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REFERENCE

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;mplications

for

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?uffet, 3arren, $914, *he 'uperanalyst of =raham and Doddsville!, in =raham, ?enGamin, $914, *he intelligent investor!, 8arper F (o2, @e2 Cor9. ?uffet, 3arrenE 7etters to shareholders $965%200$E 222.+er9shirehatha2ay.com ?uGang , ;. et el .20010 , *he (elevance of =ordonBs )odel and Earnings )ultiplier Approaches in Emerging 'toc9 )ar9et , *est 2ith appropriate (efinement! , ;nternational (esearch "ournal of #inance nad Economics , issue 1 , pp $50%$&2. Callen, ". 7., ". 7ivnat, and '. (yan, $99/, Capital e:penditures, Value%relevance and fourth%quarter effects!, *he "ournal of #inancial 'tatement Analysis .'pring0, $4%25. Callen, ". 7. and ). )orel, 200$, 7inear accounting valuation 2hen a+normal earnings are A(.20!, (evie2 of Luantitative #inance and Accounting $/, $9$%204 .200$0. Capaul, C., and ;. (o2ley, and 3. 'harpe, $994, ;nternational value and gro2th stoc9 returnsA!, #inancial AnalystsB "ournal, "anuary%#e+ruary, $994. Chan, 7ouis H. C., "ason Harces9i, and "osef 7a9onisho9, 2000, @e2 paradigm or same old hype in equity investingA!, #inancial Analysts "ournal &/, 24%4/. Chan, 7ouis H.C., "ason Harces9i, and "osef 7a9onisho9, 200$, M*he 7evel and ersistence of =ro2th (ates!, 3or9ing paper, )arch 200$. Chang, C., K. Chen, and ). Dong, $999, ;nvesting 2ith a stoc9 valuation model!,3or9ing paper, -hio 'tate Jniversity and Cale Jniversity. Charles ). C. 7ee, 200$, )ar9et efficiency and accounting research!, #orthcoming "ournal of Accounting and Economics, "anuary 200$. Chatfield, (. E., '.C. 8ein and (.C. )oyer, $990, 7ong%term earnings forecasts in the electric utility industry, Accuracy and valuation implications!, #inancial (evie2, 2&.40, $990, 52$%550. Chan, H., 7.H.C. Chan, @. "egadeesh, and ". 7a9onisho9, 200$, Earnings quality and stoc9 returns!, 3or9ing paper, ''(@. Chan, H., and @.%#. Chen, $99$, 'tructural and return characteristics of small and large firms!, "ournal of #inance 5/, $5/1<$565. Chen, @ai%fu, $964, 'ome empirical tests of the theory of ar+itrage pricing!, "ournal of #inance 46 .Decem+er $9640, $494%$5$5.

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Daniel, Hent, David 8irshleifer, and Avanidhar 'u+rahmanyam, $996, ;nvestor psychology and security mar9et under% and over%reactions!, "ournal of #inance &4, $649% $66&. Dean " , Capital ?udgeting , @e2 Cor9 $9&$ , Colum+ia Jniversity ress. De la Vega, "oseph, $/66, Confusion de confusions!, "ohn 3iley and 'ons, @e2 Cor9, $99/. De?ondt, 3erner #. )., and (ichard 8. *haler, $96&, Does the stoc9 mar9et overreactA, "ournal of #inance 50, 194%60&. Decho2, atricia )., (ichard =. 'loan, and )ar9 *. 'oliman, 200$, ;mplied equity duration, A ne2 measure of equity security ris9!, 3or9ing paper, "une 200$. Decho2, ., $995, Accounting earnings and cash flo2 as measures of firm performance, the role of accounting accruals!, "ournal of Accounting and Economics, pp. 4%52. Decho2, ., 'loan, (., $991, (eturns to contrarian investment strategies, tests of naNve e:pectation hypotheses!, "ournal of #inancial Economics 54, 4%21. Decho2, (. )., A. . 8utton, and (. =. 'loan, $999, An empirical assessment of the residual income valuation model!, "ournal of Accounting and Economics 2/, $%45. Demira9os, Efthimios =., @orman 'trong, and )artin 3al9er, 2002, *he valuation methodologies of financial analysts!, 3or9ing paper, Jniversity of )anchester, 2002. Dittman.;., )aug.E. , Hemper.". , 8o2 #undamental are fundamental values, Valuation methods and their impact on the performance of =erman venture capitalists! , 'ocial science (esearch @et2or9, 2005, vol. $0, pp. /09%/46. Douglas, )ar9, $990, *he disciplined trader!, @e2 Cor9 ;nstitute of #inance, @e2 Cor9, $990.

