have highlighted the important role of model specification. Based on simulated data, Barth and Clinch (2009) show that the undeflated and share-deflated specifications of the Ohlson model perform better than the equity market-to-book ratio, price-to-lagged price, returns and equity market value-to-market value ratio specifications. The undeflated and share-deflated specifications consistently result in correct inferences relating to whether the coefficients equal zero and in lower bias and mean absolute errors in the coefficients and regression R2.