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The Separate Valuation Relevance of Earnings, Book Value and their Components in Profit and Loss Making Firms: UK Evidence
Akbar, S - Volkswirtschaftliche Fakultät, … - 2007
This study examines the separate value relevance of earnings, book value and their components in profit and loss … affect conclusions concerning the value relevance of earnings and book value partitions. Thus, we are establishing …-sectional valuation models. These results suggest that for loss-making firms, earnings and book value partitions are not generally …
Persistent link: https://www.econbiz.de/10005789857
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors … Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA …
Persistent link: https://www.econbiz.de/10005789544
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Residual income and value creation: An investigation into the lost-capital paradigm
Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2007
are derived, among which a property of earnings aggregation. Different concepts and results, provided by different authors … Peasnell's (2002) unrecovered capital and Excess Value Created; Ohlson's (2005) Abnormal Earnings Growth; O'Byrne's (1997) EVA …
Persistent link: https://www.econbiz.de/10011111180
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Intangible assets finance: a complementary or substitution effect between external and internal channels? Evidence from the Italian divide
Succurro, Marianna - Volkswirtschaftliche Fakultät, … - 2014
The goal of this research is to verify whether, and to what extent, differences in the availability of both internal and external financial resources explain differences in intangible activity between the Centre-North and the South of Italy. The paper focuses on Italian manufacturing firms over...
Persistent link: https://www.econbiz.de/10011114391
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Valoración de flujos de caja en inflación. El caso de la regulación en el Banco Mundial
Vélez-Pareja, Ignacio - Volkswirtschaftliche Fakultät, … - 2005
We show that project evaluation should be based on free cash flows at nominal prices. We present a case where the results from the constant price method are biased upwards and there is a risk to accept bad projects. It is a widespread practice to evaluate projects at constant prices. With an...
Persistent link: https://www.econbiz.de/10005836393
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Potential dividends versus actual cash flows in firm valuation
Magni, Carlo Alberto; Vélez-Pareja, Ignacio - Volkswirtschaftliche Fakultät, … - 2009
Practitioners and some academics use potential dividends rather than actual payments to shareholders for valuing a firm’s equity. We underline the differences between the two methods and present some arguments supporting the thesis that firm valuation with potential dividends overstate the...
Persistent link: https://www.econbiz.de/10005837338
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Potential dividends and actual cash flows. Theoretical and empirical reasons for using ‘actual’ and dismissing ‘potential’, Or: How not to pull potential rabbits out of actual hats...
Vélez-Pareja, Ignacio; Magni, Carlo Alberto - Volkswirtschaftliche Fakultät, … - 2008
Practitioners and academics in valuation include changes in liquid assets (potential dividends) in the cash flows. This widespread and wrong practice is inconsistent with basic finance theory. We present economic, theoretical, and empirical arguments to support the thesis. Economic arguments...
Persistent link: https://www.econbiz.de/10005621939
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A First Stochastic General Framework to Model the Project Finance Cash Flows under Monopolistic Situations
Gea Carrasco, Cayetano; Isla Couso, Lorenzo - Volkswirtschaftliche Fakultät, … - 2010
The main aim of this work is to model the cash flows and cost dynamics for a Project Finance. Large scale capital-intensive projects usually require substantial investments up front and only generate revenues to cover their costs in the long term. The abandonment flexibility affects each project...
Persistent link: https://www.econbiz.de/10008765632
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Reassess of capital structure theories
Datta, Rajib; Chowdhury, Tasnim; Mohajan, Haradhan - Volkswirtschaftliche Fakultät, … - 2013
This study presents a review of major capital structure fiction. Capital structure decision is important for companies because it helps to increase firm value by ensuring that the company has enough resources to carry out planned investments using as much as possible the cheapest cost of...
Persistent link: https://www.econbiz.de/10011112027
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Inflation and Nominal Financial Reporting: Implications for Performance and Stock Prices
Konchitchki, Yaniv - Volkswirtschaftliche Fakultät, … - 2011
The monetary unit assumption of financial accounting assumes a stable currency (i.e., constant purchasing power over time). Yet, even during periods of low inflation or deflation, nominal financial statements violate this assumption. I posit that, while the effects of inflation are not...
Persistent link: https://www.econbiz.de/10011114513