An Evaluation of Ohlson: Dividends and Economic Value-Added on Stocks Value Forecasts

Farzaneh Heidarpoor, Seyed Mohsen Mousavi, Seyed Mohsen Mousavi

Abstract


The main objective of this study was to compare the valuation models, Ohlson, discounted dividends and EVA in the Tehran Stock Exchange. Considering the literature, five hypotheses were considered for the above investigation. The method applied in this research was descriptive and correlational. And multivariate regression was used to analyze the data. For data analysis, multivariate regression was used. And the data was collected from 120 companies during the six years and the data was compound. Finally, the results indicated that Ohlson model provided a much better efficiency than the other two. It also provided a better estimate of the stock market value. And also it can be concluded that EVA model was more efficient in Tehran Stock Exchange, compared to the dividend discount model.


Keywords


value stock, Ohlson, economic value, dividend.

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