Doyle, "effrey *., (ussell ". 7undholm and )ar9 *. 'oliman, 2002, *he predictive value of e:penses e:cluded from Opro formaB earnings!, 3or9ing paper, -cto+er 2002. Dreman, D.@., and ). ?erry, $99&, Analyst forecasting errors and their implications for security analysis!, #inancial Analysts "ournal, )ay>"une, 40%5$. Dreman, David @., $996, Contrarian investment strategies, *he ne:t generation!, 'imon F 'chuster, @e2 Cor9, @C. Ed2ards, Edgar -., and hilip 3. ?ell, $9/$, *he theory and measurement of +usiness income!, Jniversity of California ress, ?er9eley, CA. Eric . D. et al. P Application of )ACD and (V; indicators as functions of ...$12 K+. rad. E9on. fa9. (iG. P 2009 P vol. 21 issue $ ,pp $1$%$9/ #ama, Eugene #., $99$, Efficient capital mar9ets, ;;!, "ournal of #inance 5/, $&1&%$/$1. #ama, Eugene #., and Henneth (. #rench, $992, *he cross%section of e:pected returns!, "ournal of #inance, 51 .20, 521%5/&. #ama, Eugene #., and Henneth (. #rench, $994, Common ris9 factors in the returns on stoc9s and +onds!, "ournal of #inancial Economics, 44 .$9940, 4%&/. #ama, Eugene #., and Henneth (. #rench, $99&, 'iIe and +oo9%to%mar9et factors in earnings and returns!, "ournal of #inance &0, $4$%$&&. #ama, Eugene #., and Henneth (. #rench, $99/, *he CA ) is 2anted, dead or alive!, "ournal of #inance, &$ .&0, $951%$9&6. #ama, Eugene #., and Henneth (. #rench, $991, M;ndustry costs of equityM, "ournal of #inancial economics 54 .#e+ruary $9910, $&4%$94. #ama, Eugene #., $996, )ar9et efficiency, long%term returns and +ehavioral finance!, "ournal of #inancial Economics, 59 .40, 264%40/. #eltham, =., and -hlson, "., $99&, Valuation and clean surplus accounting for operating and financial activities!, Contemporary Accounting (esearch, $$.20, /69%14$. #eltham, =. and ". -hlson, $99/, Jncertainty resolution and the theory of depreciation measurement!, "ournal of Accounting (esearch 45, 209%245. #ernandeI . , Company valuation methods. *he most Common errors in valuations! "an 2002, 3or9ing paper .Jniversity of @avarra0, pp 559%5/4

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8olt, Charles C., $9/2, *he influence of gro2th duration on share prices!, "ournal of #inance 1, no.4 .'eptem+er $9/20, 5/&%51&. 8ouge, *odd, and *im 7oughran, 2000, Cash flo2 is 9ing, Cognitive errors +y investors!, "ournal of sychology and #inancial )ar9ets, forthcoming. 8ri+ar, aul, 2000, *he mar9et pricing of components of accruals!, 3or9ing paper, Cornell Jniversity. 8unt, 7acy 8., $961, A time to +e rich!, (a2son Associates, )acmillan, @e2 Cor9, @C. "ames (.English , Applied equity analysis, stoc9 valuation techniques for 3all 'treet rofessionals! , )c=ra2hill pu+lication. "ones, C., and '. 3eingram, $99/, *he determinants of $0+%& litigation ris9!, 3or9ing paper 'tanford 7a2 'chool, 'tanford, CA. Hamstra )ar9 .20040 , ricing firms on the +asis of fundamentals! , Economic (evie2, #ederal (eserve ?an9 of Atlanta , $st quarter , pp 59%10. Hahneman, Daniel, and Amos *vers9y, $919, rospect theory, An analysis of decision ma9ing under ris9, Econometrica 51, no.2, 2/4%29$. Haplan.'.@ , (u+ac9.( , $99& *he valuation of cash flo2 forecasts, An Emipirical Analysis! , "ournal of #inance , vol &0 ,no 5 .'eptem+er0 ,pp $0&9%94. Haufman, erry ". .20040 A 'hort Course in *echnical *rading, "ohn 3iley F 'ons ;nc. Hent, Daniel, David 8irshleifer, and 'ie2 8ong *eoh, 200$, ;nvestor psychology in capital mar9ets, Evidence and policy implications!, 3or9ing paper, 200$. Him.), (itter.(."ay .$9990 Valuing ; -s!, "ournal of #inancial Economics, vol &4, no 4 .'eptem+er0, pp.509%541. 7a9onisho9, "osef, Andrei 'hleifer, and (o+ert 3. Vishny, $995, Contrarian investment, e:trapolation, and ris9 , "ournal of #inance 59, $&5$%$&16. 7amdin, D."., 200$, @e2 results on stoc9 prices and fundamental value!, "ournal of ;nvesting $0, /1%/9. 7ang, ), $99$, *ime varying stoc9 price response to earnings induced +y uncertainty a+out the time series process of earnings! "ournal of Accounting (esearch, vol 29, pp 229% 2&1. 7a orta, (., $99/, E:pectations and the cross%section of stoc9 returns!, "ournal of #inance&$, $1$& $152.

