Determinants Of Incremental Information Content Of Cash Flows Beyond Earnings PDF Download
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Author | : |
Publisher | : |
Total Pages | : |
Release | : 2003 |
Genre | : Cash flow |
ISBN | : 9789741735426 |
Download Determinants of Incremental Information Content of Cash Flows Beyond Earnings Book in PDF, ePub and Kindle
Author | : Ray J. Pfeiffer |
Publisher | : |
Total Pages | : |
Release | : 1999 |
Genre | : |
ISBN | : |
Download Additional Evidence on the Incremental Information Content of Cash Flows and Accruals Book in PDF, ePub and Kindle
This study evaluates the relation between security returns and funds-based earnings components. We document that proxies for market expectations of the components that are based on measures of historical serial- and cross-dependencies are substantially more accurate than random-walk proxies. Moreover, we detect significantly higher valuations of the operating cash flow component of earnings, relative to current accruals when market expectations are represented using the dependency-based predictions. Such differential valuation is not detectable for random-walk representations. Contrary to results in Ali (1994), we find incremental information in unexpected cash flows over the whole spectrum (moderate and extreme) of unexpected cash flow realizations.
Author | : Colin D. B. Clubb |
Publisher | : |
Total Pages | : |
Release | : 2000 |
Genre | : |
ISBN | : |
Download Valuation and Clean Surplus Accounting Book in PDF, ePub and Kindle
This paper provides an analysis of the implications of the Feltham and Ohlson (1995) model for the relationship between unexpected security returns and unexpected earnings and cash flows. A simplified version of the Feltham and Ohlson linear information model is utilized to provide an intuitive explanation of the coefficients in the unexpected returns equation and to show that incremental information content for unexpected free cash flow beyond accounting earnings in the model depends on the existence of positive net present value (NPV) investment opportunities. The paper concludes by arguing that the model provides useful insights into factors that may influence the empirical relationship between security returns and accounting data.
Author | : Ashiq Ali |
Publisher | : |
Total Pages | : 30 |
Release | : 1992 |
Genre | : |
ISBN | : |
Download The Incremental Information Content of Earnings Book in PDF, ePub and Kindle
Author | : Gordon Peter Wilson |
Publisher | : |
Total Pages | : 114 |
Release | : 1986 |
Genre | : Cash flow |
ISBN | : |
Download The Incremental Information Content of Accruals and Cash Flows After Controlling for Earnings Book in PDF, ePub and Kindle
Author | : Zhemin Wang |
Publisher | : |
Total Pages | : 236 |
Release | : 1991 |
Genre | : |
ISBN | : |
Download Informativeness and Predictability of Earnings and Cash Flows Book in PDF, ePub and Kindle
Author | : Teck Kiang Tan |
Publisher | : |
Total Pages | : 184 |
Release | : 1990 |
Genre | : Cash flow |
ISBN | : |
Download The Incremental Information Content of Cash Flow from Operations Versus Earnings--Singapore Evidence Book in PDF, ePub and Kindle
Author | : David A. Holland |
Publisher | : John Wiley & Sons |
Total Pages | : 421 |
Release | : 2017-12-11 |
Genre | : Business & Economics |
ISBN | : 1119440483 |
Download Beyond Earnings Book in PDF, ePub and Kindle
Beyond Earnings is targeted at investors, financial professionals, and students who want to improve their ability to analyze financial statements, forecast cash flows, and ultimately value a company. The authors demonstrate that reported earnings are easily gamed by accounting shenanigans and reveal how commonly used profitability measures such as return on equity can be misleading. Because earnings and P/E ratios are too unreliable for valuation, this book takes you beyond earnings and shows you how to apply the HOLT CFROI and Economic Profit framework in a step-by-step manner. A better measure of profitability results in improved capital allocation decisions and fundamental valuations. This ground-breaking book offers the first practical in-depth discussion of how profitability and growth fade, and shows how to put this information to work right away. The authors introduce their trailblazing Fundamental Pricing Model which includes fade as an adjustable value driver and can be used to value the impact of business model disruption. As the authors explain, the key to superior stock picking is understanding the expectations embedded in a stock’s price and having a clear view of whether the company can beat those expectations. The HOLT framework has been rigorously field tested for over 40 years by global investment professionals to help them make better stock picks and by corporate managers to understand the expectations embedded in their stock price. Beyond Earnings is an indispensable guide for investors who want to improve their odds of outperforming the competition.
Author | : Cynthia Wilson |
Publisher | : |
Total Pages | : 33 |
Release | : 1993 |
Genre | : Cash flow |
ISBN | : |
Download Incremental Information Content of Cash Flows Book in PDF, ePub and Kindle
Author | : Moon Kyum Kim |
Publisher | : |
Total Pages | : 242 |
Release | : 1991 |
Genre | : Investment analysis |
ISBN | : |
Download Incremental Information Content of Cash Flow Variables Book in PDF, ePub and Kindle
This study investigates whether alternative cash flow measures have an incremental information content over accounting measure. This study employes the arbitrage argument to establish an economic model which makes it possible to incorporate raw accounting variables into a return generating process. Based on the economic model, a new methodology, the spanning portfolio approach is used to extract the information contained in the accounting measures of cash flow. This issue is first examined by testing for an association between actual security returns and spanning returns of alternative cash flow measures. Secondly, the issue is analyzed in the context of explaining market risk. The results indicate that both cash flow and accrual accounting earnings have incremental information content relative to each other in explaining the actual security returns. Also, the results reveal that, in explaining market risk, only cash flow has information consistent with that contained in market risk measure (market beta) and provides significant incremental information over that provided by earnings. These findings imply that the accrual adjustment process in accounting may not be valuable at least for assessing the company's systematic risk.