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Estimating The Economic Rate Of Return From Accounting Data Rle Accounting
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Book Synopsis Estimating the Economic Rate of Return From Accounting Data (RLE Accounting) by : Richard Brief
Download or read book Estimating the Economic Rate of Return From Accounting Data (RLE Accounting) written by Richard Brief and published by Routledge. This book was released on 2013-11-26 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published between 1965 and 1985 the papers in this collection address the problem of using accounting data to estimate the economic rate of return. The search for a solution to this problem has been an important episode in the history of accounting thought. The papers reprinted in this volume are the foundation of this intellectual effort. Ten articles and six notes and comments are reprinted here. Seven of the papers were published in UK journals and the rest in US publications. Bringing them together in one book will facilitate research on this important subject.
Book Synopsis Estimating a Firm's Economic Rate of Return from Accounting Data by : Richard P. Brief
Download or read book Estimating a Firm's Economic Rate of Return from Accounting Data written by Richard P. Brief and published by . This book was released on 1978 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Continuing Debate Over Depreciation, Capital and Income (RLE Accounting) by : Richard P. Brief
Download or read book The Continuing Debate Over Depreciation, Capital and Income (RLE Accounting) written by Richard P. Brief and published by Routledge. This book was released on 2014-02-05 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning with first principles, then discussing the origin and evolution of the debate over depreciation, capital and income, several related topics are addressed in this volume originally published in 1993. These include the allocation problem, interest rate approximations, issues concerning financial reporting and analysis and the meaning and economic impact of ‘accounting error’. The underlying themes concern the importance of history and the need for an appreciation of basic concepts and relationships in accounting
Book Synopsis Cash Flow Reporting (RLE Accounting) by : Thomas A. Lee
Download or read book Cash Flow Reporting (RLE Accounting) written by Thomas A. Lee and published by Routledge. This book was released on 2014-02-05 with total page 579 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection explores Kuhn’s 1970 perception of a scientific revolution in the form of a cyclical sequence of anomaly recognition; insecurity, alternative ideas, schools of thought and dominating practices. Cash flow reporting has become a dominant accounting practice which emerged from a developmental process of Kuhnian form. The text is constructed around the various stages identified by Kuhn and selected readings are categorised accordingly.
Book Synopsis Estimating the Economic Rate of Return From Accounting Data (RLE Accounting) by : Richard P. Brief
Download or read book Estimating the Economic Rate of Return From Accounting Data (RLE Accounting) written by Richard P. Brief and published by Routledge. This book was released on 2013-11-26 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published between 1965 and 1985 the papers in this collection address the problem of using accounting data to estimate the economic rate of return. The search for a solution to this problem has been an important episode in the history of accounting thought. The papers reprinted in this volume are the foundation of this intellectual effort. Ten articles and six notes and comments are reprinted here. Seven of the papers were published in UK journals and the rest in US publications. Bringing them together in one book will facilitate research on this important subject.
Book Synopsis Estimating the Economic Rate of Return from Accounting Data by : Richard P. Brief
Download or read book Estimating the Economic Rate of Return from Accounting Data written by Richard P. Brief and published by Facsimiles-Garl. This book was released on 1965 with total page 201 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting Returns Revisited by : Morris G. Danielson
Download or read book Accounting Returns Revisited written by Morris G. Danielson and published by . This book was released on 2014 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shareholders, managers, and researchers rely on estimates of a firm's past investment returns when evaluating its performance, and estimating its value. In this paper, we revisit the question of whether accounting rates of return (ARR)-computed from financial statement data-are appropriate surrogates for a firm's realized internal rate of return (IRR). Although some authors argue accounting numbers are useless for this purpose, many managers and researchers employ accounting returns as a measure of firm profitability. We derive a model showing that a firm's ARR and historical growth rate define the range in which its IRR on past investments is likely to fall. Using panel data, we find ARR is close to IRR for a large number of firms. In addition, we identify conditions under which a firm's ARR is likely to be a misleading proxy for IRR. Given the theoretical relation we derive between ARR and IRR and the empirical linkage we observe, previous research results demonstrating the value relevance of accounting information are predictable.
Book Synopsis The Use of the Accounting Rate of Return as an Estimate of the Internal Rate in Financial and Economic Analyses by : Robert Wood Williamson
Download or read book The Use of the Accounting Rate of Return as an Estimate of the Internal Rate in Financial and Economic Analyses written by Robert Wood Williamson and published by . This book was released on 1971 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating Market Power with Economic Profits by : Kevin Kreitzman
Download or read book Estimating Market Power with Economic Profits written by Kevin Kreitzman and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A firm's market power is embodied in its cash flows. Economic profits, the excess return on investment over the cost of capital, can be measured using the discounted cash flow approach for firm valuation developed by Miller and Modigliani. The information required to provide a dynamic estimate of economic profits related to the operations of a firm in a given market is contained in its transaction records. When a firm's transaction records are unavailable, they can be derived, in part, by adjusting and recategorizing the publicly available information contained in its financial accounting records. Although accounting measures differ fundamentally from economic profits, the published accounting statements also contain transaction information since they are a consolidated summary of a firm's transaction records. The degree of a firm's market power can be measured by its economic profits and economic rate of return. Adjustments to the firm's economic profits may be required to remove sources of profit not associated with the exercise of market power, e.g., exogenous increases in the market value of its assets.
