Abstract The accounting method about employee stock bonus has become popular issue recently. The most disputable problem is: whether employee stock bonus debts expense? Does the employee stock bonus expense measure by face value or market value? If employee stock bonus debts expense, technologic firms have negative affect on net income, even makes them unprofitable. Technologic firms worry about their stock price decreased by recording employee stock bonus expense, so they disagree with this accounting method. To understand investors¡¦ reaction about recording employee stock bonus expense, I link the valuation on cooperate equity with accounting method of employee stock bonus by using Ohlson (1995) valuation model. The period of data is during 2001. I investigate the market¡¦s perception of the economic effect of employee stock bonus on firm value for a sample of 61 profitable technologic companies by using ¡§Retained Earning Method¡¨, ¡§Face Value Method¡¨ and ¡§Market Value Method¡¨ and observe investors how to value ¡§Employee Stock Bonus Expense¡¨. My results suggest that if technologic firms debt employee stock bonus expense by using ¡§Market Value Method¡¨, market has the highest valuation on firms¡¦ value. In addition, the market appears to value these firms¡¦ ¡§Employee Stock Bonus Expense¡¨ not as an expense but as an intangible asset. Key Words: Employee Stock Bonus, equity valuation, Ohlson Model

Faculty of Commerce School of Accountancy 9108665/p swartzg@soa.wits.ac.za / The debate on the determinants of firm value remains unresolved in finance research. This research report contributes to the debate by examining the validity of the Ohlson (1995) valuation model in South Africa. Using Johannesburg Securities Exchange data, this research report aims to identify whether the book value of assets, accounting (accrual) earnings, and abnormal cash dividends explain the behavior of South African share prices. The Ohlson (1995) model has been successfully tested in a number of recent studies (Collins, Pincus and Xie, 1999; Garrod and Rees, 1998; Collins, Maydew and Weiss, 1997; and Kothari and Zimmerman, 1995). This study attempts to extend this body of work in an emerging market context (South Africa), to determine whether the results obtained in developed markets also hold in an emerging market setting, where required rates of return are higher, liquidity is low, and capital is scarce. The research uses both cross sectional and panel data for 129 Johannesburg Securities Exchange listed companies over the 1992-2003 period to investigate the value relevance of the annual financial statements using the Ohlson (1995) model. Using cross-sectional data, the study indicates that the Ohlson (1995) model cannot be used for value prediction purposes, but does indicate that accrual accounting data is value relevant. However, using a panel data approach resulted in a statistically significant, robust, positive relationship for accounting earnings, book value of assets, and abnormal dividends in predicting firm value.

The study investigates the relationship between intellectual capital and share prices on the Nasdaq OMXS30 companies between 2001 and 2010. This, by using content analysis to score the companies' disclosure of intellectual capital and linear regression to test for a relationship with the corresponding share prices. We find a significant positive relationship between Price and Intellectual capital only for one of its subcategories: Internal Capital. The other two, Human Capital and External Capital, were both negatively correlated, explaining why we could not see a relationship between our total Intellectual capital score and price. Apart from this, we see that the average IC disclosure increased significantly during our researched time period and that IC disclosure in knowledge-intensive companies is statistically higher than for capital-intensive companies when it comes to External Capital and Human Capital. For Internal Capital, as well as for Total intellectual capital disclosure, we could not see any difference.

Abstract The investment is often coupled with the valuation. Before taking action, the decision that how to value an investment underlying is a scientific process. Usually, this work is heavily done and associated with an intangible value. Hence, somewhat in reality, the valuation and investment are also an artistic work. This study, using Taiwaneese quarterly data from 1992 to 2001, examines whether the RIV Model and Ohlson(1995) Model are applicable and valid in different industries. Both the RIV Model that equates the market value of a firm¡¦s equity to book value plus the present value of expected abnormal earnings and Ohlson(1995) Model which links the RIV with a linear information dynamic equation of abnormal earnings are accounting-based valuation Model. An emperical results show that the RIV Model is the best suitable for traditional industry, the Ohlson(1995) valuation Model is the best suitable for financial company, and the modified Model developed in this study is suitable for information technology industry. The implications implyed by this study are summarily as the followings¡G 1. Traditional Industry has stepped into mature or falling phase, and will be difficult to have abnormal earnings. The stock price can be explained largely by its book value. The forecasting value and terminal value are comparatively not so important. So the influence of predictive bias becomes less, and the accuracy of estimating intrinsic value will be higher than other industries. Therefore, RIV Model is comparatively suitable for the traditional industry. 2. Financial industry has been a mature one and its turnover is stable. The consecutive mutual relationship of the abnormal earnings is the highest among three industry from experimentation. The difference between RIV and Ohlson Valuation Model is that the latter derived from RIV connected with abnormal earning linear dynamic function, so financial industry is more suitable for Ohlson valuation model. 3. Information Technology Industry is in its growing phase. The turnover is too volatile, so ex-period market information (P-BV)t-1 must be added to acquire a better explanation power of the model. Therefore, The valuation model developed in this research is suitable for IT Industry.

