Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends
Stale and Scale Effects in Markets-Based Accounting Research: Evidence from the Valuation of Dividends
复制标题
基于市场的会计研究中的陈旧效应和规模效应：来自股息估值的证据
DOI：
10.1080/09638180.2013.795870
复制
发表时间：
2014
期刊：
影响因子：
--
通讯作者：
David Veenman
中科院分区：
文献类型：
--
作者：
I. Goncharov;David Veenman
摘要本研究回顾了以前的研究在会计为基础的估值框架的股息估值。使用电池的测试，我们表明，市场价值通缩是必不可少的，以市场为基础的测试股息位移和信号，因为它控制的“陈旧”的信息，除了规模（大小）的差异，在公司之间。对于美国公司，我们表明，控制后的“陈旧”的信息，股息和市场价值之间的经验关联开关从正面到负面。这种转变不能用公司之间的规模差异来解释。此外，我们表明，在控制陈旧，估值的股息仍然是积极的欧洲公司。这一结果是由相对较强的关联股息与未来的收益在这些设置（即信号）。最后，我们对股息估值的国别估计为旨在审查国际范围内会计和证券监管对信息不对称的影响的研究提供了一个潜在的有价值的指数。
Abstract This study revisits prior research on the valuation of dividends in an accounting-based valuation framework. Using a battery of tests, we show that market value deflation is essential in market-based tests of dividend displacement and signalling because it controls for ‘stale’ information in addition to scale (size) differences across firms. For US firms, we show that after controlling for ‘stale’ information, the empirical association between dividends and market values switches from positive to negative. This switch is not explained by scale differences across firms. Further, we show that after controlling for staleness, the valuation of dividends remains positive for European firms. This result is explained by the relatively stronger association of dividends with future earnings in these settings (i.e. signalling). Lastly, our country-specific estimates of dividend valuation provide a potentially valuable index for studies aimed at examining the effects of accounting and securities regulation on information asymmetries in an international context.