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  • About
  • The Global ETD Search service is a free service for researchers to find electronic theses and dissertations. This service is provided by the Networked Digital Library of Theses and Dissertations.
    Our metadata is collected from universities around the world. If you manage a university/consortium/country archive and want to be added, details can be found on the NDLTD website.
1

The influence of conservative principle on accounting-based valuation model

Liu, Chi-Fen 26 June 2001 (has links)
none
2

The Corporate Value Relevance of R&D Expense in High-tech. Industry.

Su, Ming-Hsin 30 July 2002 (has links)
(none)
3

The evaluation of accounting-based valuation models in the UK

Shen, Yun January 2010 (has links)
This study provides two empirical studies in market-based accounting research. One study focuses on using out-of-sample valuation errors to evaluate various estimation approaches for firm-valuation models. The second empirical study uses portfolio analysis to evaluate an empirical accounting-based firm valuation model developed in the UK context.The first study uses out-of-sample valuation errors as an alternative metric capturing the effectiveness of various estimation approaches in generating reliable estimates of coefficients in accounting-based valuation models and, accordingly, less valuation bias and higher valuation accuracy. Valuation bias is expressed as the mean proportional valuation error, where estimated market value less the actually observed market value divided by the actual market value is the proportional valuation error, and valuation accuracy is measured by both the mean absolute and the mean squared proportional valuation error. We find that deflating the full equation including the constant term of the undeflated model and, hence, estimating without a constant term in the deflated model provides less bias and more accurate value estimates relative to including a constant term in the regression equation. Also estimating the valuation model on high- and low-intangible asset firms separately, instead of pooling the full sample for estimation, provides better performance in all cases. As expected, the results suggest that an extended model including the main accounting variables found to be associated with market value in the UK is better specified than a benchmark model, widely adopted in prior research, where market value is regressed on book value and earnings alone. Inclusion of 'other information' also seems to improve the performance of the models. However, there is no clear evidence that one particular deflator out of the five we investigate outperforms the others, although book value and opening and closing market value appear to generally perform better than sales and number of shares.The second empirical study tests for the existence of a 'mispricing' effect associated with accounting-based valuation models in the UK. It investigates a specific firm valuation model where market value is expressed as a linear combination of book value, earnings, research and development expenditures, dividends, capital contributions, capital expenditures and other information. All these accounting variables have been found value-relevant in prior studies in the UK. Firms are ranked by in-sample proportional valuation errors. Results show that although firms in the higher rank deciles tend to have higher abnormal returns than firms in the lower rank deciles, the difference between the two extreme portfolios (or the hedge returns) is statistically insignificant. As a consequence, accounting-based valuation models do not seem to provide superior estimates of intrinsic value to market values. We can conclude that the UK stock market is semi-strong form efficient, in the sense that it does not appear to be possible to generate positive abnormal returns based upon publicly available accounting information embedded in the valuation models studied.
4

Research and Development and Firm Performance : Investigating the need for Research and Development Expenditure as a factor of enhancing the Performance of Firms

Ayam, Rufus January 2012 (has links)
Despite the huge sum of money that is being spent on research and development (R & D) on yearly basis by firms, very few empirical studies exist to shed more lights about the effects of this practice on firm performance. However, the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) in their publication of International Accounting Standard (IAS) 38, require that expenditures incurred during R & D should either be expensed in the statement of comprehensive income or capitalized as an intangible asset in the statement of financial position provided certain criteria are fulfilled (IASB, 2012, p. 1045).Therefore, the main purpose of this study is to investigate the impact of expensed R & D and/or capitalized R & D on firm performance METHOD: Data for the study was collected from the audited financial statements of firms listed at the London Stock Exchange as well as from the website of this stock market. Two sampling techniques were utilized in the study; namely stratified sampling and random sampling. Stratified sampling technique was used to stratify the companies into various industries while random sampling was used to randomly select firms that are engaged in R & D from each of these industries. The final sample consisting of 52 firms gave a total of 260 observations for a period of 5 years between December 31st, 2007 to December 31st, 2011.Expensed R & D and capitalized R & D were obtained by taking the averages of statement of comprehensive income R & D to Revenue and statement of financial position R & D to revenue respectively. Moreover, firm performance was measured using accounting-based indicators which were Return on Asset (ROA), Return on Capital Employed (ROCE), Dividend Yield (DY), Dividend Cover (DC), Earnings per Share (EPS), Price Earnings Ratio (PE) and Capital Gearing Ratio (CGR). RESULTS: The results of the study show that expensed R & D has a significant positive impact on DC, a significant negative impact on EPS, positively correlated with CGR with no significant impact and negatively correlated with ROA, ROCE, DY and PE but had no significant impact. As concerns capitalized R & D, the results reveal that capitalized R & D has a significant negative impact on ROA, ROCE and EPS, positively correlated with CGR but have no significant impact and negatively correlated with DY, DC and PE as well though no significant impact was found.
5

The Influence of Capital Structure on Firm Performance : A quantitative study of Swedish listed firms

