Renewed impetus for MBAR came from the mounting evidence of apparent market inefficiency.
It also came from the development of the Feltham–Ohlson model (Ohlson,1995; Feltham and Ohlson, 1995 and related papers).13 This analytical model has been described as one of ‘the most important research developments in the last 10 years’(Beaver, 2002, p. 457). It develops the residual income valuation model to show how the clean surplus can be used to generate predictions about the relation between market prices, book value and earnings. Thus, accounting book values and accounting profits (defined in terms of residual income) are set within traditional capital market valuation models under relatively few assumptions.
Renewed impetus for MBAR came from the mounting evidence of apparent market inefficiency. It also came from the development of the Feltham–Ohlson model (Ohlson,1995; Feltham and Ohlson, 1995 and related papers).13 This analytical model has been described as one of ‘the most important research developments in the last 10 years’(Beaver, 2002, p. 457). It develops the residual income valuation model to show how the clean surplus can be used to generate predictions about the relation between market prices, book value and earnings. Thus, accounting book values and accounting profits (defined in terms of residual income) are set within traditional capital market valuation models under relatively few assumptions.
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