ASIA unversity:Item 310904400/111958
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    ASIA unversity > 管理學院 > 會計與資訊學系 > 期刊論文 >  Item 310904400/111958


    题名: The Effect of Accounting Conservatism on EquityValuation: Evidence from Corporate Life Cycle (EconLit)
    作者: Yi-Mien Lin;Chia-Hua Chang;Yuh-Jiuan Parng
    贡献者: 會計與資訊學系
    日期: 2018-12
    上传时间: 2019-09-02 16:06:30 (UTC+8)
    摘要: This study examines the effects of accounting conservatism on equity mispricing. We adopt Basu’s and Khan and Watt’s C_Score models to measure accounting conservatism and use EBO and RKRV valuation models to calculate a stock’s intrinsic value. Additionally, we consider the effects of the corporate life cycle on the above relationship. The findings show that investors would make more positive valuations if a company has a high accounting conservatism in the previous period. Second, accounting conservatism has a deferred and positive effect on equity valuation. Third, the equity value of a company at the growth stage tends to be overvalued, while that of a company in maturity stage is likely to be undervalued. Finally, accounting quality impacts equity valuations, i.e. the better, then the less undervalued it is. Overall, we provide the evidences that accounting conservatism does matter to equity valuation, especially with the change of corporate life cycle.
    關聯: Journal of Applied Finance & Banking
    显示于类别:[會計與資訊學系] 期刊論文


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