Earnings, Book Values, and Dividends in Equity Valuation: An Empirical Perspective*
重新审视Ohlson 1995模型，指出剩余收益估值并非核心，而是简化分析的工具；并说明“其他信息”可在预期收益可观测时赋予实证内容。
Abstract This paper revisits Ohlson 1995 to make a number of points not generally appreciated in the literature. First, the residual income valuation (RIV) model does not serve as a crucial centerpiece in the analysis. Instead, RIV plays the role of condensing and streamlining the analysis, but without any effect on the substantive empirical conclusions. Second, the concept of “other information” in the model can be given concrete empirical content if one presumes that next‐period expected earnings are observable.