O Modelo Ohlson de Avaliação de Empresas: Tutorial para Utilização

Abstract

   The article analyzes the structuring and applicability of the Ohlson Model (OM). The methodology used considered: (i) exploratory research as to the objectives of the study; (ii) bibliographical research as to the procedures applied; and (iii) qualitative research as to the addressing of the problem. The review of the literature covered both the origin (discount of dividends, evaluation by the residual profit etc) and the underlying theory of the model. In relation to the internal consistency of the MO, the structuring of the linear informational dynamics was discussed (LID) and the formulae of valuation as well as the establishing of the entries demanded (parameters and variables). An example was also developed that illustrates the interaction between the coefficients, variables and parameters of the Ohlson modeling. The example permitted the exploration of fundamental concepts and premises for the operating of the Ohlson model, underlying the equations of the LID (self-regressive models, parameters of persistence etc), to the behavior of the earnings (persistence and ability to forecast), to the scenario of valuation and to some aspects of the accounts model (role of the equity etc). The study concluded that: (1) there is no consensus in the academic literature about the appropriate method of measuring the parameters of persistence; (2) there are propositions for perfecting the original conception of the OM by means of extensions to the model; (3) the Ohlson model propitiated a series of contributions in the academic literature about capital markets.