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Accounting Information and Equity Valuation - Theory, Evidence, and Applications (Hardcover, 2014 ed.)
Loot Price: R3,911
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Accounting Information and Equity Valuation - Theory, Evidence, and Applications (Hardcover, 2014 ed.)
Series: Springer Series in Accounting Scholarship, 6
Expected to ship within 12 - 19 working days
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The purpose of this book is to offer a more systematic and
structured treatment of the research on accounting-based valuation,
with a primary focus on recent theoretical developments and the
resulting empirical analyses that recognize the role of accounting
information in making managerial decisions. Since its inception,
valuation research in accounting has evolved primarily along an
"empirically driven" path. In the absence of models constructed
specifically to explain this topic, researchers have relied on
economic intuition and theories from other disciplines (mainly
finance and economics) as a basis for designing empirical analyses
and interpreting findings. Although this literature has shed
important light on the usefulness of accounting information in
capital markets, it is obvious that the lack of a rigorous
theoretical framework has hindered the establishment of a
systematic and well-structured literature and made it difficult to
probe valuation issues in depth. More recently, however, progress
has been made on the theoretical front. The two most prominent
frameworks are (i) the "linear information dynamic approach" and
(ii) the "real options-based approach" which recognizes managerial
uses of accounting information in the pursuit of value generation.
This volume devotes its initial chapters to an evaluation of the
models using the linear dynamic approach, and then provides a
synthesis of the theoretical studies that adopt the real options
approach and the empirical works which draw on them. The book also
makes an attempt to revisit and critique existing empirical
research (value-relevance and earnings-response studies) within the
real options-based framework. It is hoped that the book can
heighten interest in integrating theoretical and empirical research
in this field, and play a role in helping this literature develop
into a more structured and cohesive body of work. Value is of
ultimate concern to economic decision-makers, and valuation theory
should serve as a platform for studying other accounting topics.
The book ends with a call for increased links of other areas of
accounting research to valuation theory.
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