Book Synopsis Economic and Accounting Rates of Return by : Dirk Willem Feenstra
Download or read book Economic and Accounting Rates of Return written by Dirk Willem Feenstra and published by . This book was released on 2000 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic and Accounting Rates of Return by : M. Tippett
Download or read book Economic and Accounting Rates of Return written by M. Tippett and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting and Economic Rates of Return by : Rodrigo M. Zeidan
Download or read book Accounting and Economic Rates of Return written by Rodrigo M. Zeidan and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Continuing Debate Over Depreciation, Capital and Income (RLE Accounting) by : Richard P. Brief
Download or read book The Continuing Debate Over Depreciation, Capital and Income (RLE Accounting) written by Richard P. Brief and published by Routledge. This book was released on 2014-02-05 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning with first principles, then discussing the origin and evolution of the debate over depreciation, capital and income, several related topics are addressed in this volume originally published in 1993. These include the allocation problem, interest rate approximations, issues concerning financial reporting and analysis and the meaning and economic impact of ‘accounting error’. The underlying themes concern the importance of history and the need for an appreciation of basic concepts and relationships in accounting
Book Synopsis Corporate Valuation by : Benedicto Kulwizira Lukanima
Download or read book Corporate Valuation written by Benedicto Kulwizira Lukanima and published by Springer Nature. This book was released on 2023-08-04 with total page 717 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides students with basic knowledge and advance skills for addressing practical challenges in valuation. First, the book presents financial information as a vital ingredient for performing corporate valuation. Second, the book presents key concepts of value and valuation and basic techniques for cash flow discounting. Third, the book offers an understanding of the reality of valuation, not simply as a numerical subject, as most people tend to think, but as a combination of objective and subjective aspects. Finally, it examines valuation in relation to the linkage between a firm’s objective, management role in value creation, investors’ decisions, and the valuation role of financial information. This book is designed and presented to make valuation easily accessible while also not diluting the nature of its complexity. To assist in the learning experience, the author provides illustrative case studies using real world data and review questions to cover all concepts. To assist professors, slides, Microsoft Excel illustrations, working data and sample syllabi are available online for download.
Book Synopsis Review of Recent Research on Improving Earnings Forecasts and Evaluating Accounting-Based Estimates of the Expected Rate of Return on Equity Capital by : Peter D. Easton
Download or read book Review of Recent Research on Improving Earnings Forecasts and Evaluating Accounting-Based Estimates of the Expected Rate of Return on Equity Capital written by Peter D. Easton and published by . This book was released on 2015 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We extend Easton's (2007) review of the literature on accounting-based estimates of the expected rate of return on equity capital, which we refer to as the ERR. We begin by reiterating the reasons why accounting-based estimates are used. Next, we briefly review the recent literature that focuses on improving forecasts of expected earnings by either: (1) removing predictable errors from analysts' forecasts of earnings or (2) developing cross-sectional regression-based estimates of earnings using prior-period financial data. In the remainder of our review we discuss a recent debate on methods for evaluating estimates of the ERR. We highlight the key points in the debate so that the reader will find it easier to form an independent view of the relative merits of the proposed methods.
Book Synopsis The Usefulness of Accounting Estimates for Predicting Cash Flows and Earnings by : Siyi Li
Download or read book The Usefulness of Accounting Estimates for Predicting Cash Flows and Earnings written by Siyi Li and published by . This book was released on 2009 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Estimates and projections are embedded in most financial statement items. These estimates potentially improve the relevance of financial information by providing managers the means to convey to investors forward-looking, inside information (e.g., on future collections from customers via the bad debt provision). On the other hand, the quality of financial information is compromised by: (i) the increasing difficulty of making reliable forecasts in a fast-changing, often turbulent economy, and (ii) the frequent managerial misuse of estimates to manipulate financial data. Given the ever-increasing prevalence of estimates in accounting data, whether these opposing forces result in an improvement in the quality of financial information or not is among the most fundamental issues in accounting. We examine in this study the contribution of accounting estimates embedded in accruals to the quality of financial information, as reflected by their usefulness in the prediction of enterprise cash flows and earnings. Our extensive out-of-sample tests, reflecting both the statistical and economic significance of estimates, indicate that accounting estimates beyond those in working capital items do not improve the prediction of cash flows. Estimates do, however, improve the prediction of next year's earnings, though not of subsequent years' earnings. Our economic significance tests corroborate that accounting estimates do not improve cash flow or earnings prediction. We conclude that the usefulness of accounting estimates to investors is limited, and provide suggestions for improving their usefulness.
Book Synopsis Earnings Functions, Rates of Return, and Treatment Effects by : James J. Heckman
Download or read book Earnings Functions, Rates of Return, and Treatment Effects written by James J. Heckman and published by . This book was released on 2005 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the interpretation of "Mincer rates of return." We test and reject the Mincer model. It fails to track the time series of true returns. We show how repeated cross section and panel data improves the ability of analysts to estimate the ex ante and ex post marginal rate of returns. Accounting for sequential revelation of information calls into question the validity of the internal rate of return as a tool for policy analysis. The large estimated psychic costs of schooling found in recent work helps to explain why persons do not attend school even though the financial rewards for doing so are high. We present methods for computing distributions of ex post and ex ante returns.
