The Longer Term Relation Between Accounting Performance And Stock Returns
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Financial Performance Measures and Value Creation: the State of the Art
| Author | : Daniela Venanzi |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 81 |
| Release | : 2011-12-01 |
| Genre | : Business & Economics |
| ISBN | : 884702451X |
The choice of financial performance measures is one of the most critical challenges facing organizations. The accounting-based measures of financial performance have been viewed as inadequate, as firms began focusing on shareholder value as the primary long-term objective of the organization. Hence, value-based metrics were devised that explicitly incorporate the cost of capital into performance calculations. Despite the increasing emphasis on these value-based measures, no definitive evidence exists of which metric works better than others, and on the extent to which any of them is superior to traditional accounting measures. In this scenario, the objective of this book is contributing to the ongoing dialogue on the appropriateness of different financial performance measures, by providing a systematic and updated review of the major value-based measures, by highlighting their respective strengths and weaknesses and by comparing the main international empirical evidence on their effectiveness. This book can be a powerful tool for guiding managers and graduate students in the “tangled forest” of the existing metrics, by providing them with the quick, but adequate knowledge for consistently adopting them.
Irrational Exuberance Reconsidered
| Author | : Mathias Külpmann |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 233 |
| Release | : 2013-03-20 |
| Genre | : Business & Economics |
| ISBN | : 3540247653 |
Mathias Külpmann presents a framework to evaluate whether the stock market is in line with underlying fundamentals. The new and revised edition offers an up to date introduction to the controversy between rational asset pricing and behavioural finance. Empirical evidence of stock market overreaction are investigated within the paradigms of rational asset pricing and behavioural finance. Although this monograph will not promise the reader to become a millionaire, it offers a road to obtain a deeper understanding of the forces which drive stock returns. It should be of interest to anyone interested in what drives performance in the stock market.
The Balanced Scorecard
| Author | : Robert S. Kaplan |
| Publisher | : |
| Total Pages | : 9 |
| Release | : 2005 |
| Genre | : Business planning |
| ISBN | : |
The End of Accounting and the Path Forward for Investors and Managers
| Author | : Baruch Lev |
| Publisher | : John Wiley & Sons |
| Total Pages | : 290 |
| Release | : 2016-06-02 |
| Genre | : Business & Economics |
| ISBN | : 1119190991 |
An innovative new valuation framework with truly useful economic indicators The End of Accounting and the Path Forward for Investors and Managers shows how the ubiquitous financial reports have become useless in capital market decisions and lays out an actionable alternative. Based on a comprehensive, large-sample empirical analysis, this book reports financial documents' continuous deterioration in relevance to investors' decisions. An enlightening discussion details the reasons why accounting is losing relevance in today's market, backed by numerous examples with real-world impact. Beyond simply identifying the problem, this report offers a solution—the Value Creation Report—and demonstrates its utility in key industries. New indicators focus on strategy and execution to identify and evaluate a company's true value-creating resources for a more up-to-date approach to critical investment decision-making. While entire industries have come to rely on financial reports for vital information, these documents are flawed and insufficient when it comes to the way investors and lenders work in the current economic climate. This book demonstrates an alternative, giving you a new framework for more informed decision making. Discover a new, comprehensive system of economic indicators Focus on strategic, value-creating resources in company valuation Learn how traditional financial documents are quickly losing their utility Find a path forward with actionable, up-to-date information Major corporate decisions, such as restructuring and M&A, are predicated on financial indicators of profitability and asset/liabilities values. These documents move mountains, so what happens if they're based on faulty indicators that fail to show the true value of the company? The End of Accounting and the Path Forward for Investors and Managers shows you the reality and offers a new blueprint for more accurate valuation.
Valuation
| Author | : McKinsey & Company Inc. |
| Publisher | : John Wiley & Sons |
| Total Pages | : 860 |
| Release | : 2010-07-16 |
| Genre | : Business & Economics |
| ISBN | : 0470889934 |
The number one guide to corporate valuation is back and better than ever Thoroughly revised and expanded to reflect business conditions in today's volatile global economy, Valuation, Fifth Edition continues the tradition of its bestselling predecessors by providing up-to-date insights and practical advice on how to create, manage, and measure the value of an organization. Along with all new case studies that illustrate how valuation techniques and principles are applied in real-world situations, this comprehensive guide has been updated to reflect new developments in corporate finance, changes in accounting rules, and an enhanced global perspective. Valuation, Fifth Edition is filled with expert guidance that managers at all levels, investors, and students can use to enhance their understanding of this important discipline. Contains strategies for multi-business valuation and valuation for corporate restructuring, mergers, and acquisitions Addresses how you can interpret the results of a valuation in light of a company's competitive situation Also available: a book plus CD-ROM package (978-0-470-42469-8) as well as a stand-alone CD-ROM (978-0-470-42457-7) containing an interactive valuation DCF model Valuation, Fifth Edition stands alone in this field with its reputation of quality and consistency. If you want to hone your valuation skills today and improve them for years to come, look no further than this book.
