<p>The importance of human capital in firm valuation is something Huang and Wang points out in there paper from 2008. We expand Ohlson’s valuation model (1995) in line with Huang and Wang (2008) to enhance a market value that includes proxies for human capital. By using human capital based market value and one of Francis, Nanda and Olsson’s (2008) version of earnings quality, we create a value table which aim to sort for undervalued and overvalued companies during the economic upswing of 2003 to 2007 in the human capital line of business. Using this value table we find that the technology industry has tendencies to be undervalued and the industrial and service industry has tendencies to be overvalued over this period of time. </p>
| Identifer | oai:union.ndltd.org:UPSALLA/oai:DiVA.org:uu-113304 |
| Date | January 2009 |
| Creators | Söderberg, John, Knutsson, Stefan |
| Publisher | Uppsala University, Department of Business Studies, Uppsala University, Department of Business Studies |
| Source Sets | DiVA Archive at Upsalla University |
| Language | Swedish |
| Detected Language | English |
| Type | Student thesis, text |
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