An examination of the time series properties of listed, privately held and failing firms

Article Abstract:

Time series of analysis of financial data from 51 firms listed in Finland's stock exchange covering the period 1974-1989 shows that the submartingale behavior that has been observed in annual net income of large firms does not hold true for other types of firms. These other firms include small, privately held companies and entities on the verge of bankruptcy. The submartingale phenomenon is characterized by a random walk that may or may not consist of a drift component.

Research, Methods, Random walks (Mathematics), Random walk theory, Income forecasting

---

Discussion of 'The Garman-Ohlson Structural System.' (response to M. Tippett and Teresa Warnock in this issue, p. 1075)

Article Abstract:

The Garman-Ohlson structural system model presents a relatively simplistic extrapolation and adding of only three accounting variable, thus diminishing efficiency as a valuation model. It offers a generalization of the one dimensional dividend growth model as well as valuable insights regarding the roles of dividend yield, earning yield, book value and market value in ascertaining corporate profits.

Corporate Profits, Analysis, Profits, Dividends

---

Endogenous parameter time series estimation of the Ohlson model: linear and nonlinear analyses

Article Abstract:

The Ohlson model (1995) is tested for empirical validity on a time series basis. Results show that regardless of estimation method, the model often yields insignificant or inconsistent parameter estimates; however, the model's equity risk premia point estimates are similar to those yielded by other methods.

Israel, Product information, Testing, Comparative analysis, Econometric models

Similar abstracts:

• Abstracts: An evaluation of alternative measures of corporate tax rates. On the trade-off between the future benefits and riskiness of R&D; a bondholders' perspective
• Abstracts: An invitation to Europe. European court levels tax playing field. Accountant MP warns on European tax danger
• Abstracts: Valuation and control in venture finance. Managerial incentives and internal capital markets. Convertible securities and venture capital finance
• Abstracts: In vivo veritas. In vivo cancer targeting and imaging with semiconductor quantum dots. Human antibodies from immunized donors are protective against anthrax toxin in vivo
• Abstracts: Information disclosure to employees and rational expectations: a game theoretical perspective: a comment. Voluntary disclosure of nonproprietary information: a complete equilibrium characterization

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.