No description available.

x, 65 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number. / I examine the relation between book-tax differences (BTDs) and earnings growth. Because financial accounting rules afford managers more flexibility and discretion in reporting than tax accounting rules, prior studies suggest that large differences between book and taxable income indicate lower quality (or less persistent) earnings. Lev and Nissim and Hanlon provide evidence that BTDs contain information about future firm performance, but the nature of the causality in this relation is not clear. While BTDs could proxy for earnings quality, they may also reveal underlying economic events or management's private information about future performance or simply predict future reversals in effective tax rates. I divide total BTDs into their measurable components: temporary (deferred taxes) and non-temporary (permanent differences and tax accruals), and test their relation with the components of net income changes: pretax earnings changes and tax expense changes. I hypothesize that the non-temporary component of BTDs is negatively related to future changes in tax expense, whereas the temporary component of BTDs is negatively related to changes in future pretax earnings. I also examine the maintained hypothesis that the lower earnings growth for large BTD firms is due to earnings management. I use various proxies from prior literature to identify firms potentially managing earnings and test whether the presence or absence of suspected earnings management activity alters the relation between BTDs and earnings changes. My results provide compelling evidence that permanent BTDs are related only to future changes in tax expense, and temporary BTDs are related to changes in pretax earnings. These results are robust to multiple sensitivity analyses, including a replication of the sample and methodology of Lev and Nissim. The results also hold in the case of firms not suspected of earnings management. In fact, 1 find only limited evidence that the results are stronger in the presence of earnings management. Overall, my study suggests that it is only the temporary component of BTDs that is related to future firm performance, with non-temporary differences being related to future tax expense changes, and that these results are primarily due to underlying economic factors, not earnings management. / Committee in charge: David Guenther, Chairperson, Accounting; Steven Matsunaga, Member, Accounting; Linda Krull, Member, Accounting; Glen Waddell, Outside Member, Economics

Den allmänna synen antyder att det föreligger ett negativt samband mellan utdelningsandel och framtida vinsttillväxt, där en hög utdelningsandel antas begränsa investeringsmöjligheter och således också vinsttillväxten. Senare tidens forskning har med stöd i empiri funnit att det i ett flertalet industrialiserade länder råder ett positivt samband mellan utdelningsandel och framtida vinsttillväxt både på företags- och marknadsnivå.Den här studien avser att undersöka om det föreligger ett positivt samband mellan utdelningsandel och framtida vinsttillväxt för svenska företag noterade på Stockholmsbörsen mellan år 1995 – 2011. Urvalet består av företag som är eller varit noterade på Stockholmsbörsen i minst fem år mellan dessa år.Studiens resultat visar att det skett en ökning av både utdelningsandelen och företagens vinster under de senaste decennierna. Resultatet bekräftar även senare tidens forskning att det råder ett positivt samband mellan utdelningsandel och framtida vinsttillväxt men också att det finns andra faktorer som påverkar vinsttillväxten. Studiens slutsats är att företag med en hög utdelningsandel tenderar att uppvisa en högre framtida vinsttillväxt. / The general view suggests that there is a negative correlation between dividend payout ratio and future earnings growth, where a high dividend payout ratio is assumed to limit investment opportunities and thus also limit earnings growth. In recent years, research has found that in a majority of industrialized countries there is a positive correlation between dividend payout ratio and future earnings growth, both at company and market level.This study aims to examine whether there is a positive correlation between dividend payout ratio and future earnings growth for Swedish companies listed on the Stockholm Stock Exchange between 1995 and 2011. The sample consists of companies that have or have been listed on the Stockholm Stock Exchange for at least five years between these years.The results of the study indicate that there has been an increase in both the dividend payout ratio and corporate profits in recent decades. The results also reaffirm recent research in that there is a positive correlation between dividend payout ratio and future earnings growth, but also that there are other factors that affect earnings growth. The study concludes that companies with a high dividend payout ratio tend to show higher future earnings growth.

No description available.

The goal of this diploma thesis is to analyze P/S ratio using Gordon dividend discount model and also to prove hypothesis that assumes existing influence of margin, dividend payout ratio, future dividend growth and discount rate on P/S ratio value. The goal is also to find other factors that can influence relative market stock valuation. Multidimensional regression analysis and also factor analysis were used in order to get a proper knowledge of the factors. There are 781 stocks used in this work. This thesis proves influence of the mentioned variables and also other variables were found that help achieve deeper understanding of examined variable. Market valuation is a very complex matter and is influenced by numerous factors.

