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dc.contributor.authorHeinrichs, Nicolasen
dc.contributor.authorHess, Dieteren
dc.contributor.authorHomburg, Carstenen
dc.contributor.authorLorenz, Michaelen
dc.contributor.authorSievers, Soenkeen
dc.date.accessioned2011-09-05-
dc.date.accessioned2011-09-29T15:47:56Z-
dc.date.available2011-09-29T15:47:56Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/50002-
dc.description.abstractStandard equity valuation approaches (i.e., DDM, RIM, and DCF model) are derived under the assumption of ideal conditions, such as infinite payoffs and clean surplus accounting. Because these conditions are hardly ever met, we extend the standard approaches, based on the fundamental principle of financial statement articulation. The extended models are then tested empirically by employing two sets of forecasts: (1) analyst forecasts provided by Value Line and (2) forecasts generated by cross-sectional regression models. The main result is that our extended models yield considerably smaller valuation errors. Moreover, by construction, identical value estimates are obtained across the extended models. By reestablishing empirical equivalence under non-ideal conditions, our approach provides a benchmark that enables us to quantify the errors resulting from individual deviations from ideal conditions, and thus, to analyze the robustness of the standard approaches. Finally, by providing a level playing field for the different valuation approaches, our findings have implications for other empirical settings, for example, estimating the implied cost of capital.en
dc.language.isoengen
dc.publisher|aUniversity of Cologne, Centre for Financial Research (CFR) |cCologneen
dc.relation.ispartofseries|aCFR working paper |x11-11en
dc.subject.jelG12en
dc.subject.jelG14en
dc.subject.jelM41en
dc.subject.ddc330en
dc.subject.keywordDirty Surplusen
dc.subject.keywordTerminal Valueen
dc.subject.keywordSteady-Stateen
dc.subject.keywordValuation Erroren
dc.titleExtended dividend, cash flow and residual income valuation models: Accounting for deviations from ideal conditions-
dc.typeWorking Paperen
dc.identifier.ppn667703225en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:cfrwps:1111en

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