Detail Continuing value determinants in accounting based valuation models Bibliografi Author: Palencia, Luis Enrique ; Penman, Stephen H. (Advisor) Topik: BUSINESS ADMINISTRATION; ACCOUNTING Bahasa: (EN )    ISBN: 0-599-71285-6     Penerbit: University of California Press     Tahun Terbit: 1999     Jenis: Theses - Dissertation Fulltext: 9966516.pdf (0.0B; 1 download) Abstract Traditional applications of the discounted residual income model usually assume that residual earnings will follow a first order autoregressive process to estimate the continuing value. While this assumption is consistent with economic intuition, which dictates that in a market economy residual earnings will disappear due to competitive forces, it might not be adequate for all accounting regimes. Although the residual income model is, in theory, insensitive to the accounting regime, finite truncation I makes each component of the model dependent on the accounting. The effect of the accounting regime on the accuracy of the discounted residual income model has not been studied in depth, probably due to the intrinsic difficulty in characterizing an accounting regime and the degree of conservatism in it. in addition, it is not clear how the accounting regime conditions the evolution of residual earnings. Residual earnings are the result of the articulation of various value drivers, which vary differently with the accounting regime When these drivers are aggregated into residual earnings, the dependence on the accounting regime is not as clear and is difficult to detect empirically. This dissertation studies the effect of the accounting regime on the residual income model. First, it focuses on the concept of accounting conservatism. To do that, it uses a set of composite indexes that capture the intensity with which a number of accounting practices, considered conservative, are present in a particular firm. Second, residual earnings are decomposed into its drivers, profitability and growth in assets. Since these components interact differently at different levels of accounting conservatism, continuing values estimates based on these two drivers are particularly apt to capture the influence of the accounting regime in the valuation model. I find that the parameters of the model that describe the evolution of profitability and growth vary with the level of accounting conservatism as predicted. I also find that valuation Models with continuing values based on that model are more accurate than models in which continuing values are estimated under the assumption that residual earnings follow an autoregressive process. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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