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Analysing the market–book value relation in large Australian and US firms: implications for fundamental analysis and the market–book ratio

Analysing the market–book value relation in large Australian and US firms: implications for... This study compares the market–book relation of Australian and US firms using firm‐level dynamic analysis of using annual data for a long‐run period in error correction modelling. This paper contributes to a recent call for alternative ways of estimating Ohlson‐type linear valuation models (Ohlson and Kim, 2015). Log transformations of the data are used in this study to improve the statistical properties of the models. This study contributes to the findings on linear valuation model estimation for long‐run firms. Based on the returns model estimation, we find evidence of a higher level of co‐integration between market and book values for Australian firms. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Accounting & Finance Wiley

Analysing the market–book value relation in large Australian and US firms: implications for fundamental analysis and the market–book ratio

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References (30)

Publisher
Wiley
Copyright
Accounting and Finance © 2016 AFAANZ
ISSN
0810-5391
eISSN
1467-629X
DOI
10.1111/acfi.12117
Publisher site
See Article on Publisher Site

Abstract

This study compares the market–book relation of Australian and US firms using firm‐level dynamic analysis of using annual data for a long‐run period in error correction modelling. This paper contributes to a recent call for alternative ways of estimating Ohlson‐type linear valuation models (Ohlson and Kim, 2015). Log transformations of the data are used in this study to improve the statistical properties of the models. This study contributes to the findings on linear valuation model estimation for long‐run firms. Based on the returns model estimation, we find evidence of a higher level of co‐integration between market and book values for Australian firms.

Journal

Accounting & FinanceWiley

Published: Dec 1, 2016

Keywords: ; ; ;

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