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Conservatism in residual income models theory and supporting evidence

Conservatism in residual income models theory and supporting evidence

 Ashtona, David.
 Routledge, Taylor & Francis , 2015.
 London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : pages 387-410. Institute of Chartered Accountants in England and Wales. English ISSN: 00014788
AccountingBusinessAccounting conservatismEquity valuationLinear information dynamicsM41, G12Residual income models
Tác giả CN Ashtona, David.
Nhan đề Conservatism in residual income models: theory and supporting evidence / David Ashtona & Pengguo Wangb.
Thông tin xuất bản London, Institute of Chartered Accountants in England and Wales] Abingdon, UK :Routledge, Taylor & Francis ,2015.
Mô tả vật lý pages 387-410.
Tùng thư Institute of Chartered Accountants in England and Wales.
Tóm tắt In this paper, we develop a framework for evaluating the impact of conservative accounting on the structure of residual income models of equity valuation. We explore specific examples of both unconditional and conditional conservatism and observe a common mathematical structure. We proceed to generalise our model and identify the joint dependency of conservatism and the persistence of abnormal earnings on the weights attached to book values, earnings and dividends. We are able to show theoretically the likely numerical impact of conservatism on price-earnings ratios and under-valuations produced by residual income models. We investigate empirically the interaction between conservatism and persistence and find they accord well with the theory developed. We briefly discuss the implications of testing the effect of conservatism on valuation and linear information dynamics.
Thuật ngữ chủ đề Accounting-Periodicals.
Thuật ngữ chủ đề Business-Periodicals.
Thuật ngữ chủ đề Accounting-Research-Periodicals.
Từ khóa tự do Accounting conservatism
Từ khóa tự do Equity valuation
Từ khóa tự do Linear information dynamics
Từ khóa tự do M41, G12
Từ khóa tự do Residual income models
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 Ashtona, David.
245[1 0] |a Conservatism in residual income models: theory and supporting evidence / |c David Ashtona & Pengguo Wangb.
260[ ] |a London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : |b Routledge, Taylor & Francis , |c 2015.
300[ ] |a pages 387-410.
362[0 ] |a Vol. 45, N.3 (2015)
490[ ] |a Institute of Chartered Accountants in England and Wales.
520[ ] |a In this paper, we develop a framework for evaluating the impact of conservative accounting on the structure of residual income models of equity valuation. We explore specific examples of both unconditional and conditional conservatism and observe a common mathematical structure. We proceed to generalise our model and identify the joint dependency of conservatism and the persistence of abnormal earnings on the weights attached to book values, earnings and dividends. We are able to show theoretically the likely numerical impact of conservatism on price-earnings ratios and under-valuations produced by residual income models. We investigate empirically the interaction between conservatism and persistence and find they accord well with the theory developed. We briefly discuss the implications of testing the effect of conservatism on valuation and linear information dynamics.
650[0 0] |a Accounting |v Periodicals.
650[0 0] |a Business |v Periodicals.
650[1 0] |a Accounting |x Research |v Periodicals.
653[0 ] |a Accounting conservatism
653[0 ] |a Equity valuation
653[0 ] |a Linear information dynamics
653[0 ] |a M41, G12
653[0 ] |a Residual income models
773[ ] |t Accounting and Business Research. |g Volume 45, N3, 2015.
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