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ch, they tested a combination of cross section- time series data in a 5 years period of time and confirmed the capability of model application.
Koji Ota (2002) reviewed the validity of Ohlson (1995) linear information model in Japan and tried to improve its function through ignoring other information (Vt). Koji Ota believes that Myers (1999), J. Hand &W. Landsman (1999) and M. Barth et al. (1999) have attempted to estimate Vt with using other accounting information whereas in his research it has been tried to focus on autocorrelation of error factor through ignoring Vt. The findings of this research, in general, confirm the validity of Ohlson model (1995). And, the ignoring of auto-correlation from error factor obtained due to deletion of other information or Vt is followed by model improvement.
R.G. Graham and Raymond King (2000) have reviewed the relationship between the stockprices and the accounting earnings and also book values in 6 Asian countries (Indonesia, Korea,Malaysia, Philippines, Taiwan and Thailand). Their analysis is based on abnormal earnings model which expresses the firm’s value within the framework of book value and abnormal earnings. The main objective of Graham and King was to review the possible effect of various accounting methods on the explaining ability of abnormal earnings model. In their point of view, such researches can be very useful and guiding in respect of settling accounting international standards.
By distinguishing between the firms with negative and positive abnormal earnings, Giner and Iniguez (2006) concluded that this work improves Ohlson (1995) and Feltham–Ohlson (1995) models performance. This suggestion is the main motivation for performing the present research.

3. Models and Methodology of Research
3.1. Research Population and Sampling Method
The statistical population considered in this research is firms listed on Tehran Stock Exchange until March 20, 2007. Firms accepted thereafter have not been included in statistical population. With considering the following conditions, statistical population was modified and all firms having such conditions were studied.
1) The availability of data on their financial statements during the interval of 1998-2007.
2) The availability of data on their monthly prices during the interval of 1998-2007.
3) Having a fiscal year not ending to 20th March.
4) Being a non insurance or investment firm.
5) Having a nonnegative book value during the studied years.
6) Being an active firm in Tehran Stock Exchange (firms whose stocks are purchased and sold
during the research period).
International Research Journal of Finance and Economics - Issue 36 (2010) 64
3.2. Sampling of Statistical Population
The sampling of the present research has been made in an objective stepwise manner, so that in each
step the firms not having each of the above conditions were extracted and, finally, all remained firms
were selected to conduct a test. Table 1 explains this procedure in a better manner.
Table 1: Sampling procedure
Description Qty
Active Firms whose accounting data during the time interval of research is accessible. 112
Deducted: firms whose monthly price data in this time interval have not been accessible. (37)
Deducted: firms whose fiscal year not ending to 20th March. (16)
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