Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market

Detalhes bibliográficos
Autor(a) principal: Ferreira, Eric Serrano
Data de Publicação: 2008
Outros Autores: Nossa, Valcemiro, Ledo, Bruno Cesar Aurichio, Teixeira, Arilda Magna Campanharo, Lopes, Alexsandro Broedel
Tipo de documento: Artigo
Idioma: eng
por
Título da fonte: BBR. Brazilian Business Review (English edition. Online)
Texto Completo: http://www.bbronline.com.br/index.php/bbr/article/view/445
Resumo: This study compares the explanatory power of the residual income valuation (RIV), abnormal earnings growth (AEG) and free cash flow (FCF) models in the Brazilian capital market, through an empirical test to compare the three models, using data on companies listed on the BOVESPA. Each model was analyzed annually over the period from 1995 to 2002 by multiple linear regression. The results show that from 1995 to 1999 the RIV model had better explanatory power than the other two models, and from 2000 to 2002 the AEG and RIV models were the same, an indicator of the Brazilian market’s development in the more recent years of the study period. The FCF model had the least explanatory power in all the years analyzed. The results were confirmed by panel data analysis.
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spelling Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital MarketComparação Entre Os Modelos Residual Income Valuation (RIV), Abnormal Earnings Growth (AEG) e Fluxo de Caixa Livre (FCF): Um estudo empírico no mercado de capitais brasileiroresidual income valuationabnormal earnings growthfree cash flowpanel dataresidual income valuationabnormal earnings growthfluxo de caixa livredados em painelThis study compares the explanatory power of the residual income valuation (RIV), abnormal earnings growth (AEG) and free cash flow (FCF) models in the Brazilian capital market, through an empirical test to compare the three models, using data on companies listed on the BOVESPA. Each model was analyzed annually over the period from 1995 to 2002 by multiple linear regression. The results show that from 1995 to 1999 the RIV model had better explanatory power than the other two models, and from 2000 to 2002 the AEG and RIV models were the same, an indicator of the Brazilian market’s development in the more recent years of the study period. The FCF model had the least explanatory power in all the years analyzed. The results were confirmed by panel data analysis.O objetivo deste estudo foi comparar os modelos Residual Income Valuation (RIV), Abnormal Earnings Growth (AEG) e Fluxo de Caixa Livre (FCF) no mercado brasileiro. Fez-se um teste empírico para comparar os três modelos, utilizando dados das empresas listadas na BOVESPA e testando a afirmação para o mercado de capitais brasileiro. Cada modelo foi analisado por meio da técnica estatística de regressão múltipla, anualmente, observando assim o comportamento dos modelos ao longo dos anos de 1995 a 2002. Ao serem realizados os testes, pode-se concluir que, de 1995 à 1999, o modelo RIV possuía poder explicativo superior aos outros dois modelos e a partir de 2000, os modelos AEG e RIV se equivalem, ilustrando o desenvolvimento do mercado brasileiro nos últimos anos. O modelo FCF apresentou o menor poder explicativo em todos os anos analisados. Os resultados encontrados se confirmaram por meio da análise de dados em painel.FUCAPE Business Shool2008-05-01info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionPeer-reviewed ArticleArtigo revisado pelos paresapplication/pdfapplication/pdfhttp://www.bbronline.com.br/index.php/bbr/article/view/44510.15728/bbr.2008.5.2.5Brazilian Business Review; Vol. 5 No. 2 (2008): May to August 2008; 143-162Brazilian Business Review; v. 5 n. 2 (2008): Maio a Agosto de 2008; 143-1621808-23861807-734Xreponame:BBR. Brazilian Business Review (English edition. Online)instname:Fucape Business School (FBS)instacron:FBSengporhttp://www.bbronline.com.br/index.php/bbr/article/view/445/674http://www.bbronline.com.br/index.php/bbr/article/view/445/675Copyright (c) 2008 Brazilian Business Reviewhttps://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessFerreira, Eric SerranoNossa, ValcemiroLedo, Bruno Cesar AurichioTeixeira, Arilda Magna CampanharoLopes, Alexsandro Broedel2018-11-06T19:58:50Zoai:ojs.pkp.sfu.ca:article/445Revistahttps://www.bbronline.com.br/index.php/bbr/indexONGhttp://www.bbronline.com.br/index.php/bbr/oai|| bbronline@bbronline.com.br1808-23861808-2386opendoar:2018-11-06T19:58:50BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)false
