Relative valuation roles of equity book value and net income as a function of financial health
Relative valuation roles of equity book value and net income as a function of financial health
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DOI：
10.1016/s0165-4101(98)00017-2
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发表时间：
1998-02-01
影响因子：
5.9
通讯作者：
Landsman, WR
中科院分区：
文献类型：
--
作者：
Barth, ME;Beaver, WH;Landsman, WR
这项研究测试了随着财务状况下降，股票账面价值（净利润）的定价倍数和增量解释力增加（减少）的预测。使用 396 家破产公司样本进行的测试以及使用更大的合并样本进行的测试都得出了与预测一致的推论。研究结果对于纳入对行业、规模、股本回报率和股本回报波动性的控制是稳健的。根据未确认无形资产的可能程度进行选择，三个示例性行业的股权账面价值、净利润倍数以及增量解释力可预见地有所不同。 (C) 1998 Elsevier Science B.V，保留所有权利。 JEL分类：M4； G33； C2。
This study tests predictions that pricing multiples on and incremental explanatory power of equity book value (net income) increase (decrease) as financial hearth decreases. Tests using a sample of 396 bankrupt firms and tests using a larger, pooled sample both yield inferences consistent with predictions. Findings are robust to inclusion of controls for industry, size, return-on-equity, and volatility of equity returns. Equity book value and net income multiples and incremental explanatory power vary predictably across three illustrative industries, selected based on the likely extent of unrecognized intangible assets. (C) 1998 Elsevier Science B.V, All rights reserved. JEL classification: M4; G33; C2.