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The role of accounting accruals for the prediction of future cash flows: Evidence from Spain
Arnedo, Laura; Lizarraga, Fermín; Sánchez, Santiago - In: SERIEs - Journal of the Spanish Economic Association 3 (2012) 4, pp. 499-520
estimate in-sample regressions of future cash flows on isolated current cash flows and on accrual-based earnings. We then find … that the out-of-sample prediction errors provided by the accrual-based earnings model are significantly lower than those …The aim of this study is to determine whether accruals have information value beyond that provided by isolated current …
Persistent link: https://www.econbiz.de/10010331089
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Do financial professionals process information better as a group than non-professionals?
Barron, Orie E.; Enis, Charles R.; Qu, Hong - In: Journal of Risk and Financial Management 14 (2021) 5, pp. 1-18
-professionals are similar in using salient information such as earnings or cash flow. As a result, their individual errors are highly …
Persistent link: https://www.econbiz.de/10012611787
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Financial frictions, investment and Tobin's q
Lorenzoni, Guido; Walentin, Karl - 2007
We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin's q. Afirm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...
Persistent link: https://www.econbiz.de/10010320783
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What drives EU banks’ stock returns? Bank-level evidence using the dynamic dividend-discount model
Castrén, Olli; Fitzpatrick, Trevor; Sydow, Matthias - 2006
We combine the dynamic dividend-discount model with an accounting-based vector autoregression framework that allows for a decomposition of EU banks' stock returns to cash-flow and expected return news components. The main findings are that while the bulk of the variability of EU banks' stock...
Persistent link: https://www.econbiz.de/10011604723
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Systematic Mispricing in European Equity Prices?
Berneburg, Marian - 2007
One empirical argument that has been around for some time and that clearly contra- dicts equity market efficiency is that market prices seem too volatile to be optimal estimates of the present value of future discounted cash flows. Based on this, it is deduced that systematic pricing errors...
Persistent link: https://www.econbiz.de/10010269909
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A stochastic Gordon-Shapiro formula with excess volatility
Kruschwitz, Lutz; Löffler, Andreas - 2020
It is well-known that stock prices fluctuate far more than dividends. Traditional valuation methods are not able to depict this fact. In this paper we incorporate excess volatility into a simple DCF model by considering an autoregressive cash flows process with random coefficients. We show that...
Persistent link: https://www.econbiz.de/10012230962
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Internal finance and growth: microeconometric evidence on Chinese firms
Guariglia, Alessandra; Liu, Xiaoxuan; Song, Lina - 2008
Does the availability of internal finance constrain firm growth? Or does it foster it? To answer these questions, we use a panel of 407,096 Chinese firms over the period 2000-2005. We estimate dynamic assets growth equations augmented with cash flow, and find that the growth of state owned...
Persistent link: https://www.econbiz.de/10010269180
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Do taxes still affect earning persistence?
Pereira, Ângela; Pereira, Cláudia; Gomes, Luís; … - In: Administrative Sciences 13 (2023) 2, pp. 1-13
increases more earning persistence than accruals. Therefore, deductible temporary difference may be an indicator of earnings …While financial statements are the primary source of information about a firm, they tend to be under earnings … temporary differences and the taxable temporary differences. In addition, we analyze which of the two earnings components are …
Persistent link: https://www.econbiz.de/10014333192
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Corporate cash holding in Asia
Horioka, Charles Yuji; Terada-Hagiwara, Akiko - 2013
In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002 - 2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of...
Persistent link: https://www.econbiz.de/10010332288
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Exporting, Capital Investment and Financial Constraints
Manole, Vlad; Spatareanu, Mariana - 2009
Many firms cite financial constraints as some of the most important impediments to their investment and growth. Using a unique data set from the Czech Republic this paper investigates the importance of financing constraints in the context of exporters. It finds that exporters are less...
Persistent link: https://www.econbiz.de/10010313397