Financial Reporting and Valuation Research

A General Framework for Equity Valuation

Woongki Lee

Aug 7, 2026

Abstract

Abstract

This study develops a general framework for equity valuation that unifies a wide range of valuation models within a coherent structure. It is built on a reformulation of key equity-related variables that preserves their economic functions, together with three exact identities that capture the fundamental links among them. These identities make it possible to derive valuation models under both fixed and revising expectations. The resulting models include not only familiar formulations but also new ones, underscoring the value of this approach for analyzing equity valuation.

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Woongki Lee

first | ORCID 0000-0002-5487-5756

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Citation

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@article{Lee2026General,
  title = {A General Framework for Equity Valuation},
  author = {Woongki Lee},
  year = {2026},
  doi = {10.31235/osf.io/szt7a_v1},
  url = {https://doi.org/10.31235/osf.io/szt7a_v1}
}

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