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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
journal contribution
posted on 2023-05-18, 10:13 authored by Clout, V, Willet, RThis 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.
History
Publication title
Accounting and FinanceVolume
56Issue
4Pagination
1017-1040ISSN
1467-629XDepartment/School
TSBEPublisher
Wiley-Blackwell Publishing AsiaPlace of publication
AustraliaRights statement
Copyright 2015 AFAANZRepository Status
- Restricted