EFFICIENCY OF THE FELTHAM-OHLSON (1995) MODEL IN TEHRAN STOCK EXCHANGE

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NASSIRZADEH FARZANEH; KARIMIPOUR FARHAD

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

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Journal: JOURNAL OF ACCOUNTING KNOWLEDGE Year:2012 | Volume:2 | Issue:7 Page(s): 141-160

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Title

EFFICIENCY OF THE FELTHAM-OHLSON (1995) MODEL IN TEHRAN STOCK EXCHANGE

Author(s)

NASSIRZADEH FARZANEH | KARIMIPOUR FARHAD | Issue Writer Certificate

Keywords

INTRINSIC VALUE OF COMPANYQ3

FELTHAM- OHLSEN (1995) VALUATION MODELQ3

STOCK RETURNQ3

MARKET VALUEQ3

Abstract

This study examines the efficiency of Feltham-Ohlsen (1995) valuation model in the Tehran Stock Exchange, TSE, and attempts to identify the relationship between intrinsic company value and return, to determine the INTRINSIC VALUE OF COMPANY using their book value. The statistical population in this study includes all TSE accepted companies and the sample consists of 89 TSE companies from different industries, and the data covers the years 1998 to 2009 and is used in time series-cross sectional (panel data) regression model. Results show that the model is not able to determine the intrinsic value of the companies, and that the relationship between the ratio of intrinsic value to MARKET VALUE and the ratio of price to earning value is not statistically significant. In addition, the companies that have the least ratio of intrinsic value to MARKET VALUE are assessed in the market higher than their real value.

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APA: Copy

NASSIRZADEH, FARZANEH, & KARIMIPOUR, FARHAD. (2012). EFFICIENCY OF THE FELTHAM-OHLSON (1995) MODEL IN TEHRAN STOCK EXCHANGE. JOURNAL OF ACCOUNTING KNOWLEDGE, 2(7), 141-160. SID. https://sid.ir/paper/163485/en

Vancouver: Copy

NASSIRZADEH FARZANEH, KARIMIPOUR FARHAD. EFFICIENCY OF THE FELTHAM-OHLSON (1995) MODEL IN TEHRAN STOCK EXCHANGE. JOURNAL OF ACCOUNTING KNOWLEDGE[Internet]. 2012;2(7):141-160. Available from: https://sid.ir/paper/163485/en

IEEE: Copy

FARZANEH NASSIRZADEH, and FARHAD KARIMIPOUR, “EFFICIENCY OF THE FELTHAM-OHLSON (1995) MODEL IN TEHRAN STOCK EXCHANGE,” JOURNAL OF ACCOUNTING KNOWLEDGE, vol. 2, no. 7, pp. 141–160, 2012, [Online]. Available: https://sid.ir/paper/163485/en

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