| Abstract : | This study provides an empirical study in market-based accounting research. This study uses portfolio analysis to evaluate an empirical accounting-based firm valuation model developed in the UK, Spanish and Greek market. Our aim is to evaluate the determinants of market value and, in particular, whether accounting-based valuation models can be estimated that not only have in-sample explanatory power. This requires models to be estimated on one sample, and tested for effectiveness on a different sample. We developed a deflating model the full equation using the sales as the deflation term. Using the criteria of bias and accuracy to capture effectiveness, we suggest which country provides the most effective models in this context.
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