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The use of intellectual capital information by sell-side analysts in company valuation

The use of intellectual capital information by sell-side analysts in company valuation

 Abhayawansa, Subhash
 Routledge, Taylor & Francis , 2015.
 London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : pages 279-306. Institute of Chartered Accountants in England and Wales. English ISSN: 00014788
AccountingBusinessBusiness.Intellectual capital information (ICI)Intellectual capitalInterviewsInvestment recommendationsSell-side analysts+ 1 từ khóa
Tác giả CN Abhayawansa, Subhash
Nhan đề The use of intellectual capital information by sell-side analysts in company valuation / Subhash Abhayawansa, Mark Aleksanyan & John Bahtsevanoglou.
Thông tin xuất bản London, Institute of Chartered Accountants in England and Wales] Abingdon, UK :Routledge, Taylor & Francis ,2015.
Mô tả vật lý pages 279-306.
Tùng thư Institute of Chartered Accountants in England and Wales.
Tóm tắt This paper investigates the role of intellectual capital information (ICI) in sell-side analysts’ fundamental analysis and valuation of companies. Using in-depth semi-structured interviews, it penetrates the black box of analysts’ valuation decision-making by identifying and conceptualising the mechanisms and rationales by which ICI is integrated within their valuation decision processes. We find that capital market participants are not ambivalent to ICI, and ICI is used: (1) to form analysts’ perceptions of the overall quality, strengths and future prospects of companies; (2) in deriving valuation model inputs; (3) in setting price targets and making investment recommendations; and (4) as an important and integral element in analyst–client communications. We show that: there is a ‘pecking order’ of mechanisms for incorporating ICI in valuations, based on quantifiability; IC valuation is grounded in valuation theory; there are designated entry points in the valuation process for ICI; and a number of factors affect analysts’ ICI use in valuation. We also identify a need to redefine ‘value-relevant’ ICI to include non-price-sensitive information; acknowledge the boundedness and contextuality of analysts’ rationality and motives of their ICI use; and the important role of analyst–client meetings for ICI communication.
Thuật ngữ chủ đề Accounting-Periodicals.
Thuật ngữ chủ đề Business-Periodicals.
Thuật ngữ chủ đề Accounting-Research-Periodicals.
Từ khóa tự do Accounting
Từ khóa tự do Business.
Từ khóa tự do Intellectual capital information (ICI)
Từ khóa tự do Intellectual capital
Từ khóa tự do Interviews
Từ khóa tự do Investment recommendations
Từ khóa tự do Sell-side analysts
Từ khóa tự do Corporate reporting
Tác giả(bs) CN Aleksanyan, Mark.
Tác giả(bs) CN Bahtsevanoglou, John.
Nguồn trích Accounting and Business Research.- Volume 45, N3, 2015.
MARC
Hiển thị đầy đủ trường & trường con
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100[1 ] |a Abhayawansa, Subhash
245[1 4] |a The use of intellectual capital information by sell-side analysts in company valuation / |c Subhash Abhayawansa, Mark Aleksanyan & John Bahtsevanoglou.
260[ ] |a London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : |b Routledge, Taylor & Francis , |c 2015.
300[ ] |a pages 279-306.
362[0 ] |a Vol. 45, N.3 (2015)
490[ ] |a Institute of Chartered Accountants in England and Wales.
520[ ] |a This paper investigates the role of intellectual capital information (ICI) in sell-side analysts’ fundamental analysis and valuation of companies. Using in-depth semi-structured interviews, it penetrates the black box of analysts’ valuation decision-making by identifying and conceptualising the mechanisms and rationales by which ICI is integrated within their valuation decision processes. We find that capital market participants are not ambivalent to ICI, and ICI is used: (1) to form analysts’ perceptions of the overall quality, strengths and future prospects of companies; (2) in deriving valuation model inputs; (3) in setting price targets and making investment recommendations; and (4) as an important and integral element in analyst–client communications. We show that: there is a ‘pecking order’ of mechanisms for incorporating ICI in valuations, based on quantifiability; IC valuation is grounded in valuation theory; there are designated entry points in the valuation process for ICI; and a number of factors affect analysts’ ICI use in valuation. We also identify a need to redefine ‘value-relevant’ ICI to include non-price-sensitive information; acknowledge the boundedness and contextuality of analysts’ rationality and motives of their ICI use; and the important role of analyst–client meetings for ICI communication.
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650[1 0] |a Accounting |x Research |v Periodicals.
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653[0 ] |a Business.
653[0 ] |a Intellectual capital information (ICI)
653[0 ] |a Intellectual capital
653[0 ] |a Interviews
653[0 ] |a Investment recommendations
653[0 ] |a Sell-side analysts
653[0 ] |a Corporate reporting
700[1 ] |a Aleksanyan, Mark.
700[1 ] |a Bahtsevanoglou, John.
773[ ] |t Accounting and Business Research. |g Volume 45, N3, 2015.
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