• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Fidan Ganeev
Analysis of Market Value and Abnormal Earnings in the Case of Russian Market
Finance
(Master’s programme)
2018
The study suggests empirical research of the Ohlson model (1995), which is combination of residual income model (RIM) and linear information model (LIM). Ohlson model is accounting-based model, which relating market value of company with accounting information (equity book value, earnings), and information not included in financial report but affecting on company’s market valuation. The research is based on the companies, which were ever listed on Moscow Exchange from 2001 to 2017 and panel data approach were implemented. The problem of “scale effect” were considered. We used as a deflator number of ordinary shares to eliminate it and compare it with non-deflating models. The proxy of “other information” were calculated with accordance to Akbar and Stark method (2003). We find that using deflator is not an option to mitigate “scale effect” in the Ohlson model. Adding of proxy of “other information” improves model without deflator. Non-deflated model with proxy “other information” has positive sign in proxy “other information” with significant abnormal earnings, net assets. The consequent research goals were discussed. Possible topics about Ohlson model related studies could include problems about identification of proxy of “other information”, considering industry structure as an independent object of study, using specific proxy “other information” and compare them by explanatory power or predictionary power.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses