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This paper examines the distinct types of modified auditor opinions and the non-compliance with the legal certification of accounts, to assess whether they provide different relevant informational content on the risk of impending bankruptcies. The study also addresses the signalling effects when...
Persistent link: https://www.econbiz.de/10014500491
The paper presents an empirical verification of the main assumptions underlying the calculation of terminal value in DCF valuation models. The test results suggest that the volatility of free cash flows and the dynamism of the operating environment do not allow us to make a reliable long-term...
Persistent link: https://www.econbiz.de/10011967131
The objective of our paper is to analyze, how valuation practice deals with inflation especially for the terminal value, and how company value is influenced by assumptions set by practitioners. For that reason, we examine how vulnerable companies could be regarding struggles to pass on...
Persistent link: https://www.econbiz.de/10014325874
In this paper, we revisit a frequently employed simplification within the WACC approach that company cost of capital kV is supposed to be invariant to the debt ratio and therefore equal to the unlevered cost kU . Even though we know from Miles and Ezzell (1980) that kV formally differs from kU ,...
Persistent link: https://www.econbiz.de/10014325747
This paper reviews research that uses big data and/or machine learning methods to provide insight relevant for equity valuation. Given the huge volume of research in this area, the review focuses on studies that either use or inform on accounting variables. The article concludes by providing...
Persistent link: https://www.econbiz.de/10014433769
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The Covid-19 pandemic and the measures introduced to prevent its further spread have undoubtedly led to significant business uncertainties regarding the going concern principle. Not only has the global economy experienced negative effects of the pandemic, but a number of professions as well,...
Persistent link: https://www.econbiz.de/10012534569
In this bibliometric analysis, the study explores the evolution of internal auditing and its transformation from a basic financial oversight function to a critical entity that manages various aspects of organizational culture, IT challenges, risk management and more. The study emphasizes the...
Persistent link: https://www.econbiz.de/10014535292
For about three years now, the COVID-19 pandemic has kept the global economy on tenterhooks. Although the pandemic has now been declared "over", the consequences of this mega-example of disruptive developments are still being felt everywhere, also regarding the work of Internal Audit. In...
Persistent link: https://www.econbiz.de/10014466535