Detail Essays in accounting-based equity valuation Bibliografi Author: Wild, John J. (Advisor); Bauman, Mark P. Topik: BUSINESS ADMINISTRATION; ACCOUNTING Bahasa: (EN )    ISBN: 0-591-54742-2     Penerbit: THE UNIVERSITY OF WISCONSIN - MADISON     Tahun Terbit: 1997     Jenis: Theses - Dissertation Fulltext: 9727993.pdf (0.0B; 1 download) Abstract This thesis consists of three stand-alone essays focusing on accounting-based equity valuation. The first essay describes the Ohlson and Feltham-Ohlson valuation models, discusses major implementation issues, synthesizes related empirical research, and identifies areas worthy of further investigation. The two remaining essays are empirical in nature, focusing on the descriptive validity of the Feltham-Ohlson model. In the second essay, the balance sheets of sample firms are disaggregated into net financial and net operating assets in order to test the model's prediction that net financial assets map into stock price on a dollar-for-dollar basis, while net operating assets require a valuation multiple greater than 1 due to conservatism in accounting principles. Over the period 1976-81, stock prices generally behave as if the book values of both net financial and net operating assets are overstated. Consistent with the model, the degree of 'overstatement' is lower for net operating assets. Over the period 1982-94, the model's predictions hold reasonably well for firms characterized by low persistence of abnormal earnings and low asset growth. The results differ for firms characterized by high persistence and high growth, as the evidence is consistent with conservative accounting for both net financial and net operating assets. The results for the remaining sample firms fall between these extremes. It is hypothesized that the observed results are attributable to increases in the value-in-use of net financial assets due to firm performance. The third essay focuses on accounting-related determinants of the valuation multiple on net operating assets. Six potential sources of accounting conservatism are examined. The results of empirical tests generally conform to expectations. The multiple on net operating assets is increasing in advertising intensity, research and development intensity, deferred taxes, and rate of depreciation, and decreasing in operating lease usage. Contrary to expectations, but consistent with prior research, the LIFO reserve is negatively related to firm equity value. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Lihat Sejarah Pengadaan  Konversi Metadata   Kembali

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