Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.14/17291
Título: Equity valuation using accounting numbers high vs. low proportion of intangibles in firms
Autor: Sarmento, Gonçalo Leitão Fernandes de Morais
Orientador: Cerqueiro, Geraldo
Palavras-chave: Equity Valuation
Firm Valuation
Valuation Models
Intangible Assets
Residual Income Valuation Model (RIVM)
Price to Earnings Multiple
Valuation Errors
Low Proportion of Intangibles
High Proportion of Intangibles
Usefulness of Accounting Numbers
Usefulness of Accounting Information
Data de Defesa: 24-Fev-2015
Resumo: The shift to a new economy places on intangible assets an indispensable instrument to preserve the competitive positions of firms and their value creation process. Due to their nature being difficult to define, the wealth created by intangible assets may not be fully captured by the current accounting standards which are based on limited recognition criteria. This paper sheds light on the importance of accounting information for valuation and offers a study of how equity valuation models perform in measuring the value of firms with high and low proportions of intangibles. To this end, a comprehensive review of literature relevant to the matter of equity valuation using accounting numbers is offered followed by the results of the analyses performed to a large and a small samples of US and UK publicly traded firms. It is found that the separation of the samples into firms with high and low proportions of intangibles produces in some cases evident differences whilst in others there are no conclusive disparities. The RIVM is proven to provide superior valuation performance when compared to the P/E multiple and some tendencies in varying approaches to firm valuation by analysts, according to the extent of intangible asset proportion, are observed yet not confirmed.
URI: http://hdl.handle.net/10400.14/17291
Aparece nas colecções:FCEE - Dissertações de Mestrado / Master Dissertations
R - Dissertações de Mestrado / Master Dissertations

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