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A lesson in valuation from Estonia: The difference between the fundamental value of equity under distributed and traditional profit taxation systems

Kantšukov, Mark; Sander, Priit - In: Verslas: Teorija ir praktika / Business: Theory and Practice 19 (2018), pp. 146-156

Corporate value creation and management are one of the key issues for any business enterprise. A gap exists in research into the implications of the distributed profit taxation ( DPT ) system in Estonia for corporate value creation. Under the Estonian system of corporate taxation, companies need...

Persistent link: https://www.econbiz.de/10012703503

A Simple Accounting-based Valuation Model for the Debt Tax Shield

Scholze, Andreas - In: BuR - Business Research 3 (2010) 1, pp. 37-47

This paper describes a simple way to integrate the debt tax shield into an accounting-based valuation model. The market …

Persistent link: https://www.econbiz.de/10010421346

The Degradation of Distorted Performance Measures

Sloof, Randolph; van Praag, Mirjam - 2008

Baker (2002) has demonstrated theoretically that the quality of performance measures used in compensation contracts hinges on two characteristics: noise and distortion. These criteria, though, will only be useful in practice as long as the noise and distortion of a performance measure can be...

Persistent link: https://www.econbiz.de/10010325988

Value added as the tax base for enterprise income

Zafiris, Nicos - In: The Journal of Entrepreneurial Finance (JEF) 18 (2016) 2, pp. 1-22

The paper addresses the long standing asymmetry in the tax treatment of debt and equity costs through a direct comparison of two hypothetical regimes based exclusively on income taxation, broadly defined, and value added taxation. The model presented widens existing debate to encompass the...

Persistent link: https://www.econbiz.de/10012012683

Value Based Management auf Basis von ERIC

Velthuis, Louis John - 2004

shareholders and between management and shareholders, are considered. Accounting principles for determining residual income as ERIC … are established. It is shown that regarding these accounting principles can substantially diminish conflict of interest …

Persistent link: https://www.econbiz.de/10010265095

Testing for Distortions in Performance Measures: An Application to Residual Income Based Measures like Economic Value Added

Sloof, Randolph; van Praag, Mirjam - 2014

Distorted performance measures in compensation contracts elicit suboptimal behavioral responses that may even prove to be dysfunctional (gaming). This paper applies the empirical test developed by Courty and Marschke (2008) to detect whether the widely used class of Residual Income based...

Persistent link: https://www.econbiz.de/10010377217

Project selection, income smoothing, and Bayesian learning

Gaber, Christian - 2003

decisions between mutually exclusive investment opportunities. In a multiperiod agency setting, this paper analyses accounting …

Persistent link: https://www.econbiz.de/10010316305

Die Bedeutung der Periodenerfolgsrechnung für die Investitionssteuerung. Der Fall ungleicher Zeitpräferenzen

Gillenkirch, Robert M.; Schabel, Matthias M. - 1999

This paper considers the role of accrual accounting in providing investment incentives. In a simple multiperiod … residual income. Conditions are analyzed under which accrual accounting improves the solution to the principal's problem in … comparison with a cash flow based performance fee. The role of accounting lies in (i) improving cash flow-sharing between …

Persistent link: https://www.econbiz.de/10010316314

Multivariate regression and ANOVA models with outliers: A comparative approach

Polasek, Wolfgang - 2003

Assuming a normal-Wishart modelling framework we compare two methods for finding outliers in a multivariate regression (MR) system. One method is the add-1-dummy approach which needs fewer parameters and a model choice criterion while the other method estimates the outlier probability for each...

Persistent link: https://www.econbiz.de/10010292779

Utility Functions of Equivalent Form and the Effect of Parameter Changes on Optimum Decision Making

Broll, Udo; Battermann, Harald L.; Wahl, Jack E. - 2006

We derive a class of utility functions that are equivalent with respect to a well-defined functional form. We study the case of constant relative risk aversion (of some order) to investigate on different equivalence relations in order to determine the, possibly infinite, number of equivalence...

Persistent link: https://www.econbiz.de/10010296800

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