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摘要：The research results show that sign-orientedmodels have better performance in the prediction of abnormal earnings compared totraditional model. Using forecasted abnormal earnings in all of the valuation functionsindicate that none of the studied models can appropriately forecast firm’s value.

hich it will be paid to
the comparison of traditional and sign-oriented models while making linear models agreeable with inflation conditions of Iran. In such a condition, perhaps will using adjusted book values based on
inflation rate and using them in valuation models be resulted in the better function of sign-oriented,
models compared to the traditional models in the valuation, and support the relevant theories.
5-2- Application of Research Results
The research results will be applicable for the following real and legal persons:
A Investors: it is expected that the research results can indicate a model describing the investors’
stock theoretic value. The results help them making better decisions and, thereby, cause
increased investment return.
B Firms’ Managers: the firms’ stock price in financial markets is focused by most managers.
Since this is one of their assessment factors in shareholder’s viewpoint, achieving a model
segregating the stock unsubstantial price from the prices having theoretical backup will provide
a better criterion for the assessment made by shareholders and managers defending of their
operation.
C Tehran Stock Exchange Organization: Determination of scientific and correct values to prevent
the formation of price bubble and, consequently, sudden stagnancy in market is important to the
Stock Exchange Organization. Therefore, it is predicted that this research testing the theoretic
model to calculate the price in Iran may be utilized by the said organization.
73 International Research Journal of Finance and Economics - Issue 36 (2010)

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