dc.title.none.fl_str_mv Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
Comparação Entre Os Modelos Residual Income Valuation (RIV), Abnormal Earnings Growth (AEG) e Fluxo de Caixa Livre (FCF): Um estudo empírico no mercado de capitais brasileiro
title Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
spellingShingle Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
Ferreira, Eric Serrano
residual income valuation
abnormal earnings growth
free cash flow
panel data
residual income valuation
abnormal earnings growth
fluxo de caixa livre
dados em painel
title_short Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
title_full Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
title_fullStr Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
title_full_unstemmed Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
title_sort Comparison Of The Residual Income Valuation, Abnormal Earnings Growth And Free Cash Flow Models: An Empirical Study Of The Brazilian Capital Market
author Ferreira, Eric Serrano
author_facet Ferreira, Eric Serrano
Nossa, Valcemiro
Ledo, Bruno Cesar Aurichio
Teixeira, Arilda Magna Campanharo
Lopes, Alexsandro Broedel
author_role author
author2 Nossa, Valcemiro
Ledo, Bruno Cesar Aurichio
Teixeira, Arilda Magna Campanharo
Lopes, Alexsandro Broedel
author2_role author
author
author
author
dc.contributor.author.fl_str_mv Ferreira, Eric Serrano
Nossa, Valcemiro
Ledo, Bruno Cesar Aurichio
Teixeira, Arilda Magna Campanharo
Lopes, Alexsandro Broedel
dc.subject.por.fl_str_mv residual income valuation
abnormal earnings growth
free cash flow
panel data
residual income valuation
abnormal earnings growth
fluxo de caixa livre
dados em painel
topic residual income valuation
abnormal earnings growth
free cash flow
panel data
residual income valuation
abnormal earnings growth
fluxo de caixa livre
dados em painel
description This study compares the explanatory power of the residual income valuation (RIV), abnormal earnings growth (AEG) and free cash flow (FCF) models in the Brazilian capital market, through an empirical test to compare the three models, using data on companies listed on the BOVESPA. Each model was analyzed annually over the period from 1995 to 2002 by multiple linear regression. The results show that from 1995 to 1999 the RIV model had better explanatory power than the other two models, and from 2000 to 2002 the AEG and RIV models were the same, an indicator of the Brazilian market’s development in the more recent years of the study period. The FCF model had the least explanatory power in all the years analyzed. The results were confirmed by panel data analysis.
publishDate 2008
dc.date.none.fl_str_mv 2008-05-01
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
Artigo revisado pelos pares
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/445
10.15728/bbr.2008.5.2.5
url http://www.bbronline.com.br/index.php/bbr/article/view/445
identifier_str_mv 10.15728/bbr.2008.5.2.5
dc.language.iso.fl_str_mv eng
por
language eng
por
dc.relation.none.fl_str_mv http://www.bbronline.com.br/index.php/bbr/article/view/445/674
http://www.bbronline.com.br/index.php/bbr/article/view/445/675
dc.rights.driver.fl_str_mv Copyright (c) 2008 Brazilian Business Review
https://creativecommons.org/licenses/by/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2008 Brazilian Business Review
https://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv FUCAPE Business Shool
publisher.none.fl_str_mv FUCAPE Business Shool
dc.source.none.fl_str_mv Brazilian Business Review; Vol. 5 No. 2 (2008): May to August 2008; 143-162
Brazilian Business Review; v. 5 n. 2 (2008): Maio a Agosto de 2008; 143-162
1808-2386
1807-734X
reponame:BBR. Brazilian Business Review (English edition. Online)
instname:Fucape Business School (FBS)
instacron:FBS
instname_str Fucape Business School (FBS)
instacron_str FBS
institution FBS
reponame_str BBR. Brazilian Business Review (English edition. Online)
collection BBR. Brazilian Business Review (English edition. Online)
repository.name.fl_str_mv BBR. Brazilian Business Review (English edition. Online) - Fucape Business School (FBS)
repository.mail.fl_str_mv || bbronline@bbronline.com.br
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