O presente trabalho realizou uma aplicação empírica do modelo de Ohlson (1995) para as principais empresas brasileiras listadas na BM&FBovespa no período de 1996 a 2010, buscando verificar a consistência do modelo na previsão dos preços das ações. Dado que o método para utilização deste modelo é divergente na literatura, para este estudo decidiu-se pela metodologia de dados em painel, a qual considera tanto as características individuais de cada empresa, quanto à fatores específicos de determinados períodos. Foram desenvolvidos dois testes empíricos para o modelo, um para a função de preço e outro para a função de retorno. Os resultados encontrados mostraram que o modelo foi rejeitado no mercado de capitais brasileiro para as duas funções. / This paper conducted an empirical application of the Ohlson model (1995) for the main Brazilian companies listed on the BM&FBovespa in the period 1996-2010, in order to verify the consistency of the model in predicting stock prices. Since the method for using this model is divergent in the literature, it was decided the use of panel data methodology for this study, which considers both, the individual characteristics of each company and the specific factors for certain periods. It was developed two empirical tests for the model, one for the price function and another for the return function. The results showed that the model was rejected in the Brazilian capital market for both functions.

O presente trabalho realizou uma aplicação empírica do modelo de Ohlson (1995) para as principais empresas brasileiras listadas na BM&FBovespa no período de 1996 a 2010, buscando verificar a consistência do modelo na previsão dos preços das ações. Dado que o método para utilização deste modelo é divergente na literatura, para este estudo decidiu-se pela metodologia de dados em painel, a qual considera tanto as características individuais de cada empresa, quanto à fatores específicos de determinados períodos. Foram desenvolvidos dois testes empíricos para o modelo, um para a função de preço e outro para a função de retorno. Os resultados encontrados mostraram que o modelo foi rejeitado no mercado de capitais brasileiro para as duas funções. / This paper conducted an empirical application of the Ohlson model (1995) for the main Brazilian companies listed on the BM&FBovespa in the period 1996-2010, in order to verify the consistency of the model in predicting stock prices. Since the method for using this model is divergent in the literature, it was decided the use of panel data methodology for this study, which considers both, the individual characteristics of each company and the specific factors for certain periods. It was developed two empirical tests for the model, one for the price function and another for the return function. The results showed that the model was rejected in the Brazilian capital market for both functions.

O presente trabalho realizou uma aplicação empírica do modelo de Ohlson (1995) para as principais empresas brasileiras listadas na BM&FBovespa no período de 1996 a 2010, buscando verificar a consistência do modelo na previsão dos preços das ações. Dado que o método para utilização deste modelo é divergente na literatura, para este estudo decidiu-se pela metodologia de dados em painel, a qual considera tanto as características individuais de cada empresa, quanto à fatores específicos de determinados períodos. Foram desenvolvidos dois testes empíricos para o modelo, um para a função de preço e outro para a função de retorno. Os resultados encontrados mostraram que o modelo foi rejeitado no mercado de capitais brasileiro para as duas funções. / This paper conducted an empirical application of the Ohlson model (1995) for the main Brazilian companies listed on the BM&FBovespa in the period 1996-2010, in order to verify the consistency of the model in predicting stock prices. Since the method for using this model is divergent in the literature, it was decided the use of panel data methodology for this study, which considers both, the individual characteristics of each company and the specific factors for certain periods. It was developed two empirical tests for the model, one for the price function and another for the return function. The results showed that the model was rejected in the Brazilian capital market for both functions.