Önel, Yalçın Cahit, Gansuwan, Phansamon January 2012 (has links)
With contribution of Modigliani and Miller in 1958, capital structure has attained animportant place in finance field. The path breaking contribution has stimulated subsequentresearchers to put emphasis on this topic. Therefore, other theories and researches have beenrevealed and many aspects have been included to capital structure studies so far. However, it has always been controversial topic and the consensus has not been reached yet. Nevertheless,there are many important theories and hypotheses, which explain and investigate this topicvery well such as agency cost theory, trade-off theory, pecking order theory, signalling theory,efficiency-risk hypothesis and franchise-value hypothesis. When we reviewed the literature and extended our understanding of these theories andhypotheses, we found that the relationship between capital structure and firm performance isinteresting aspect and worthwhile to research. Therefore, we started an extensive literaturereview and found a research gap, which is the relationship between capital structure and afirm's financial performance from the perspective of capital structure theories in the Swedishcontext during the period 2002-2011. Since researchers investigate the relationship betweencapital structure and firm performance in many different countries and there is nothing in theSwedish context, we thus decided to write the thesis about it. Accordingly, our study began with discussing the problem background. We also stated theresearch question, the objectives, and the expected contribution to clarify the scope ofresearch. After that, we present the existing theories regarding capital structure and providetheir interplay with firm performance. After we constituted research question and reviewed literature, we knew what kind of data weneeded to utilize. Therefore, we started to search the best database provider for our study. Asa result, we decided on using Thomson Reuter’s database, DataStream. The study sampleincluded 174 non-financial Swedish firms listed on Nasdaq OMX (Stockholm StockExchange). We used ordinary least squares regression analysis over a period of ten years from2002 to 2011. After we collected the data, we imported it to SPSS and ran regression anddescriptive analysis. According to our empirical findings and analysis, we identify that there is a significantnegative relationship between capital structure and firm performance of listed Swedish firms.In other words, the financial performance of Swedish listed firms for the past decade isnegatively influenced by its leverage ratio. In practical terms, the more debt in relation toassets that firm takes in to finance its operations, the worse does the firm perform financially.When we elaborated our investigation and looked at each industry, we found no differencefrom the general results when dividing the Swedish firms into four major industry categories.However, health care industry has a different relationship. With this study, we provide further evidence about the interplay between capital structure andfinancial performance and make a contribution both to theory regarding capital structure andfinancial performance as well as giving practical insight for Swedish CFO’s and CEO’s.
6

none

Shen, Ning-Wei 26 August 2002 (has links)
Abstract The investment is often coupled with the valuation. Before taking action, the decision that how to value an investment underlying is a scientific process. Usually, this work is heavily done and associated with an intangible value. Hence, somewhat in reality, the valuation and investment are also an artistic work. This study, using Taiwaneese quarterly data from 1992 to 2001, examines whether the RIV Model and Ohlson(1995) Model are applicable and valid in different industries. Both the RIV Model that equates the market value of a firm¡¦s equity to book value plus the present value of expected abnormal earnings and Ohlson(1995) Model which links the RIV with a linear information dynamic equation of abnormal earnings are accounting-based valuation Model. An emperical results show that the RIV Model is the best suitable for traditional industry, the Ohlson(1995) valuation Model is the best suitable for financial company, and the modified Model developed in this study is suitable for information technology industry. The implications implyed by this study are summarily as the followings¡G 1. Traditional Industry has stepped into mature or falling phase, and will be difficult to have abnormal earnings. The stock price can be explained largely by its book value. The forecasting value and terminal value are comparatively not so important. So the influence of predictive bias becomes less, and the accuracy of estimating intrinsic value will be higher than other industries. Therefore, RIV Model is comparatively suitable for the traditional industry. 2. Financial industry has been a mature one and its turnover is stable. The consecutive mutual relationship of the abnormal earnings is the highest among three industry from experimentation. The difference between RIV and Ohlson Valuation Model is that the latter derived from RIV connected with abnormal earning linear dynamic function, so financial industry is more suitable for Ohlson valuation model. 3. Information Technology Industry is in its growing phase. The turnover is too volatile, so ex-period market information (P-BV)t-1 must be added to acquire a better explanation power of the model. Therefore, The valuation model developed in this research is suitable for IT Industry.
7

