Equity Valuation using Forecasted Earnings-A Test of the Ohlson (1995) Model
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关键词：Equity ValuationForecasted EarningsOhlson (1995) Modelresidual income model(Ohlson) model’s variables

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Synopsis
Most of the previous studies about firm’s market value are only limited to the information related to financial statements. As a new theory to this area, Ohlson Model made great contribution to the relationship between incorporate growth and none-financial statement information. It can be seen a new and important accounting equity valuation model which has made great contribution to the theory of equity valuation area.
Although so many people have studied this area, this paper will also research it again. And it will be focused on the equity valuation using forecasted earnings. It is mainly based on the test of Ohlson (1995) Model. After review the past literatures, this paper will then explain the Ohlson Model from three aspects, like the model development, hypothesis testing, model specifications. And then, it will be clarify the research design and data. There are two aspects of this part which includes the procedures for implementation, data and sample description. Following this chapter, it is about the empirical results..........................

Acknowledgements
Introduction
2.0 Literature Review
3.0 The Ohlson (1995) Model
3.1 Main contents of this Model
3.2 Model development
3.2.1 The residual income model
3.2.2 The Linear Information Models
3.3 Hypothesis Testing
3.4 Model Specifications
Specification 2:
4.0 Research Design and Data
4.1 Procedures for Implementation
4.2 Data and Sample Description
4.2.1 Estimating cost of capital
..........................
5.0 Empirical Results
5.1 Autoregressivewww.51lunwen.org Properties of the (Ohlson) model’s variables
5.1.1 Autoregressive properties of abnormal earnings
5.1.2 The optimal lag structure
.................................
5.4 Prediction of future stock returns
6.0 Summary and Conclusion

Bibliography
Feltham, G. A and Ohlson (1995), “Valuation and Clean Surplus Accounting for Operating Financial Activities”, Contemporary Accounting Research, Vol. 11, No.2, P689-P732
Feltham, G. A and Ohlson (1996), “Uncertainty Resolution and the Theory of Depreciation Measurement, Journal of Accounting Research, Vol. 34, No.2, P 209-P234
Ohlson, J. A. (1995), “Earnings, Book Values and Dividends in Equity Valuation”, Contemporary Accounting Research, Vol. 11, No. 2, P661-P678
Ohlson, J. A. (1998), “Earnings, Book Values and Dividends in Equity Valuation: An EmpiricalPerspective”, Working Paper, Columnbia University
Jeffrey L. Callen. (2005). Empirical Tests of the Feltham–Ohlson (1995) Model. Review of Accounting Studies, Vol.10, P409–P429
Jennifer Francis, Per Olsson, Dennis R. Oswald. (2000). Comparing the Accuracy and Explainability of Dividend, Free Cash Flow, and Abnormal Earnings Equity Value Estimates. Journal of Accounting Research, Vol. 38, No. 1, P45-P70
Ball, R. and P. Brown.(1968). An Empirical Evaluation of Accounting Income Numbers. Journal of Accounting Research. P159-P178.
James N. Myers. (1999). Implementing Residual Income Valuation with Linear Information Dynamics. The Accounting Review, Vol. 74, No. 1 (Jan., 1999), P1-P28
Dechow, P., Hutton, A. P. and Sloan, R. G. (1999), “An Empirical Assessment of the Residual Income Valuation Model”, Journal of Accounting and Economics, Vol. 26, P1-P34
Easton, P. D. (1985). Accounting Earnings and Security Valuation: Empirical Evidence of th
本论文由英语论文网 e Fundamental Links. Journal of Accounting Research. Vol.34, Issue.23. P54-P77.
Jingjing Xiao. (2006). Equity Valuation With Forecast Earnings-A UK Test of the Ohlson (1995) Model.
Caller, J.L, M. Morel. (2001). “Linear Accounting Valuation When Abnormal Earnings are AR(2)”. Review of Quantitative Finance and Accounting. Vol.16 P191-P203
Morel, M. (2003). “Endogenous Parameter Times Series Estimation of the Ohlson Model Linear and Nonlinear Analyses”. Journal of Business Finance and Accounting 30. P1341-P1362
Easton, P. D. and T. S. Harris. Earnings as an Explanatory Variables for Returns. Journal of Accounting Research. Vol.  29, No.1. P19-P36
Beaver, W., S. Ryan. (1998). Biases and lags in book value and their effects on the ability of the book-to-market ratio to predict book return on equity. Working paper, New York University.
Penman, S. (1997). A synthesis of equity valuation techniques and the terminal value calculation for the dividend discount model. Working paper, University of California at Berkeley.
White, H. (1980) ‘A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity’, Econometrica, Vol. 48, 1980, pp.817-838.
McCare, M and Nilsson, H.www.51lunwen.org (2001), ‘The Explanatory Power and Predictive Power of Different Specifications of the Ohlson (1995) Valuation Models’, The European Accounting Review, Vol.10, No. 2, pp.315-341.
Gregory, A., Saleh, W. and Tucker, J. (2004), “A UK Test of an inflation-Adjusted Ohlson Model, JBFA, 2005
Lee, C. M., et al. (1999), ‘What is the Intrinsic Value of the Dow?’, Journal of Finance, Vol. 54, pp. 1693-1741.
Myers, J. N. (1999), ‘Implementing Residual Income Valuation With Linear Information Dynamics’, The Accounting Review, Vol. 74, No.1, pp.1-28.
Jeremy Stephen. (2007). Equity Valuation using Forecasted Earnings An Investigation of the Ohlson (1995) Model: 1995-2007.

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