Clean Surplus
DOWNLOAD
Download Clean Surplus PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Clean Surplus book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Clean Surplus
DOWNLOAD
Author : Richard P. Brief
language : en
Publisher: Routledge
Release Date : 2013-09-13
Clean Surplus written by Richard P. Brief and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-09-13 with Business & Economics categories.
First published in 1996. The relationship between the present discounted value of future cash flows and discounted excess earnings should be viewed as a mathematical property of a double-entry book[1]keeping system based on clean surplus. The purpose of this anthology is to facilitate future research by highlighting these historical developments and by showing how more recent theoretical and empirical research fits into the earlier history. The book is divided into four sections: historical overview; analytical properties of clean surplus; the theory of the clean surplus equation; and empirical implications.
Clean Surplus Accounting Und Residual Income Valuation
DOWNLOAD
Author : Jan Bernhard
language : de
Publisher:
Release Date : 2004
Clean Surplus Accounting Und Residual Income Valuation written by Jan Bernhard and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
The Historical Development Of The Clean Surplus Theory 1930 To 1950
DOWNLOAD
Author : Nicholas Triantafillos Prepouses
language : en
Publisher:
Release Date : 1952
The Historical Development Of The Clean Surplus Theory 1930 To 1950 written by Nicholas Triantafillos Prepouses and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1952 with categories.
Clean Surplus Accounting
DOWNLOAD
Author : Joseph Belmonte
language : en
Publisher:
Release Date : 2002
Clean Surplus Accounting written by Joseph Belmonte and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Clean surplus (Accounting) categories.
The Historical Development Of The Clean Surplus Controversy With A Critique Of Latest Developments
DOWNLOAD
Author : George Dorsey Hill
language : en
Publisher:
Release Date : 1951
The Historical Development Of The Clean Surplus Controversy With A Critique Of Latest Developments written by George Dorsey Hill and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1951 with categories.
Clean Surplus Residual Income And Earnings Based Valuation Models
DOWNLOAD
Author : John O'Hanlon
language : en
Publisher:
Release Date : 1999
Clean Surplus Residual Income And Earnings Based Valuation Models written by John O'Hanlon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
Motivated by the fact that residual income based models of the link between the value of equity capital and the outputs of accrual accounting recently appearing in the literature have been based on particular assumed classes of residual income time series process, this paper presents a general residual income based expression for the value of equity capital which allows for clean surplus residual income to be generated by any class of ARIMA time series process. It shows that other models appearing in the literature are re-arrangements of special cases of this general expression. Further, motivated by the possibility that unscaled residual income data might plausibly exhibit explosive characteristics which would make it inappropriate to attempt to fit ARIMA models, a general expression for the value of equity is presented in terms of residual income scaled by book value. Re-arrangements of a number of simple special cases of this expression are explored. It is shown that, depending upon the time series properties of the scaled residual income measure, various combinations of the mean Accounting Rate of Return, the current level of Accounting Rate of Return, the current first difference of Accounting Rate of Return and a lagged Market to Book term can appear in accounting based models of the value of equity.
Empirical Tests Of The Clean Surplus Valuation Model
DOWNLOAD
Author : Yue Liu
language : en
Publisher:
Release Date : 2000
Empirical Tests Of The Clean Surplus Valuation Model written by Yue Liu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Clean surplus (Accounting) categories.
The main purpose of this research is to empirically test the validity of the clean surplus valuation model for Canadian public companies. The empirical results of this research confirm the high explanation power of the clean surplus model in predicting stock prices for Canadian public companies and support the use of the clean surplus model as a proxy for intrinsic firm value. Profitable trading strategies are successfully constructed based on the intrinsic values suggested by the model. It is evident that under-priced portfolios identified by the model consistently yield higher returns than other portfolios for all different holding periods. This research proves that the clean surplus valuation model provides a criteria that is both theoretically sound and empirically valid. By comparing the theoretical values with associated market prices, one can effectively construct profitable trading strategies by using fundamental variables and market values of mispriced stocks will eventually move toward their intrinsic values.
The Time Series Properties Of The Components Of Clean Surplus Earnings
DOWNLOAD
Author : John O'Hanlon
language : en
Publisher:
Release Date : 2000
The Time Series Properties Of The Components Of Clean Surplus Earnings written by John O'Hanlon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
This paper seeks to advance the practical application of theoretically grounded accounting based equity valuation models which use the concept of earnings persistence. It does so by employing an empirically tractable development of the clean surplus residual income based valuation models that appear in the literature as the basis for an empirical investigation of the time series properties of components of the clean surplus earnings of UK companies. The paper uses a general expression of the value of equity capital in terms of residual income scaled by book value to show that clean surplus Accounting Rate of Return (ARR) is relevant in a valuation context if the series has a mean which differs from the cost of equity and/or there is time series dependence in the series. It then uses data drawn directly from the income statements and reserve notes of 181 UK companies over 25 years to seek evidence regarding the mean values of the disaggregated components of clean surplus ARR in the UK both in aggregate and across sectors. Then after using the general expression to provide a classification of ARR series according to four classes of time series process each of which suggests the appropriateness of a different valuation model employing ARR variables (mean level first difference) the paper provides evidence on the time series properties of the disaggregated components of clean surplus ARR both in aggregate and across sectors.
Does Dirty Surplus Accounting Conceal The Facts
DOWNLOAD
Author : John O'Hanlon
language : en
Publisher:
Release Date : 2000
Does Dirty Surplus Accounting Conceal The Facts written by John O'Hanlon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with categories.
Advocates of dirty surplus accounting practices argue that such practices produce more useful reported earnings numbers because value irrelevant flows are eliminated from reported earnings. Opponents of such practices suggest that dirty surplus accounting can result in the exclusion of value relevant flows from reported earnings. By observing the relationship between stock return and the components of U.K. clean surplus earnings over intervals ranging from one year to twenty years, this paper seeks evidence as to whether dirty surplus accounting practices can cause the systematic exclusion from reported earnings of items which, in the long run, prove to be value relevant. It is argued that, if dirty surplus accounting has the effect of excluding value relevant events from reported earnings and of delaying the recognition by the market of the value relevance of these events, then the power of clean surplus earnings to explain stock returns would be low relative to that of reported earnings in short-interval tests but would dominate that of reported earnings as the interval is extended. Over short intervals, dirty surplus flows (i.e. components of clean surplus earnings other than reported earnings) would contribute little to the explanation of stock returns after controlling for reported earnings but the contribution of dirty surplus flows to the explanation of return would increase as the interval increased. The results of this study suggest that the power of U.K. reported earnings to explain returns dominates that of clean surplus earnings over all return intervals and that dirty surplus flows have little explanatory power, after controlling for reported earnings, even over long intervals. The results do not suggest that any increase in the usefulness of U.K. yearly reported earnings numbers that might have been obtained through the use of dirty surplus accounting practices was acquired at the cost of the exclusion of items which, in the long run, proved to be value relevant.
Examination Of The Clean Surplus Assumption And Equity Valuation Models In Three Asian Pacific Markets
DOWNLOAD
Author : Meihua Koo
language : en
Publisher:
Release Date : 2001
Examination Of The Clean Surplus Assumption And Equity Valuation Models In Three Asian Pacific Markets written by Meihua Koo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.