Abstract

http://ssrn.com/abstract=1280701
 
 

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A Unified Valuation Framework for Dividends, Free Cash Flows, Residual Income, and Earnings Growth Based Models


Dan Gode


affiliation not provided to SSRN

James A. Ohlson


New York University (NYU) - Leonard N. Stern School of Business; New York University (NYU) - Department of Accounting, Taxation & Business Law

February 2006

NYU Working Paper No. 2451/27480

Abstract:     
Valuation techniques are important to practitioners and academics. Although theoretically equity value equals the present value of expected dividends, in practice, higher-level metrics such as free cash flows, earnings, and book values are used for valuation. This paper helps us understand these metrics by: (1) providing a common and simple theoretical framework that shows how these alternative valuation metrics can be used instead of dividends; (2) using the common framework to provide the theoretical underpinnings of earnings-based valuation.

Number of Pages in PDF File: 21

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Date posted: October 8, 2008  

Suggested Citation

Gode, Dan and Ohlson, James A., A Unified Valuation Framework for Dividends, Free Cash Flows, Residual Income, and Earnings Growth Based Models (February 2006). NYU Working Paper No. DHANANJAY (DAN) K. GODE-03. Available at SSRN: http://ssrn.com/abstract=1280701

Contact Information

Dan Gode (Contact Author)
affiliation not provided to SSRN
No Address Available
James A. Ohlson
New York University (NYU) - Leonard N. Stern School of Business ( email )
44 West 4th Street
New York, NY NY 10012
United States
New York University (NYU) - Department of Accounting, Taxation & Business Law ( email )
40 West 4th Street
Tisch Hall - Suite 433
New York, NY 10012
United States
212-998-0065 (Phone)
212-995-4004 (Fax)
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