What question did this study set out to answer?

The goal is to develop a valuation scheme for assets without observable market prices, addressing common accounting challenges.

Asset Valuation with Incomplete Markets .

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This research reveals a novel valuation technique for assets lacking market prices, suggesting improved outcomes in various accounting contexts.

The goal is to develop a valuation scheme for assets without observable market prices, addressing common accounting challenges.
Modification of the two-parameter capital asset pricing model
Comparison with indexing and earnings capitalization schemes
Indirect empirical evidence to validate predictions
The new valuation scheme provides better predictions than competing methods
Significant improvements noted in application areas such as taxation and capital budgeting
Discussion of limitations of the proposed valuation method

Boatsman et al. (1981) studied this question.

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This research reveals a novel valuation technique for assets lacking market prices, suggesting improved outcomes in various accounting contexts.