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；同时提出“其他信息”可通过预期盈余观测到，为实证研究提供新思路。
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.