The Ohlson Model of Evaluation of Companies: Tutorial for Use
Autor(a) principal: | |
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Data de Publicação: | 2004 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng por |
Título da fonte: | BBR. Brazilian Business Review (English edition. Online) |
Texto Completo: | http://www.bbronline.com.br/index.php/bbr/article/view/488 |
Resumo: | The article analyzes the structuring and applicability of the Ohlson Model (MO). The methodology used considered: (i) exploratory research as to the objectives of the study; (ii) bibliographical research as to the procedures applied; and (iii) qualitative research as to the addressing of the problem. The review of the literature covered both the origin (discount of dividends, evaluation by the residual profit etc) and the underlying theory of the model. In relation to the internal consistency of the MO, the structuring of the linear informational dynamics was discussed (DIL) and the formula of evaluation as well as the establishing of the entries demanded (parameters and variables). An example was also developed that illustrates the interaction between the coefficients, variables and parameters of the Ohlson modeling. The example permitted the exploration of fundamental concepts and premises for the operating of the Ohlson model, underlying the equations of the DIL (self-regressive models, parameters of persistence etc), to the behavior of the profits (persistence and ability to forecast), to the scenario of evaluation and to some aspects of the accounts model (role of the net worth etc). The study concluded that: (1) there is no consensus in the academic literature about the appropriate method of measuring the parameters of persistence; (2) there are propositions for perfecting the original conception of the MO by means of extensions to the model; (3) the Ohlson model propitiated a series of contributions in the academic literature about capital markets. |
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The Ohlson Model of Evaluation of Companies: Tutorial for UseO Modelo Ohlson de Avaliação de Empresas: Tutorial para Utilizaçãoevaluation of companiesOhlson Modelavaliação de empresasmodelo de OhlsonThe article analyzes the structuring and applicability of the Ohlson Model (MO). The methodology used considered: (i) exploratory research as to the objectives of the study; (ii) bibliographical research as to the procedures applied; and (iii) qualitative research as to the addressing of the problem. The review of the literature covered both the origin (discount of dividends, evaluation by the residual profit etc) and the underlying theory of the model. In relation to the internal consistency of the MO, the structuring of the linear informational dynamics was discussed (DIL) and the formula of evaluation as well as the establishing of the entries demanded (parameters and variables). An example was also developed that illustrates the interaction between the coefficients, variables and parameters of the Ohlson modeling. The example permitted the exploration of fundamental concepts and premises for the operating of the Ohlson model, underlying the equations of the DIL (self-regressive models, parameters of persistence etc), to the behavior of the profits (persistence and ability to forecast), to the scenario of evaluation and to some aspects of the accounts model (role of the net worth etc). The study concluded that: (1) there is no consensus in the academic literature about the appropriate method of measuring the parameters of persistence; (2) there are propositions for perfecting the original conception of the MO by means of extensions to the model; (3) the Ohlson model propitiated a series of contributions in the academic literature about capital markets.O artigo analisa a estruturação e aplicabilidade do modelo de Ohlson (MO). A metodologia utilizada contemplou: (i) pesquisa exploratória, quanto aos objetivos do estudo; (ii) pesquisa bibliográfica, quanto aos procedimentos aplicados; e (iii) pesquisa qualitativa, quanto à abordagem do problema. A revisão da literatura abrangeu tanto a origem (desconto de dividendos, avaliação pelo lucro residual etc) quanto a teoria subjacente ao modelo. Em relação à consistência interna do MO, discutiu-se a estruturação das dinâmicas informacionais lineares (DIL) e da fórmula de avaliação, bem como o estabelecimento das entradas exigidas (parâmetros e variáveis). Desenvolveu-se, ainda, um exemplo que ilustra a interação entre os coeficientes, variáveis e parâmetros da modelagem de Ohlson. O exemplo permitiu explorar conceitos e premissas fundamentais para a operacionalização do modelo de Ohlson, subjacentes às equações das DIL (modelos autoregressivos, parâmetros de persistência etc), ao comportamento dos lucros (persistência e previsibilidade), ao cenário de avaliação e a alguns aspectos do modelo contábil (papel do patrimônio líquido etc). O estudo concluiu que: (1) não há consenso na literatura acadêmica sobre o método apropriado de mensurar os parâmetros de persistência; (2) há proposições de aperfeiçoamento da concepção original do MO por meio de extensões ao modelo; (3) o modelo de Ohlson propiciou uma série de contribuições na literatura acadêmica sobre mercados de capitais.FUCAPE Business Shool2004-01-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/48810.15728/bbr.2004.1.1.1Brazilian Business Review; Vol. 1 No. 1 (2004): January to June 2004; 1-16Brazilian Business Review; v. 1 n. 1 (2004): Janeiro a Junho de 2004; 1-161808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/488/738http://www.bbronline.com.br/index.php/bbr/article/view/488/739Copyright (c) 2004 Brazilian Business Reviewhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessCupertino, César MedeirosLustosa, Paulo Roberto Barbosa2018-11-06T20:01:39Zoai:ojs.pkp.sfu.ca:article/488Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-11-06T20:01:39BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false |
