This discussion focuses on two of the ways in which Ohlson (1995)and Feltham and Ohlson (1995) can immediately affect our thinking. Both concern implications for empirical work. The first contribution, discussed previously by Penman (1992), involves a shift in what we con sider the ultimate objective of research on the relation between account ing data and firm value-that is, research bearing on fundamental analy sis. It leads us away from an emphasis on explaining stock price behavior and towards a focus on predicting future earnings and future growth in book value. The gains from this shift are ultimately an empirical issue, but evidence presented here is promising. The second
contribution pertains to how we structure the relation between accounting data and firm value. Ohlson (1995) and Feltham and Ohlson (1995) provide an appropriate point of departure for nearly any empirical work on this relation. It is only a point of departure, no where near a complete structure, but then, getting off to the right start can be crucial.
This discussion focuses on two of the ways in which Ohlson (1995)and Feltham and Ohlson (1995) can immediately affect our thinking. Both concern implications for empirical work. The first contribution, discussed previously by Penman (1992), involves a shift in what we con sider the ultimate objective of research on the relation between account ing data and firm value-that is, research bearing on fundamental analy sis. It leads us away from an emphasis on explaining stock price behavior and towards a focus on predicting future earnings and future growth in book value. The gains from this shift are ultimately an empirical issue, but evidence presented here is promising. The second
contribution pertains to how we structure the relation between accounting data and firm value. Ohlson (1995) and Feltham and Ohlson (1995) provide an appropriate point of departure for nearly any empirical work on this relation. It is only a point of departure, no where near a complete structure, but then, getting off to the right start can be crucial.
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