Accounting-based earnings management and real activities manipulation

Yu, Wei 24 June 2008 (has links)
In the first essay, I examine the association between auditor industry specialization and earnings management choices. Prior research suggests that industry specialist auditors constrain accounting-based earnings management. But such actions may cause client companies to seek alternative means to manage earnings. Specifically, companies that hire industry specialist auditors may alter operating decisions to meet earnings targets, referred to as real activities manipulation. This essay investigates whether clients of industry specialist auditors that have an incentive to manage earnings are constrained from managing earnings through accruals manipulation and, therefore, are more likely to engage in real activities manipulation. Further, I examine whether operating performance declines for firms suspected of real activities manipulation. My findings indicate that clients of industry specialist auditors with incentives to manage earnings have lower absolute value of accruals relative to firms with incentives to manage earnings that do not hire industry specialist auditors. These clients of industry specialist auditors are also more likely to engage in real activities manipulation, suggesting this is a possible unintended consequence of hiring an industry specialist auditor. I also document evidence that firms suspected of real activities manipulation have lower future operating performance relative to firms not suspected of real activities manipulation. In the second essay, I examine the association between the tightness of accounting standards and earnings management choices. Prior studies suggest that managers switch from accounting-based earnings management to real activities manipulation in response to tightening accounting standards. My study investigates this line of reasoning. I develop an analytical model and conduct an experimental examination of the effect of flexibility of accounting standards under different institutional environments. I find that managers switch from accounting-based earnings management to real activities manipulation with tightening accounting standards only when the institutional investors have a short-term investment horizon. In contrast, when managers are monitored by institutional investors with a long-term investment horizon, they do not engage in such behavior.
8

Prediktion av konkurser och betalningssvårigheter : En jämförande studie mellan marknads- och bokslut-baserade konkurs modeller

Enkulla, Linus, Nasradin, Yasmin January 2018 (has links)
The purpose is to examine the predictability of Byström's market-based model on the Swedish market and compare it with the classic accounting-based Ohlson's logical model. The study uses a quantitative method for gathering data and the results from the models were analyzed by using the CAP-curve and AR to be able to compare the accuracy of the two different models. Type 1 and Type 2 errors have been defined as two categorization measures to distinguish two types of errors that the models can exhibit. The result showed that both Byström and Ohlson's calculated high degree of Type 1 error and a few of Type 2 errors. In comparison with each other, Byström's market-based model have a better accuracy than Ohlson's model according toCAP-curve. If the models applied in more than 1 year before the bankruptcy, both models shows a result that is not reliable with a low accuracy.
9

The relationship between stock price, book value and residual income:   A panel error correction approach

Brandt, Oskar, Persson, Rickard January 2015 (has links)
In this paper we examine the short and long-term relations between stock price, book value and residual income.  We employ a panel error correction model, estimated with Engle & Granger’s (1987) two-step procedure and the single equation methodology. The models are estimated with FE-OLS and the MG-estimator. We find that stock prices adjust previous periods equilibrium error. Further, we find that book value has short and long-term effects on stock prices. Finally, this paper finds mixed results regarding residual incomes impact on stock prices. The MG-estimator finds evidence for a short-term relationship, while the FE-OLS provides insignificant or weak support for short-term effects. FE-OLS and MG-estimator find insignificant or weak support regarding residual incomes long-term effects.
10

Modeling a Relationship between ESG Metrics and Financial Performance for Nordic Publicly-listed Companies / Modellering av sambandet mellan ESG variabler och Finansiell Prestation för Börsnoterade Företag i Norden

Sparring, Cornelia, Karlsson, Topias January 2023 (has links)
This study aims to identify whether a relationship between ESG performance and financial performance exists for Nordic publicly-listed companies, by conducting a multiple linear regression analysis. Also, it will be observed which (if any) ESG variables are of relevance. The regression analysis conducted in this study arrives at the conclusion that there is a relationship between ESG performance and financial performance. However, the models have low explanatory power, with Adjusted R^2 values of 0.36 for the accounting-based financial measure Return on Assets (ROA), and 0.30 for the market-based financial measure Tobin´s Q.In both the ROA and Tobin's Q model, social variables are the most significant. Supplier evaluation disclosure is the only variable that is highly significant and positively correlated to both ROA and Tobin's Q. Consistent with previous literature, our results show that female board participation is positively correlated with ROA. The results also show that ROA correlates negatively with compensation of board members and senior executives being linked to environmental and social factors. In conclusion, some variables were identified that are significant for financial performance. However, the overall explanatory power of the model is low. It is suggested that future studies adopt a materiality approach. / Denna studie syftar till att identifiera om det finns ett samband mellan ESG-prestanda och finansiell prestanda för nordiska börsnoterade företag genom att utföra en multipel linjär regression. Dessutom observeras vilka (ifall några alls) ESG-variabler som är relevanta. Regressionen som genomförts i denna studie drar slutsatsen att det finns en relation mellan ESG-prestanda och finansiell prestanda. Dock så har modellerna låg förklaringsgrad, med justerat R^2-värde på 0,36 för det redovisningsbaserade måttet "Return on Assets" (ROA) och 0,30 för det marknadsbaserade måttet "Tobin's Q". I både ROA- och Tobin's Q-modellerna är sociala variabler de mest signifikanta. Publicering av leverantörsutvärdering är den enda variabeln som är högt signifikant och positivt korrelerad med både ROA och Tobin's Q. I linje med tidigare litteratur visar våra resultat att andel kvinnor i styrelsen är positivt korrelerat med ROA. Resultaten visar också att ROA korrelerar negativt med kompensation av styrelseledamöter kopplat till miljö- och sociala faktorer. Allt som allt lyckades studien att identifiera vissa ESG variabler som är signifikanta för finansiell prestanda. Dock så förblir förklaringsgraden av modellen i sin helhet låg. Därför föreslås det att framtida studier lägger fokus på materialitet.

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