7eClair, ).'., $990, Valuing the closely%held corporation, the validity and performance of esta+lished valuation procedures!, Accounting 8oriIons 5 .'eptem+er, $9900 4$%52. 7ee, C. ). C., $999, Accounting%+ased valuation, ;mpact on +usiness practice and research!, Accounting 8oriIons $4, 5$4%52&. 7ee, C. ). C., 200$, )ar9et efficiency and accounting research, A discussion of QCapital mar9et research in accountingQ +y '. . Hothari!, "ournal of Accounting and Economics 4$.$%40, 244%2&4. 7ee, C. )., ". )yers, and ?. '2aminathan, $999, 3hat is the intrinsic value of the Do2A!, "ournal of #inance &5, $/94%$15$. 7ee, C. )., and ?. '2aminathan, 2000, rice momentum and trading volume!, "ournal of #inance &&, 20$1<20/9. 7ee, C. )., D. @g, and ?. '2aminathan, 2004, *he cross%section of international cost of capital!, 3or9ing paper 2004. 7ev, ?., $964, 'ome economic determinants of the time series properties of earnings!, "ournal of Accounting and Economics &, 4$%56. 7ev, ?., and (. *hiagaraGan, $994, #undamental information analysis!, "ournal of Accounting (esearch 4$, $90%202. 7ev, ?., and *. 'ougiannis, $99/, *he capitaliIation, amortiIation, and value%relevance of (FD!, "ournal of Accounting and Economics 2$, $01<$46. 7ev, ?. and Karo2in, ., $999, *he +oundaries of financial reporting and ho2 to e:tend them!, "ournal of Accounting (esearch 41, 4&4%46&. 7evRvre, Ed2in, $924, (eminiscences of a stoc9 operator!, "ohn 3illey F 'ons, ;nc., @e2 Cor9, $924. 7evin, ". and . -lsson, $996, Company valuation 2ith a periodically adGusted cost of capital!, pu+lished in . -lsson, $996, !'tudies in company valuation!, 'toc9holm 'chool of Economics. 7e2ellen, "onathan and "ay 'han9en, 2000, Estimation ris9, mar9et efficiency, and the predicta+ility of returns!, @?E( 3or9ing paper, )ay 2000. 7ie.E , 7ie.".8eidi , )ultiples used to estimate Corporate value! , #inancial Analysts "ournal , April 2002 , vol &6 , pp 55%&&

