, compares the Model to the residual income valuation (RIV) Model that has been the centerpiece of accounting-based valuation in recent years. The discussion begins with a statement of what one looks for in a practical valuation model. The innovations of the AEG Model, well stated by Ohlson, are acknowledged. A comparison of the advantages and disadvantages of the alternative approaches provides some qualification, however, and draws out the utility of a residual income valuation approach.This revised version was published online in August 2005 with a corrected cover date. |
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Keywords: | equity valuation residual income earnings growth |
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