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Orientador(es)
Resumo(s)
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.
Descrição
Palavras-chave
Equity valuation Firm valuation Valuation models Intangible assets Intangibles Residual Income Valuation Model (RIVM) Price to earnings multiple P/E Valuation errors Low proportion of intangibles High proportion of intangibles PINTAN Usefulness of accounting numbers Usefulness of accounting information