Advanced Topics in Accounting: Equity Valuation using by Konrad Leithäuser

By Konrad Leithäuser

Master's Thesis from the 12 months 2010 within the topic enterprise economics - Accounting and Taxes, grade: 80,0, Lancaster college (Lancaster collage administration School), direction: MSc of Accounting & monetary administration, language: English, summary: the purpose of this grasp thesis is to appreciate if a firm’s dependency at the over-all company cycle affects the functionality of accounting-based valuation mod-els. I evaluated inventory- and flow-based valuation types and their functionality throughout cyclical and acyclical industries and located that multi-period flow-based versions practice good for cyclical organisations, whereas acyclical organisations are extra adequately valued through marketplace multiples (P/E-multiple). In extension of the empirical findings, an research of valuation types utilized in analyst studies issues out that practitioners don't inevitably hire the theoretically more advantageous valuation strategy to generate their aim costs - whereas essentially used and empirically stronger valuation types are constant in acyclical industries, they considerably vary in cyclical industries. additionally, the research during this grasp thesis highlights that analysts exhibit the tendency to undertake various valuation types depending on the particular cycle phase.

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