7ittle, ;., $9/2, 8iggledy piggledy gro2th!, ;nstitute of 'tatistics, -:ford. 7iu, "., D. @issim, and ". *homas, 2002, Equity valuation using multiples!, "ournal of Accounting (esearch. 50 .)arch0, $4&%$12. 7undholm, (., and *. -BHeefe, 200$a, (econciling value estimates from the discounted cash flo2 model and the residual income model!, Contemporary Accounting (esearch $6 .20, 4$$%44&. 7undholm, (., and *. -BHeefe, 200$+, -n comparing residual income and discounted cash flo2 models of equity valuation, a response to enman 200$!, Contemporary Accounting (esearch $6 .50, /94%/9/. 7ynch, eter, $990, -ne up on 3all 'treet!, enguin ?oo9s, @e2 Cor9 .@C0 $990. )ac9ay, C., $6&2, E:traordinary popular delusions and the madness of cro2ds!, reprinted +y "ohn 3iley F 'ons, @e2 Cor9. )al9iel, ?urton =., $914, A random 2al9 do2n 3all 'treet!, 3. 3. @orton F Company, ;nc.E @e2 Cor9 .@C0 $914. )ar9o2itI, 8arry, $9&9, ortfolio selection!, Cale Jniversity ress, @e2 8aven and 7ondon. )arshall, A., $690, rinciples of economics!, *he )acmillan ress 7td., 7ondon, @C. )ar:, Harl, $661, Capital!, #irst English edition of $661, rogress u+lishers, )osco2, J''(E edited +y #rederic9 Engels. )iller, ). 8. and #. )odigliani, $9/$, Dividend policy, gro2th, and the valuation of shares!, "ournal of ?usiness, @o. 5, 5$$%544. )inton, ?ernadette and Catherine 'chrand, $999, *he impact of cash flo2 volatility on discretionary investment and the costs of de+t and equity financing!, "ournal of #inancial Economics &5, 524%5/0. )oiIer, ., and ". Arnold, $965, 'hare appraisal +y investment analysts % ortfolio vs. non%portfolio analysts!, Accounting F ?usiness (esearch $5 .&/0, 45$.459. )ouc9, *om, $996, Capital mar9ets research and real 2orld comple:ity, *he emerging challenge of chaos theory!, Accounting, -rganiIations and 'ociety, 24 .20, $996, $69%2$&. )urphy, "ohn. ", .$9990 *echnical Analysis of the #inancial )ar9ets, A Comprehensive =uide to *rading )ethods and Applications, @e2 Cor9, @e2 Cor9 ;nstitute of #inance

)urphy, "ohn. ", .$9990 *he Visual ;nvestor, 8o2 to 'pot )ar9et *rends ,3iley u+lication. )yers, ". @., $999, ;mplementing residual income valuation 2ith linear information dynamics!, *he Accounting (evie2 15, $%26. -hlson, ". A., $99$, *he theory of value and earnings, and an introduction to the ?all and ?ro2n Analysis!, Contemporary Accounting (esearch 6, $<$9. -hloson, ", $99& Earnings, +oo9 value and dividends in security valuation!, Contemporary Accounting (esearch, 'pring, vol $$, pp //$%/61. andey.A. , 2009 'tudying Earnings )anagement in ;nitial u+lic -fferings .; -'0 and ;ts ;mpact -n ; - ricing in ;ndia! , 3or9ing paper , no 265 , iim+ enman, '.8. and *. 'ougiannis, $996, A comparison of dividend, cash flo2, and earnings approaches to equity valuation!, Contemporary Accounting (esearch, 454%464. enman, '.8., $992, (eturn to fundamentals, "ournal of Accounting, Auditing and #inance, 5/&%565. eters, D."., $99$, Valuing a gro2th stoc9!, "ournal of ortfolio )anagement $1, 59%&$. eters, Edgar E., $99$, Chaos and order in the capital mar9ets!, "ohn 3iley and 'ons, @e2 Cor9. i9e, (., ". )eerGanssen, and 7. Chad2ic9, $994, *he appraisal of ordinary shares +y investment analysts in Jnited Hingdom and =ermany!, Accounting and ?usiness (esearch 24, 569%599. iotros9i, "., 2000, Value ;nvesting, *he use of historical financial statement information to separate 2inners from losers!, "ournal of Accounting (esearch, Vol. 46 'upplement 2000, $%5$. ratt, 'hannon ., $996, Cost of capital!, @e2 Cor9, "ohn 3iley and 'ons $996. (appaport, Alfred and )ichael )au+oussin, 200$, E:pectations investing, (eading stoc9 prices for +etter returns!, 8arvard ?usiness 'chool ress, 200$. (eilly, #ran9 H., and Heith C. ?ro2n, 2004, ;nvestment analysis and portfolio management!, *homson, 'outh%3estern, 'eventh Edition, 2004. (ichardson, 'cott A., and (ichard =. 'loan, 2004, E:ternal financing and future stoc9 returns!, 3or9ing paper. (oGid.'. et al., a , 7earning )odels and 'toc9 Valuation, Evidence from the 'toc9 E:change of )auritius! , 3or9ing paper , no 442 , department of finance and accounting, faculty la2 and management, university of )auritius.

