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A Comparative Analysis of Artificial Intelligence System and Ohlson model for IPO firm's Stock Price Evaluation

신규상장기업의 주가예측에 대한 연구

  • Received : 2013.03.06
  • Accepted : 2013.05.20
  • Published : 2013.05.31

Abstract

I estimate stock prices of listed companies using financial information and Ohlson model, which is used for the evaluation of company value. Furthermore, I use the artificial neural network, one of artificial intelligence systems, which are not based on linear relationship between variables, to estimate stock prices of listed companies. By reapplying this in estimating stock prices of newly listed companies, I evaluate the appropriateness in stock valuation with such methods. The result of practical analysis of this study is as follows. On the top of that, the multiplier for the actual stock price is accounted by generating the estimated stock prices based on the artificial neural network model. As a result of the comparison of two multipliers, the estimated stock prices by the artificial neural network model does not show statistically difference with the actual stock prices. Given that, the estimated stock price with artificial neural network is close to the actual stock prices rather than the estimated stock prices with Ohlson model.

Keywords

IPO;Stock Price Evaluation;Artificial Intelligence System;Ohlson model