Advances in Quantitative Analysis of Finance and Accounting, by Cheng-Few Lee

By Cheng-Few Lee

"Advances in Quantitative research of Finance and Accounting" is an annual ebook to disseminate advancements within the quantitative research of finance and accounting. The booklet is a discussion board for statistical and quantitative analyses of concerns in finance and accounting in addition to purposes of quantitative the way to difficulties in monetary administration, monetary accounting, and enterprise administration. the target is to advertise interplay among educational study in finance and accounting and utilized examine within the monetary neighborhood and the accounting occupation. The papers during this quantity hide quite a lot of issues together with profits administration, administration repayment, alternative idea and alertness, debt administration and rate of interest concept, and portfolio diversification.

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22 A. William Richardson, Raafat R. Roubi & Hemantha S. B. Herath Table 10. 00. 89) 25 131 Model Model adjusted R2(%) F-value Notes: Model 1: W-lt = a\ + (i\ Bjt + y\ X,-r + elt. 00 level except as indicated in brackets. better for the positive profitability sub-samples than for the negative profitability sub-samples. The coefficients (a) and (/3) are all positive and significant, and in general terms, show, the expected variation with changing profitability. The earnings coefficient (y) varies with profitability.

There is obviously much scope for further research. Zhang's (2000) model has been developed using firm profitability as a proxy for firm efficiency and leads naturally to stratification of samples for empirical analysis. The use of accounting profitability for stratification has shown that this is an important consideration. However, other bases for sample stratification might be more useful and merit theoretical consideration. From our study, it is also clear that further theoretical study of the impact of the bias of accounting measures on firm valuation models would be useful.

The results in Table 7 show the adjusted R2 values of 30% for low efficiency, 45% for steady state, and 38% for growth Table 7. Estimated regression coefficients (f-statistics are listed below the coefficients) for Models 2-4. 24 Notes Model 2: Vit =a2 + faBit + YiXit + S2(X2t/Bit) + sit. Model 3: Vit = a3 + y3X,-r + eit. Model4: Vit = a4 + y4Xit + e4(Xit/Bit) + X4(Xit/Bit)2 + sit. 25 Real Option Based Equity Valuation Models 17 firms. A comparison of data in Tables 6 and 7 shows that R2 is the same for low efficiency firms, and lower for the other two sub-samples.

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