(osen+erg, ?., H. (eid and (. 7anstein, $96&, ersuasive evidence of mar9et inefficiency!, *he "ournal of ortfolio )anagement $$ .$96&0, 9%$1. (oss, 'tephen, A., $91/, *he ar+itrage theory of capital asset pricing model .CA )0!, "ournal of Economic *heory .$91/0, $4, 45$%4/0. 'hamsher , ) et el .$9960 , Appraising ;nvestment in Common 'hares , *hGe use of )alaysia =lo+al ?usiness and #inance (evie2 , vol 4, issue 2 , pp 2&%4/. 'harpe, 3illiam #., =ordon ". Ale:ander and "effrey V. ?ailey, $999, ;nvestments!, 'i:th edition, rentice 8all, Engle2ood Cliffs, @e2 "ersey $999. 'hefrin, 8ersh, 2000, ?eyond greed and fearE Jnderstanding +ehavioral finance and the psychology of investing!, 8arvard ?usiness 'chool ress, ?oston 2000. 'hia+%Al%)ohammad et el .200/0, Common 'toc9 Appraisal in (elation to *heir >E (atios using (is9%adGusted measures, An Emerging )ar9et rospective! , "ordan "ournal of ?usiness Administration , vol 2 , no 2 , pp $%$5. '9antI, *.(., and (. )archesini, $992, A *est of a (is9%AdGusted Dividend capitaliIation )odel, *he Case of 7iquidating #irms!, "ournal of #inancial (esearch, $&.$0, $992, $$%2/. 'loan, (., $99/, Do stoc9 prices fully reflect information in accruals and cash flo2s a+out future earningsA!, *he Accounting (evie2 1$, 40&%444. 'orensen, Eric 8. and Da+id A. 3illiamson, $96&, 'ome evidence on the value of Dividend Discount )odels!, #inancial Analyst "ournal, @ovem+er%Decem+er $96&. 'oros, =eorge, $961, *he alchemy of finance, (eading the mind of the mar9et!, 'imon and 'chuster, @e2 Cor9, @C. 'porleder, *., and ). ?ailey, 200$. Jsing (eal -ptions to Evaluate roducer ;nvestment in @e2 =eneration Cooperatives! Department of Agricultural, Environment and Development Economics, *he -hio 'tate Jniversity, Colum+us. 'to+er, *., $99/, Do prices +ehave as if accounting are conservativeA Cross%section tests of the #eltham%-hlson .$99&0model,! 3or9ing paper, Jniversity of @otre Dame. 'to2e, "ohn, D., *homas (. (o+inson, "erald E. into and Dennis 3. )c7eavey, 2002, Analysis of equity investments, Valuation!, A;)( 2002. *eoh,'.8 , 3elch,; and 3ong *."., $996 , Earnings management and the long run mar9et performance of ; -s! , "ournal of #inance , vol &4 ,pp $94& %$915 *eregrossa.".'. , Discerning the determinants of common stoc9 valuation, An empirical analysis!, .200&0 , resented paper in the international conference on olicy )odelling,;stan+ul. )ay, pp $245%$2&/.

*homas.". @issim.D, *homas.". , Equity Valuation using multiples! ,)arch 200$,"ournal of Accounting (esearch , vol 50 , issue $ , pp $4&%$12. *hompson, Donald ". ;;, $91/, 'ources of systematic ris9 in common stoc9s!, "ournal of ?usiness 59, no. 2 .April $91/0,$14%$66 *vede, 7ars, $990, *he psychology of finance!, @or2egian Jniversity ress, -slo $990. *ulisan. .C. , #inancial )anagement, A self study te:t+oo9! , $st edition , '.Chand u+lication , pp 6.$%6.50 . Vaga, *onis, $995, rofiting from chaos!, )c=ra2 8ill, @e2 Cor9, @C. Vander 3eide, ".8., and 3.*. Carleton, $966, ;nvestor gro2th e:pectations, Analysts vs. history!, "ournal of ortfolio )anagement, v$5, 16%64. 3elch, ;vo, 2000, Vie2s of financial economists on the equity premium and on professional controversies!, "ournal of ?usiness 14, &0$<&41. 3hite, =. ;., A. C. 'ondhi and D. #ried, $996, *he analysis and use of financial statements!, "ohn 3iley F 'ons, ;nc. 3illiams, "., $946, *he theory of investment value!, Cam+ridge, )A, 8arvard Jniversity ress. Sie, 8ong, 200$, *he mispricing of a+normal accruals!, *he Accounting (evie2 1/, 4&1<414. Kar2in, . $990, 3hat determines earnings%price ratios, revisited!, "ournal of Accounting Auditing and #inance, vol &, pp 549%5&5.

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