Reformulating the valuation function based on accounting information: A case study of companies listed in Tehran Stock Exchange

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AMRI ASRAMI MOHAMMAD; AGHAEI MOHAMMAD ALI

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Journal: The Financial Accounting and Auditing Researches Year:2020 | Volume:11 | Issue:44 Page(s): 123-153

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Title

Reformulating the valuation function based on accounting information: A case study of companies listed in Tehran Stock Exchange

Author(s)

AMRI ASRAMI MOHAMMAD | AGHAEI MOHAMMAD ALI | Issue Writer Certificate

Keywords

Accounting Information DynamicsQ1

Residual IncomeQ2

Equity ValuationQ2

Accounting ConservatismQ2

Accounting EarningsQ1

Abstract

Accounting researches have been studied the dependence of valuation coefficients on the cost of capital, conservative accounting policies, inflation, and financial leverage without taking into account the impact of accounting information in previous years. In this study, considering the concept of clean surplus and dirty surplus items, the dependence of the valuation coefficients is assumed as a continuous stochastic process over time, which is called standard Brownian dynamics. For this purpose, by using two criteria for measuring Accounting Conservatism-the ratio of market to book value and C-score-172 companies as sample during 2009-2016 were classified in ten deciles. Based on the results, changes in the coefficients of the valuation models show the effect of lagged accounting information on the current valuation. The market to book value ratio, also, improves the coefficients of the models. The findings show that the ratio is more efficient than C-score, as C-Score acted poorly to measure the linear information dynamics in valuation function.

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APA: Copy

AMRI ASRAMI, MOHAMMAD, & AGHAEI, MOHAMMAD ALI. (2020). Reformulating the valuation function based on accounting information: A case study of companies listed in Tehran Stock Exchange. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, 11(44 ), 123-153. SID. https://sid.ir/paper/198204/en

Vancouver: Copy

AMRI ASRAMI MOHAMMAD, AGHAEI MOHAMMAD ALI. Reformulating the valuation function based on accounting information: A case study of companies listed in Tehran Stock Exchange. THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES[Internet]. 2020;11(44 ):123-153. Available from: https://sid.ir/paper/198204/en

IEEE: Copy

MOHAMMAD AMRI ASRAMI, and MOHAMMAD ALI AGHAEI, “Reformulating the valuation function based on accounting information: A case study of companies listed in Tehran Stock Exchange,” THE FINANCIAL ACCOUNTING AND AUDITING RESEARCHES, vol. 11, no. 44 , pp. 123–153, 2020, [Online]. Available: https://sid.ir/paper/198204/en

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