“…Assessing the valuation accuracy and valuation bias of different equity valuation models in research is (almost) as old as the models themselves. Examples of contributions assessing the accuracy and bias of several discounted payoff valuation models are Penman and Sougiannis (1998), Ahmed et al (2000), Francis et al (2000), Frankel and Lee (1998), Courteau et al (2001), Barth et al (2005), Choi et al (2006), Dittmann and Maug (2008), Henschke (2009), Jorgensen et al (2011), Chang et al (2012), Ho et al (2017), Anesten et al (2019) and Gao et al (2019). Despite the large amount of research, the field has been dealing with several pervasive problems.…”