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On the Theory of Forecast-Horizon in Equity Valuation

Author

Listed:
  • Ohlson, J.A.
  • Zhang, X.-J.
Abstract
This paper analyzes how a horizon date affects valuation. We focus on valuation errors that arise because of the horizon, and we assess the magnitudes of such errors. A model due to Ohlson (1995) specifies the information environment. Forecasting of future financial outcomes depends on two kinds of information: current accounting data - earnings, book value, and dividend - and "other", idiosyncratic, information.

Suggested Citation

  • Ohlson, J.A. & Zhang, X.-J., 1997. "On the Theory of Forecast-Horizon in Equity Valuation," Papers 97-14, Columbia - Graduate School of Business.
    • Handle: RePEc:fth:colubu:97-14
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    Cited by:

    1. José Maria Codosero Rodas & José Manuel Naranjo Gómez & Rui Alexandre Castanho & José Cabezas, 2018. "Land Valuation Sustainable Model of Urban Planning Development: A Case Study in Badajoz, Spain," Sustainability, MDPI, vol. 10(5), pages 1-18, May.
    2. Zhang, Xiao-Jun, 2000. "Conservative accounting and equity valuation," Journal of Accounting and Economics, Elsevier, vol. 29(1), pages 125-149, February.
    3. Jennergren, L. Peter, 2004. "Continuing Value in Firm Valuation by the Discounted Cash Flow Model," SSE/EFI Working Paper Series in Business Administration 2004:15, Stockholm School of Economics.

    More about this item

    Keywords

    EQUITY ; ACCOUNTING ; INFORMATION;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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