Accounting And The Investment Opportunity Set PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Accounting And The Investment Opportunity Set PDF full book. Access full book title Accounting And The Investment Opportunity Set.
| Author | : Ahmed Riahi-Belkaoui |
| Publisher | : Bloomsbury Publishing USA |
| Total Pages | : 214 |
| Release | : 2000-05-30 |
| Genre | : Business & Economics |
| ISBN | : 0313004617 |
Download Accounting and the Investment Opportunity Set Book in PDF, ePub and Kindle
A firm's value consists of its assets-in-place and growth opportunities: its investment opportunity set. IOS plays a major role in determining a firm's corporate and accounting strategies, and how the marketplace reacts to them. Riahi-Belkaoui shows how IOS can be examined, measured, and used as one way to understand the various accounting and nonaccounting strategies espoused by management. His book fills a gap in the literature on this timely and provocative topic, and provides useful knowledge for upper management, academics, and graduate-level students. The importance of the IOS concept is beginning to be acknowledged in the literature of empirical accounting, finance, and management. There, the investment opportunity set is introduced as an explanatory or moderating variable of the relationship between accounting and economic phenomena and various predictor variables. Riahi-Belkaoui explicates a concept of growth opportunities or IOS (Chapter 1) and provides a general model for its measurement (Chapter 2). He shows its role in a general valuation model based on dividend yield and price earnings ratio (Chapter 3), in the relationship between profitability and multinationality (Chapter 4), in the determination of capital structure (Chapter 5), in a general model of international production (Chapter 6), in a general model of corporate disclosure (Chapter 7), in the relationship between systematic risk and multinationality (Chapter 8), in a model of reputation building (Chapter 9), and earnings management (Chapter 10). He goes on to discuss its role in explaining the relative market value compared to the accounting value of a multinational firm in Chapter 11, and in differentiating between the usefulness of accrual and cash flow based on valuation models in Chapter 12.
| Author | : Jayne Maree Godfrey |
| Publisher | : |
| Total Pages | : 42 |
| Release | : 1995* |
| Genre | : Capital investments |
| ISBN | : |
Download Investment Opportunity Set Influence on Accounting Policies and Estimates Book in PDF, ePub and Kindle
| Author | : Michael E. Bradbury |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 2003 |
| Genre | : |
| ISBN | : |
Download Investment Opportunity Set Influence on Goodwill Amortization Book in PDF, ePub and Kindle
Using an institutional setting where GAAP is relatively unconstrained, we examine whether managers use their goodwill accounting discretion to reflect firms' growth options that are not otherwise captured in reported identifiable assets. We employ a continuous dependent variable to find that accounting discretion is exercised through estimates of goodwill's economic life (amortization period) in a manner that reflects the firms' underlying growth options. These results are consistent with managers using accounting techniques to reflect firms' investment opportunity sets (IOS). We find that the goodwill accounting decision has a stronger association with IOS variables than with traditionally applied contracting variables. Also, the IOS variables make a greater marginal contribution to the explanatory power of models of goodwill amortization periods than do traditional contracting or opportunism variables.
| Author | : Malcolm McLelland |
| Publisher | : |
| Total Pages | : 24 |
| Release | : 2000 |
| Genre | : |
| ISBN | : |
Download Investment Opportunity Sets, Accounting-Based Regulatory Contracts, and Accounting Discretion Book in PDF, ePub and Kindle
This paper examines the relationship between accounting discretion and investment opportunity sets (IOSs) of regulated banks in the presence of accounting-based regulatory contracts. Specifically, the proposition that accounting discretion allows a bank to avoid constraints on its IOS resulting from risk-based regulatory capital requirements is examined. The conditions under which accounting discretion can influence a bank's IOS are explored and results suggest that, in general, accounting discretion has no effect on a bank's IOS, or on compliance with regulatory capital requirements, independent of its effect on dividends or other financing transactions.
| Author | : Ian Davidson |
| Publisher | : Routledge |
| Total Pages | : 330 |
| Release | : 2012 |
| Genre | : Business & Economics |
| ISBN | : 041569602X |
Download Principles of Equity Valuation Book in PDF, ePub and Kindle
The book provides a rigorous introduction to corporate finance and the valuation of equity. The first half of the book covers much of the received theory in these areas such as the relationship between the risk of an equity security and the return one can expect from it, the effects of leverage (that is, the borrowing policies of the firm) on the return one can expect from the firm’s shares and the role that dividends, operating cash flows and accounting earnings play in the valuation of equity. The second half of the book is more advanced and deals with the important role that "real options" (that is, as yet unexploited investment opportunities) play in the valuation of equity.