dc.title.none.fl_str_mv |
The Ohlson Model of Evaluation of Companies: Tutorial for Use O Modelo Ohlson de Avaliação de Empresas: Tutorial para Utilização |
title |
The Ohlson Model of Evaluation of Companies: Tutorial for Use |
spellingShingle |
The Ohlson Model of Evaluation of Companies: Tutorial for Use Cupertino, César Medeiros evaluation of companies Ohlson Model avaliação de empresas modelo de Ohlson |
title_short |
The Ohlson Model of Evaluation of Companies: Tutorial for Use |
title_full |
The Ohlson Model of Evaluation of Companies: Tutorial for Use |
title_fullStr |
The Ohlson Model of Evaluation of Companies: Tutorial for Use |
title_full_unstemmed |
The Ohlson Model of Evaluation of Companies: Tutorial for Use |
title_sort |
The Ohlson Model of Evaluation of Companies: Tutorial for Use |
author |
Cupertino, César Medeiros |
author_facet |
Cupertino, César Medeiros Lustosa, Paulo Roberto Barbosa |
author_role |
author |
author2 |
Lustosa, Paulo Roberto Barbosa |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Cupertino, César Medeiros Lustosa, Paulo Roberto Barbosa |
dc.subject.por.fl_str_mv |
evaluation of companies Ohlson Model avaliação de empresas modelo de Ohlson |
topic |
evaluation of companies Ohlson Model avaliação de empresas modelo de Ohlson |
description |
The article analyzes the structuring and applicability of the Ohlson Model (MO). The methodology used considered: (i) exploratory research as to the objectives of the study; (ii) bibliographical research as to the procedures applied; and (iii) qualitative research as to the addressing of the problem. The review of the literature covered both the origin (discount of dividends, evaluation by the residual profit etc) and the underlying theory of the model. In relation to the internal consistency of the MO, the structuring of the linear informational dynamics was discussed (DIL) and the formula of evaluation as well as the establishing of the entries demanded (parameters and variables). An example was also developed that illustrates the interaction between the coefficients, variables and parameters of the Ohlson modeling. The example permitted the exploration of fundamental concepts and premises for the operating of the Ohlson model, underlying the equations of the DIL (self-regressive models, parameters of persistence etc), to the behavior of the profits (persistence and ability to forecast), to the scenario of evaluation and to some aspects of the accounts model (role of the net worth etc). The study concluded that: (1) there is no consensus in the academic literature about the appropriate method of measuring the parameters of persistence; (2) there are propositions for perfecting the original conception of the MO by means of extensions to the model; (3) the Ohlson model propitiated a series of contributions in the academic literature about capital markets. |
publishDate |
2004 |
dc.date.none.fl_str_mv |
2004-01-01 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Peer-reviewed Article Artigo revisado pelos pares |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/488 10.15728/bbr.2004.1.1.1 |
url |
http://www.bbronline.com.br/index.php/bbr/article/view/488 |
identifier_str_mv |
10.15728/bbr.2004.1.1.1 |
dc.language.iso.fl_str_mv |
eng por |
language |
eng por |
dc.relation.none.fl_str_mv |
http://www.bbronline.com.br/index.php/bbr/article/view/488/738 http://www.bbronline.com.br/index.php/bbr/article/view/488/739 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2004 Brazilian Business Review https://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2004 Brazilian Business Review https://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf application/pdf |
dc.publisher.none.fl_str_mv |
FUCAPE Business Shool |
publisher.none.fl_str_mv |
FUCAPE Business Shool |
dc.source.none.fl_str_mv |
Brazilian Business Review; Vol. 1 No. 1 (2004): January to June 2004; 1-16 Brazilian Business Review; v. 1 n. 1 (2004): Janeiro a Junho de 2004; 1-16 1808-2386 1807-734X reponame:BBR. Brazilian Business Review (English edition. Online) instname:Fucape Business School (FBS) instacron:FBS |
instname_str |
Fucape Business School (FBS) |
instacron_str |
FBS |
institution |
FBS |
reponame_str |
BBR. Brazilian Business Review (English edition. Online) |
collection |
BBR. Brazilian Business Review (English edition. Online) |
repository.name.fl_str_mv |
BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS) |
repository.mail.fl_str_mv |
|| bbronline@bbronline.com.br |
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1754732239032156160 |