By Guochang Zhang

This e-book deals a scientific evaluate of the examine on accounting-based valuation, concentrating on fresh theoretical advancements and the ensuing empirical analyses that realize the position of accounting details in making managerial judgements.

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Additional resources for Accounting Information and Equity Valuation: Theory, Evidence, and Applications (Springer Series in Accounting Scholarship)

Example text

Financial reporting is a vital channel through which to report a firm’s business activities. Investors rely on reported accounting data, in conjunction with information from other sources, to form their opinions about a firm’s future operations. The premise of our discussion (and for financial analysis in real-world practice) is that a systematic and meaningful link exists between a firm’s present and future business activities. Two distinct approaches to modeling financial forecasting have emerged in the extant literature: (1) the linear information dynamic (LID) approach and (2) the real options-based approach.

To understand the direct impact of financial reporting on capital markets where investors set firm values, we need a forecasting model that connects future residual income to what investors observe today, particularly reported accounting data. Financial reporting is a vital channel through which to report a firm’s business activities. Investors rely on reported accounting data, in conjunction with information from other sources, to form their opinions about a firm’s future operations. The premise of our discussion (and for financial analysis in real-world practice) is that a systematic and meaningful link exists between a firm’s present and future business activities.

1), measurement is restricted to historical cost. Thus, with a natural initial condition for date 0, the accounting structure in the RIM is considerably tidied up. Within this system, equity book value is an accumulation of the capital contributed by investors through either direct transfers or earnings retentions, thus giving this particular accounting measure a clear economic meaning. Although not yet explicitly defined, by extending the above analysis to include a suitable revenue recognition rule, earnings calculated within this system can also be meaningfully interpreted, contrary to the view that accounting constructs can be decouple from economic concepts within the RIM framework.

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