Contraste empírico de la propuesta de valoración desarrollada por Feltham y Ohlson (1995)

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This paper provides an empirical test of the Linear Information Dynamics underlying Feltham and Ohlson's [1995] approach to firm valuation based on accounting numbers. Results of a time-series analysis of prices, earnings and book values of a sample of Spanish listed companies reveal that there is a consistent basis to claim that Feltham and Ohlson's valuation model is not valid in practice.

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