The comparison of Discount-dividend model with ohlson,s model of firm valuation
Subject Areas :رویا Darabi 1 , مونا سادات Kaboli 2
1 - استادیار دانشگاه آزاد اسلامی واحد تهران جنوب
2 - کارشناس ارشد حسابداری
Keywords: cost of capital-discount-dividend -Ohlson, s model-actual market value-firm value,
Abstract :
One of the most important factors in terms of decision-making in stock investigation exchange is valuation which investors encounter During the recent years,various methods of stock valuation have been suggested by the ersearchers.Both the elaboration of two equity models and making a comparison between these theatrical with the actual values in Tehran Stock Exchange is going to be elaborated through this paper in order to find out whether it can be known as a means of firm,s value determination or not.Furthermore:Ohlson,s model will be compared with traditional discount-dividend model. Four major and two subordinate hypotheses are used in terms of testing these two models.Tehran stock Exchang companies between 2002 and 2007 are also investigated in this paper. The analysis illustrates that there is a significant correlation between market and instinct values with ohlson and traditional discount-dividend models.this study is an empirical research since the model examination and theory processing is done inductively.As a result of this investigation the superiority of Ohlson,s mpdel in the estimation of firm value was achieved.