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Paper Information

Journal:   JOURNAL OF ASSET MANAGEMENT AND FINANCING   SPRING 2017 , Volume 5 , Number 1 (16) ; Page(s) 99 To 116.
 
Paper: 

DEVELOPMENT OF THE OHLSON (1995) PREDICTION AN VALUATION MODELS WITH THE CONSIDERATION OF BANKRUPTCY RISK

 
 
Author(s):  KHODADAD VALI, VAEZ S.ALI, EMAMI MOHAMMAD REZA*
 
* ACCOUNTING DEPT., FACULTY OF ECONOMICS AND SOCIAL SCIENCES, SHAHID CHAMRAN UNIVERSITY OF AHVAZ, AHVAZ, IRAN
 
Abstract: 

Accounting earnings and the continuous operation assumption are two principles of Ohlson’s (1995) prediction and valuation models. Regarding the influence of bankruptcy risk on these two factors, in this research, these models are adjusted by the inclusion of bankruptcy risk. As a result, the primary models are compared with adjusted models during a 5-year (from 2003 to 2008) and a 10-year period (from 2003 to 2013) using panel data of companies listed in the Tehran Stock Exchange. The results indicate that the inclusion of the bankruptcy risk improves Ohlson’s prediction and valuation models during both 5 and 10 years estimated periods. However, due to the uncontrolled growth of prices in 2012 and 2013, which resulted in the price bubble formation, the estimated values by both original and adjusted models during 10 years estimated period are significantly lower than the actual market values.

 
Keyword(s): ABNORMAL EARNINGS, FIRM VALUATION, BANKRUPTCY RISK, OHLSON’S MODEL (1995) CHARITOU ET AL’S MODEL (2004)
 
 
References: 
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Citations: 
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APA: Copy

KHODADAD, V., & VAEZ, S., & EMAMI, M. (2017). DEVELOPMENT OF THE OHLSON (1995) PREDICTION AN VALUATION MODELS WITH THE CONSIDERATION OF BANKRUPTCY RISK. JOURNAL OF ASSET MANAGEMENT AND FINANCING, 5(1 (16) ), 99-116. https://www.sid.ir/en/journal/ViewPaper.aspx?id=570047



Vancouver: Copy

KHODADAD VALI, VAEZ S.ALI, EMAMI MOHAMMAD REZA. DEVELOPMENT OF THE OHLSON (1995) PREDICTION AN VALUATION MODELS WITH THE CONSIDERATION OF BANKRUPTCY RISK. JOURNAL OF ASSET MANAGEMENT AND FINANCING. 2017 [cited 2021August01];5(1 (16) ):99-116. Available from: https://www.sid.ir/en/journal/ViewPaper.aspx?id=570047



IEEE: Copy

KHODADAD, V., VAEZ, S., EMAMI, M., 2017. DEVELOPMENT OF THE OHLSON (1995) PREDICTION AN VALUATION MODELS WITH THE CONSIDERATION OF BANKRUPTCY RISK. JOURNAL OF ASSET MANAGEMENT AND FINANCING, [online] 5(1 (16) ), pp.99-116. Available: https://www.sid.ir/en/journal/ViewPaper.aspx?id=570047.



 
 
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