This paper lays out alternative valuation models and evaluates their features. Three themes underlie the discussion. First, we require that the models be consistent with the theory of finance. Second, valuation involves accounting, so accounting theory as well as finance theory comes into play. Third, valuation models are a tool for practical valuation, so the respective models are judged on how they perform or do not perform (as a practical matter), with the emphasis is on caveat emptor.
Penman, Stephen. "Valuation Models: An Issue of Accounting Theory." In Routledge Companion to Financial Accounting Theory. Abingdon: Routledge (forthcoming).
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