| Author | : Robert Leach |
| Publisher | : Harriman House Limited |
| Total Pages | : 254 |
| Release | : 2004 |
| Genre | : Business & Economics |
| ISBN | : 1897597274 |
Download The Investor's Guide to Understanding Accounts Book in PDF, ePub and Kindle
Many investors ignore company accounts because they think they are too difficult. But, as the great investor Peter Lynch said "Investing without looking at the numbers is like playing bridge without looking at the cards." The mission of this book is to explain to ordinary investors, with no accounting knowledge, what to look for in a set of accounts and how to interpret what you find - so that you have an accurate 'health check' on a company in ten simple steps. Robert Leach considers the entire subject from an investor's point of view, by asking - and then answering - the questions which matter most. He also looks at the techniques which companies sometimes use to flatter their accounts, and shows how accounts for companies in different sectors have to be looked at differently. The 10 Crunch questions: 1. Is the company growing? 2. Are costs under control? 3. Does it make a profit? 4. How much cash does it have? 5. Is its market value supported by assets? 6. Is it using debt wisely? 7. Are there any hidden nasties? 8. Is management good enough? 9. Can I expect a reliable income? 10. Are there any threats to my interests?
| Author | : Benjamin M. Friedman |
| Publisher | : University of Chicago Press |
| Total Pages | : 404 |
| Release | : 2009-05-15 |
| Genre | : Business & Economics |
| ISBN | : 0226264238 |
Download Corporate Capital Structures in the United States Book in PDF, ePub and Kindle
The research reported in this volume represents the second stage of a wide-ranging National Bureau of Economic Research effort to investigate "The Changing Role of Debt and Equity in Financing U.S. Capital Formation." The first group of studies sponsored under this project, which have been published individually and summarized in a 1982 volume bearing the same title (Friedman 1982), addressed several key issues relevant to corporate sector behavior along with such other aspects of the evolving financial underpinnings of U.S. capital formation as household saving incentives, international capital flows, and government debt management. In the project's second series of studies, presented at the National Bureau of Economic Research conference in January 1983 and published here for the first time along with commentaries from that conference, the central focus is the financial side of capital formation undertaken by the U.S. corporate business sector. At the same time, because corporations' securities must be held, a parallel focus is on the behavior of the markets that price these claims.
| Author | : Mark A. Trombley |
| Publisher | : |
| Total Pages | : |
| Release | : 2000 |
| Genre | : |
| ISBN | : |
Download The Use of Investment Opportunity Set and Policy Variables as Surrogates for Analysts' Earnings Growth Expectations Book in PDF, ePub and Kindle
This paper examines the association between financial statement variables and expected earnings growth. The main objective of the paper is to evaluate the usefulness of accounting numbers as surrogates or proxies for analysts' expectations of earnings growth. Results indicate that virtually all of the variables selected for this study exhibit highly significant association with analysts' long-term growth expectations. Cross-sectional regression tests suggest that V/A the market-to-book value of assets may be the best available proxy for expected growth. This variable seemed to be superior to Ramp;D intensity size and alternative market-to book measures. Even a constructed proxy incorporating V/A and additional measures did not seem to produce a consistent improvement over V/A alone.
| Author | : Mitchell Franklin |
| Publisher | : |
| Total Pages | : 1056 |
| Release | : 2019-04-11 |
| Genre | : |
| ISBN | : 9781680922912 |
Download Principles of Accounting Volume 1 - Financial Accounting Book in PDF, ePub and Kindle
The text and images in this book are in grayscale. A hardback color version is available. Search for ISBN 9781680922929. Principles of Accounting is designed to meet the scope and sequence requirements of a two-semester accounting course that covers the fundamentals of financial and managerial accounting. This book is specifically designed to appeal to both accounting and non-accounting majors, exposing students to the core concepts of accounting in familiar ways to build a strong foundation that can be applied across business fields. Each chapter opens with a relatable real-life scenario for today's college student. Thoughtfully designed examples are presented throughout each chapter, allowing students to build on emerging accounting knowledge. Concepts are further reinforced through applicable connections to more detailed business processes. Students are immersed in the "why" as well as the "how" aspects of accounting in order to reinforce concepts and promote comprehension over rote memorization.
| Author | : Donald R. Chambers |
| Publisher | : CFA Institute Research Foundation |
| Total Pages | : 122 |
| Release | : 2018 |
| Genre | : Business & Economics |
| ISBN | : 1944960384 |
Download Alternative Investments: A Primer for Investment Professionals Book in PDF, ePub and Kindle
Alternative Investments: A Primer for Investment Professionals provides an overview of alternative investments for institutional asset allocators and other overseers of portfolios containing both traditional and alternative assets. It is designed for those with substantial experience regarding traditional investments in stocks and bonds but limited familiarity regarding alternative assets, alternative strategies, and alternative portfolio management. The primer categorizes alternative assets into four groups: hedge funds, real assets, private equity, and structured products/derivatives. Real assets include vacant land, farmland, timber, infrastructure, intellectual property, commodities, and private real estate. For each group, the primer provides essential information about the characteristics, challenges, and purposes of these institutional-quality alternative assets in the context of a well-diversified institutional portfolio. Other topics addressed by this primer include tail risk, due diligence of the investment process and operations, measurement and management of risks and returns, setting return expectations, and portfolio construction. The primer concludes with a chapter on the case for investing in alternatives.
