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Recent studies have provided evidence on the relevance of fundamental accounting variables for equity valuation. The valuation model proposed by Ohlson [1995] represents an attempt to restate economic theories of income measurement in view of the recent developments of the theory of asset valuation in competitive markets. This paper discusses the foun-dations of the Edwards-Bell-Ohlson valuation model, analyzes the most significant factors affecting the operational validity of the model, and provides empirical evidence on the existence of a significant bias in the model's estimates as a result of differences in the firms' dividend policy.