Equity valuation using accounting numbers in high and low intangible-intensive industries
Autor(a) principal: | |
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Data de Publicação: | 2012 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/9479 |
Resumo: | Recent scandals in companies such as Enron, WorldCom or Tesco have become practical solid examples of accounting manipulation and have been disrupting the accountancy field. As a consequence, there has been a regular reinforcement regarding the practical use of accounting numbers. Equity valuation using accounting numbers plays a vital responsibility in both finance and accounting areas, grounding on the use and comparison of valuation models’ performance. This dissertation aims to explore the association between high and low intangibleintensive industries as well as the performance of accounting-based valuation models. After assessing not only stock- but also flow-based models across the two industries, results reveal a superior performance of the former models for low intangible-intensive industries while flow-based models disclose superior stock price predictions for high intangible-intensive industries. In complement, an analysis of the valuation techniques applied in analysts’ reports demonstrates that marked multiples are usually the preferred methodology for equity research analysts to value companies. |
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Equity valuation using accounting numbers in high and low intangible-intensive industriesIntangible assetsHigh/low intangible-intensive industriesStock-based modelsFlow-based modelsValuation errorsP/ERIVMAEGMAnalystsRecent scandals in companies such as Enron, WorldCom or Tesco have become practical solid examples of accounting manipulation and have been disrupting the accountancy field. As a consequence, there has been a regular reinforcement regarding the practical use of accounting numbers. Equity valuation using accounting numbers plays a vital responsibility in both finance and accounting areas, grounding on the use and comparison of valuation models’ performance. This dissertation aims to explore the association between high and low intangibleintensive industries as well as the performance of accounting-based valuation models. After assessing not only stock- but also flow-based models across the two industries, results reveal a superior performance of the former models for low intangible-intensive industries while flow-based models disclose superior stock price predictions for high intangible-intensive industries. In complement, an analysis of the valuation techniques applied in analysts’ reports demonstrates that marked multiples are usually the preferred methodology for equity research analysts to value companies.Reis, Ricardo FerreiraVeritati - Repositório Institucional da Universidade Católica PortuguesaSilva, Rita Albuquerque2012-12-03T14:57:28Z2012-09-1720122012-09-17T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/9479enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-09-12T01:35:59Zoai:repositorio.ucp.pt:10400.14/9479Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:08:26.059595Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Equity valuation using accounting numbers in high and low intangible-intensive industries |
title |
Equity valuation using accounting numbers in high and low intangible-intensive industries |
spellingShingle |
Equity valuation using accounting numbers in high and low intangible-intensive industries Silva, Rita Albuquerque Intangible assets High/low intangible-intensive industries Stock-based models Flow-based models Valuation errors P/E RIVM AEGM Analysts |
title_short |
Equity valuation using accounting numbers in high and low intangible-intensive industries |
title_full |
Equity valuation using accounting numbers in high and low intangible-intensive industries |
title_fullStr |
Equity valuation using accounting numbers in high and low intangible-intensive industries |
title_full_unstemmed |
Equity valuation using accounting numbers in high and low intangible-intensive industries |
title_sort |
Equity valuation using accounting numbers in high and low intangible-intensive industries |
author |
Silva, Rita Albuquerque |
author_facet |
Silva, Rita Albuquerque |
author_role |
author |
dc.contributor.none.fl_str_mv |
Reis, Ricardo Ferreira Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Silva, Rita Albuquerque |
dc.subject.por.fl_str_mv |
Intangible assets High/low intangible-intensive industries Stock-based models Flow-based models Valuation errors P/E RIVM AEGM Analysts |
topic |
Intangible assets High/low intangible-intensive industries Stock-based models Flow-based models Valuation errors P/E RIVM AEGM Analysts |
description |
Recent scandals in companies such as Enron, WorldCom or Tesco have become practical solid examples of accounting manipulation and have been disrupting the accountancy field. As a consequence, there has been a regular reinforcement regarding the practical use of accounting numbers. Equity valuation using accounting numbers plays a vital responsibility in both finance and accounting areas, grounding on the use and comparison of valuation models’ performance. This dissertation aims to explore the association between high and low intangibleintensive industries as well as the performance of accounting-based valuation models. After assessing not only stock- but also flow-based models across the two industries, results reveal a superior performance of the former models for low intangible-intensive industries while flow-based models disclose superior stock price predictions for high intangible-intensive industries. In complement, an analysis of the valuation techniques applied in analysts’ reports demonstrates that marked multiples are usually the preferred methodology for equity research analysts to value companies. |
publishDate |
2012 |
dc.date.none.fl_str_mv |
2012-12-03T14:57:28Z 2012-09-17 2012 2012-09-17T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/9479 |
url |
http://hdl.handle.net/10400.14/9479 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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