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Persistent link: https://www.econbiz.de/10010344085
In both finance and accounting, the Return On Equity (ROE) is considered a biased indicator of economic profitability. Opposing this view, this paper shows that an appropriate mean of ROEs signals shareholder value creation. This implies that the notion of Market Value Added may be replaced by...
Persistent link: https://www.econbiz.de/10013115692
In Hendrix the Tax Court considered the issues of whether defined value clauses were the result of arm's-length transactions and whether they were void as against public policy. The underlying dispute was whether the taxpayers' transfers of the John H. Hendrix Co. stock were valued at fair...
Persistent link: https://www.econbiz.de/10013108490
This study examines the relationship between the market value of the firm and part of its intangible capital. Two types of intangible capital are investigated: the flow of R&D expenditures and a measure of R&D stock. The paper analyses the empirical results in each national context which is...
Persistent link: https://www.econbiz.de/10013092013
This paper investigates the effects of trademarks on the market value of firms. The results show that trademarks have a positive effect on firm value. Next, the firms' market values are regressed on indicators of trademark value such as trademark seniorities, the number of oppositions filed, and...
Persistent link: https://www.econbiz.de/10013070792
Standard theories of corporate ownership assume that because markets are efficient, insiders ultimately bear agency costs and therefore have a strong incentive to minimize conflicts of interest with outside investors. We show that if equity is overvalued, however, mispricing offsets agency costs...
Persistent link: https://www.econbiz.de/10013150330
A limitation of prior research on imputation credit value is researchers' selective interpretation of the regression coefficient used to estimate credit value. This ignores the in-sample evidence on the value of cash dividends and the value of a fully-franked dividend. This is a problem because...
Persistent link: https://www.econbiz.de/10012901471
The Internet Appendix provides additional results on cash-flow durations, dividend shares, dynamic properties of buy-and-hold vs. rebalanced portfolios, additional robustness checks, and preliminary analysis on the growth premium.The paper "Do Cash Flows of Growth Stocks Really Grow Faster?" may...
Persistent link: https://www.econbiz.de/10012979458
We investigate 589 production suspension announcements during from 2000 to 2015 in Korea to identify determinants of production suspension, event, operating and financial characteristics. We find that restructuring announcements have negative impact on stock returns while other reasons such as...
Persistent link: https://www.econbiz.de/10013003929
Contrary to conventional wisdom, growth stocks (low book-to-market stocks) do not have substantially higher future cash-flow growth rates than value stocks, in both rebalanced and buy-and-hold portfolios. The efficiency growth, survivorship and look-back biases, and rebalancing effect help...
Persistent link: https://www.econbiz.de/10013008562