Accounting for M&A
| Author | : Amir Amel-Zadeh |
| Publisher | : Routledge |
| Total Pages | : 331 |
| Release | : 2020-04-29 |
| Genre | : Business & Economics |
| ISBN | : 1000066525 |
Spending on M&A has, in aggregate, grown so fast that it has even overtaken capital expenditure on increasing and maintaining physical assets. Yet McKinsey, the leading management consultancy, reports that "Anyone who has researched merger success rates knows that roughly 70% fail". The idea that businesses might be using huge and increasing sums of shareholders’ money for an activity that more often than not leads to failure calls into question the information on which M&A decisions are based. This book presents statistical studies, case material, and standard-setters’ opinions on company accounting before, during, and after M&A. It documents the manipulation of annual accounts by acquirers ahead of share for share bids, biased forecasts of post-merger earnings by bidders, and devices to flatter earnings when recording the deal. It explores the challenges for standard-setters in regulating information flows during and after M&A, and for account-users wishing to learn from financial statements how a deal has affected performance. Drawing on a wide range of international examples, this readable book is targeted not just at accounting specialists but at anyone who is comfortable reading the serious financial press, is intrigued by what is going on in the massive M&A market, and is concerned with achieving better-informed M&A. As such it might be of particular interest to business executives, lawyers, bankers, and investors involved in M&A as well as graduate students interested in researching or learning about the role of accounting in M&A.
The Effects of the Cross-Correlation of Stock Returns on Post Merger Stock Performance
| Author | : Antonios Antoniou |
| Publisher | : |
| Total Pages | : 33 |
| Release | : 2010 |
| Genre | : |
| ISBN | : |
In this paper, we examine the effects of the cross-correlation of stock returns on the long-run post merger stock performance of UK acquiring firms over the period 1985-2001. We show that, in general, the widely documented anomaly of long-run underperformance following mergers is not due to various stylised merger effects but rather due to the cross-correlation of stock returns, which compromises the 'independence of observations' assumption, thus yielding overstated test statistics. We test, in particular, the method of payment, diversification, book-to-market, and size effects in mergers. We find that these documented long-run effects simply disappear after accounting for the cross-sectional dependence of sample returns. Our results highlight the importance of controlling for the cross-correlation of stock returns in long-run post merger event studies.
Research Methods for Organizational Studies
| Author | : Donald P. Schwab |
| Publisher | : Psychology Press |
| Total Pages | : 320 |
| Release | : 2013-06-17 |
| Genre | : Business & Economics |
| ISBN | : 1135704910 |
This revision of a best selling research methods textbook introduces social science methods as applied broadly to the study of issues that arise as part of organizational life. These include issues involving organizational participants such as managers, teachers, customers, patients and clients, and transactions within and between organizations. In this new edition, chapter 19 now focuses on describing the modeling process and outcomes. An entirely new chapter 20 now addresses challenges to modeling. It goes substantially beyond a discussion of statistical inference. It also discusses issues in interpreting variance, explained estimates, and standardized and unstandardized regression coefficients. A new capstone chapter 21 helps students recognize good research. This textbook is accompanied by an Instructor's Manual for course use.
In Search of Shareholder Value
| Author | : Andrew Black |
| Publisher | : Financial Times/Prentice Hall |
| Total Pages | : 396 |
| Release | : 2001 |
| Genre | : Business & Economics |
| ISBN | : |
Shareholder value can no longer be seen as the latest craze in the corporate classroom. It's grown up. It's redefining the syllabus by which we learn to profit or perish. It has moved into the mainstream of global corporate life where would-be winners can no longer afford to ignore it.Drawing on the experience of PricewaterhouseCoopers' worldwide network of companies and clients, this new edition of a best-selling title will provide you with the key to unlocking the secrets to real wealth creation. The impact of the information revolution, the integration of capital markets, and the increased ability of investors to compare and contrast corporate performance has put shareholder value high on the corporate agenda. These days, investors injecting money into your company are looking for a financial return as good as, if not better than, if they had invested in any other. Today's businesses need to maximize value for their shareholders or watch their share price plummet as investors vote with their feet and transfer their money and their trust into competitors' hands.Benefits In Search of Shareholder Value explains the concept of shareholder value and shows how it can help companies and their managers make better, more informed, and proactive decisions. It looks at the philosophy of value creation and at the global financial environment in which value-based management can thrive, and it transforms the insights of market analysts into management tools that can be used throughout the company to add genuine improvements to performance. The book covers every aspect of learning how to deliver value to your investors, including: introducing the basic concepts of shareholder value analyzing the theory and history behind shareholder value establishing the true cost of your capital the market's preference for judging performance on cash flow rather than profit and loss how shareholder value is being applied within emerging economies. principels of value-based management
