An empirical application of the clean-surplus valuation model: the case of the Athens Stock Exchange

G. A. Karathanassis and Stella Spilioti

Applied Financial Economics, 2005, vol. 15, issue 14, 1031-1036

Abstract: Recent studies on equity valuation suggest that security prices should be determined by book value and discounted future abnormal earnings (Ohlson, 1995; Feltham and Ohlson, 1995). This paper examines the empirical validity of these theoretical models for the Greek equity market. More specifically, it uses a panel data methodology to study equity prices for important sectors of the economy. To anticipate the results, these models appear to be reliable price valuation models, for Greek equities.

Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/09603100500107628 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:apfiec:v:15:y:2005:i:14:p:1031-1036

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/RAFE20

DOI: 10.1080/09603100500107628

Access Statistics for this article

Applied Financial Economics is currently edited by Anita Phillips

More articles in Applied Financial Economics from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().