کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9733213 | 1481964 | 2005 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Differences in the valuation of earnings and book value: Regulation effects or industry effects?
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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چکیده انگلیسی
This paper uses a valuation framework on a sample of firms from four European countries (France, Germany, Netherlands, and United Kingdom) to examine how income, accruals, and book value of equity are perceived by the respective capital markets. Our model includes adjustments for industry effects and taking into account the linear information dynamics of the accounting variables posited in the Ohlson model. Consistent with previous researchers, we find that both earnings and book value of equity have valuation implications and that there is significant dispersion in the country-specific and industry-specific valuation multiples. However, when using accounting variables to forecast market values we find that industry-specific valuation multiples reduce forecasting error more than country-specific ones.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The International Journal of Accounting - Volume 40, Issue 4, 2005, Pages 363-389
Journal: The International Journal of Accounting - Volume 40, Issue 4, 2005, Pages 363-389
نویسندگان
Apostolos A. Ballas, Dimosthenis L. Hevas,