Submitted by Rafael Santana (rafael.silvasantana@ufpe.br) on 2017-07-14T18:10:27Z No. of bitstreams: 2 license_rdf: 811 bytes, checksum: e39d27027a6cc9cb039ad269a5db8e34 (MD5) DISSERTAÇÃO (2016-03-01) - BRENO JOSÉ BURGOS PAREDES.pdf: 904683 bytes, checksum: 2fbedea852f504c30d0284f3763b12b3 (MD5) / Made available in DSpace on 2017-07-14T18:10:27Z (GMT). No. of bitstreams: 2 license_rdf: 811 bytes, checksum: e39d27027a6cc9cb039ad269a5db8e34 (MD5) DISSERTAÇÃO (2016-03-01) - BRENO JOSÉ BURGOS PAREDES.pdf: 904683 bytes, checksum: 2fbedea852f504c30d0284f3763b12b3 (MD5) Previous issue date: 2016-03-01 / A avaliação de empresas apresenta-se como um tema relevante tanto para a literatura quanto para o mercado financeiro, uma vez que os agentes econômicos possuem interesse em precificar estes ativos. O presente estudo buscou avaliar o impacto dos indicadores PIB per capita, Inflação, Taxa de Juros, Taxa de Câmbio, risco, Governança Corporativa, Sustentabilidade Empresarial e crise dentro do processo de valuation das empresas brasileiras listadas nos segmentos estudados, de 1995 e 2013, por meio do Modelo de Ohlson (MO) (1995). A amostra foi composta pelos segmentos Petróleo e Gás, Siderurgia, Construção, Energia Elétrica e Financeiro da Bovespa. Esta dissertação foi estruturada com base em dois artigos, o primeiro analisou o efeito das variáveis macroeconômicas e de risco no processo de formação de valor das empresas, já o segundo, objetivou capturar o impacto dos aspectos de Governança Corporativa, Sustentabilidade Empresarial e Crise por meio de variáveis dummies. A principal contribuição deste trabalho está no uso das variáveis Risco, Governança Corporativa, Sustentabilidade Empresarial e Crise no processo de valuation. Os resultados indicam que o MO foi capaz de mensurar o valor de mercado das organizações, bem como, as variáveis SELIC, Taxa de Câmbio, IPCA, Risco e Crise demonstraram ser influenciadoras do processo de valoração. Contudo, as variáveis Governança Corporativa e Sustentabilidade Empresarial não apresentaram significância estatística. Tais achados demonstram a necessidade do aprofundamento do estudo sobre estas temáticas dentro do processo de valuation. / The company valuation is presented as an important issue both for literature and for the financial market, since economic agents have interest in pricing these assets. This study aimed to assess the impact of GDP indicators per capita, Inflation, Interest Rate, Exchange Rate Risk, Corporate Governance, Corporate Sustainability and crisis within the valuation process of Brazilian companies listed in the segments studied, 1995 and 2013, through the Ohlson's Model (1995). The sample was composed of the segments Oil and Gas, Steel, Construction, Energy and Financial Bovespa. This dissertation was structured based on two articles, the first analyzed the effect of macroeconomic variables and risk in the process of formation of the company value, as the second, aimed to capture the impact of aspects of Corporate Governance, Corporate Sustainability and Crisis through of dummy variables. The main contribution of this work is the use of variables Risk, Corporate Governance, Corporate Sustainability and Crisis in the valuation process. The results indicate that the Ohlson's Model was able to measure the market value of organizations, as well as the SELIC variables, Exchange Rate, IPCA, Risk and Crisis proved influencing the evaluation process. However, the variables Corporate Governance and Corporate Sustainability were not statistically significants. Such findings demonstrate the need to study the deepening of these issues within the valuation process.

The new standard IFRS 16 regarding leases was implemented 1st of January 2019 with the aim to improve accounting for leases and to provide more faithful information on the financial statements. We are conducting a value relevance study to observe to contribution of IFRS 16 to more value relevant information for investors and analysts. We are adopting an adjusted version of the valuation framework developed by Ohlson (1995) to be more coherent with the expected changes due to the new standard. We measure changes in value relevance pre and post the implementation of IFRS 16 using 8 quarterly interim reports representing the fiscal years 2018 and 2019. Furthermore, we are adopting an industry adjusted model to measure if value relevance has changed more in lease prevalent industries since industries such as retail, airline and service industries are expected to experience larger changes due to the new standard. We are considering 262 companies listed on the Swedish stock market, NASDAQ Stockholm. Our results suggest that the value relevance has increased in the post period of the implementation, especially in lease heavy industries.

本文利用Ohlson (1995)及Barth (1998)所提出之評價模型，研究91年度我國資訊電子業上市公司，會計資訊揭露之價值攸關性。根據Ohlson (1995)及Barth (1998)之模型，檢測會計資訊價值攸關性之結果顯示，超額盈餘、帳面價值及稅後淨利對於我國之資訊電子業上市公司之股價及市值有顯著之解釋能力。若以「資訊揭露程度」為Ohlson 及Barth評價模型之「其他攸關變數」進行觀察，則資訊揭露程度具有價值攸關性。若進一步將「資訊揭露程度」分成「財務及營運」、「董事會及股權結構」及「公司網站」三細項後，兩種不同之評價模型皆顯示，「財務及營運」之資訊揭露程度與股價及市值間具有顯著之正向關係。「董事會及股權結構」及「公司網站」之資訊揭露程度則會因實證模型之不同，而有不同之結論，在Ohlson 模型中並未獲得支持，但在Barth模型則獲得支持。 / Based on the models established by Ohlson (1995) and Barth (1998), this study examines the value relevance of information disclosure in addition to that of accounting numbers. The sample consists of electron companies listed in 2002. The result indicates that abcdrmal earnings, book value and net income have significant explanatory power about stock price and market value. The ‘information disclosure level’ is also value relevant for both models as ‘other relevant variable’. By dividing the ‘information disclosure level’ into three parts: financial and operating, board and ownership structure, and company websites, we find that ‘financial and operating’ information disclosure level is significantly associated with stock price and market value. The ‘board and ownership structure’ and ‘company websites’ information disclosure level are significant in Barth model, but not in Ohlson model.