We study skill- and income-related differences in the access to health care as drivers of longevity inequality from a theoretical life-cycle as well as from a macroeconomic perspective. To do so, we develop an overlapping generations model populated by heterogeneous agents subject to endogenous mortality. We model two groups of individuals for whom differences in skills translate into differences in income and in the ability to use medical technology effectively in curbing mortality. We derive the skill- and age-specific individual demand for health care based on the value of life, the level of medical technology and the market prices. Calibrating the model to the development of the US economy and the longevity gap between the skilled and unskilled, we study the impact of rising effectiveness of medical care in improving individual health and examine how disparities in health care utilisation and mortality emerge as a consequence. In so doing, we explore the role of skill-biased earnings growth, skill-bias in the ability to access state-of-the art health care and to use it effectively, and skill-related differences in health insurance coverage. We pay attention to the macroeconomic feedback, especially to medical price inflation. Our findings indicate that skill-bias related to the effectiveness of health care explains a large part of the increase in the longevity with earnings-related differences in the utilisation of health care taking second place. Both channels tend to be reinforced by medical progress.

Ce travail propose une analyse de l’évaluation des capitaux propres de l’entreprise obtenue des modèles d’évaluation de la rente économique. La qualité des estimations dépend de la pertinence des hypothèses et du calibrage empirique de ces modèles. Dans un premier temps, les fondements théoriques des différentes hypothèses sur la croissance et/ou la persistance de la rente économique et de son influence sur l’évaluation des fonds propres sont analysés. S’appuyant sur le modèle des accroissements anormaux du résultat, nous montrons que la rente économique du nouvel investissement ou de l’accroissement anormal du résultat devrait converger vers zéro du fait des forces concurrentielles. Cette proposition, différente de ce qui est couramment admis suite au travail d’Ohlson et Juettner-Nauroth, apparaît influencer sensiblement l’estimation des fonds propres de l’entreprise. Une analyse asymptotique des multiples présentés dans le deuxième chapitre de cette thèse souligne ces aspects en dehors des biais et des difficultés que pourraient amener les mesures empiriques du phénomène. Le travail propose notamment une explication de la surévaluation systématique des fonds propres obtenue par le modèle des accroissements anormaux du résultat. Par la suite, une méthode d’estimation de la persistance de l’accroissement anormal du résultat par firme est proposé afin d’améliorer le calibrage de ce modèle. Dans le dernier chapitre, un modèle analytique synthétisant les deux grands types d’approche concernant la modélisation de la rente, le modèle des résultats résiduels et le modèle des accroissements anormaux du résultat, est proposé. Une équation de valorisation linéaire en est dérivée et est mobilisée afin de caractériser le contenu informationnel des prévisions de la variation du bénéfice à court terme avancées par les analystes financiers. / This research proposes an analysis of equity valuation of firm, obtained from the models valuing economic rents. The quality of the estimations depends on the pertinence of the hypothesis and the empirical calibration of these models. In the first place, the theoretical foundations of different hypotheses on the growth rate and/or the persistence level of economic rent and the influence of these hypotheses on equity valuation are analyzed. Through the abnormal earnings growth model, we show that the economic rent of the new investment or the abnormal earnings growth should converge towards zero due to the market competition. This proposition, different from Ohlson and Juettner-Nauroth’s assumption often adopted in prior studies, is found having sensitive influence on equity valuation. The asymptotic analysis of valuation ratios in the second chapter of this thesis underlines these aspects while being immune from the bias and the difficulties that the empirical studies on this issue could induce. This research notably proposes an explanation for the problem of systematic overvaluation of equity by the abnormal earnings growth model. In the second place, to improve the calibration of the abnormal earnings growth model, a method is proposed to estimate the firm-specific persistence level of the abnormal earnings growth. In the last chapter, an analytical model is proposed to synthesize the two main approaches concerning rent modeling: the residual income valuation model and the abnormal earnings growth model. A linear valuation equation is derived from the analytical model and mobilized to characterize the value relevance of the short-term earnings variation forecasted by financial analysts.