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- Title
Information and the Sequential Valuation of Assets in Arbitrage-Free Economies.
- Authors
GARMAN, MARK B.; OHLSON, JAMES A.
- Abstract
The article discusses the sequential valuation of assets in arbitrage-free economies. Seven assumptions in valuation models are: perfect markets; concordant expectations; homogeneous beliefs; Markovian environment; arbitrage-free economy; stationarity; and risk-free asset. Explanations are given for the valuation functions and random variables in difference equations, partial equilibrium analysis, the equilibrium theory of arbitrage, linear information valuation models, and the summary statistic variable in the capital assets pricing model and in the complete dynamic equilibrium assumptions.
- Subjects
INFORMATION theory in economics; CAPITAL assets pricing model; VALUATION; EQUITY method (Accounting); ARBITRAGE; ECONOMIC models
- Publication
Journal of Accounting Research (Wiley-Blackwell), 1980, Vol 18, Issue 2, p420
- ISSN
0021-8456
- Publication type
Article
- DOI
10.2307/2490587