This Monograph provides value estimates for intangible assets of
publicly traded hotel firms in the United States. When evaluating a
firm's tangible and intangible assets, tests of model usefulness
reveal it is meaningful to decompose adjusted income (AI), measured
by revenue minus expense in this study, into adjusted income
derived from intangible assets (AII) and adjusted income derived
from tangible assets (AIT). Specifically, a significant difference
exists for contributions from AIT and AII to a firm's market value
of equity. Further, decomposing AI into AIT and AII releases
incremental information to the market. Finally, it appears that the
crude approach frequently employed by practitioners, namely, the
value of a firm's intangible assets equals its market value of
equity plus liabilities minus book value of tangible assets,
systematically overestimates values of firm intangible assets,
assuming firms apply uniform capital structures across their
tangible and intangible assets.
General
Imprint: |
VDM Verlag
|
Country of origin: |
Germany |
Release date: |
July 2010 |
First published: |
July 2010 |
Authors: |
Nan Hua
|
Dimensions: |
229 x 152 x 5mm (L x W x T) |
Format: |
Paperback - Trade
|
Pages: |
88 |
ISBN-13: |
978-3-639-26899-7 |
Categories: |
Books >
Business & Economics >
Finance & accounting >
Accounting >
General
|
LSN: |
3-639-26899-7 |
Barcode: |
9783639268997 |
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