... Power of Book Value and Residual Earnings for Prices. Accounting Practices and the Market Valuation of Accounting Numbers 463 Accounting Practices and the Market Valuation of Accounting Numbers: Evidence ... in their value relevance under the residual earnings model. The countriesselected: Indonesia, Korea, Malaysia, the Philippines, Taiwan, and Thailand, differ in the conservatism of their accounting ... countries: Indonesia, South Korea, Malaysia, the Philippines, Taiwan, and Thailand. The analysis is based on a residual earnings model that expresses the value of the firm in terms of book value and...