Discussion of EVA versus Earnings: Does It Matter Which Is More Highly Correlated with Stock Returns?
Опубликовано на портале: 21-06-2006
Journal of Accounting Research.
2000.
Vol. 38.
P. 247-254.
Тематический раздел:
A distinctive feature of the paper is its use of both theoretical and empirical approaches
to understanding EVA. The authors first analyze a principal-agent model using certaine
parametric assumptions. They model EVA and accounting earnings as two distinct, noisy
perfomance measures of the same uderlying construct, with both measures providing
information to the principal about the agent's action choices. They subsequently
derive a theoretical expression for the percentage value-added contributed by using
EVA as a measure for evaluating managerial perfomance. A key finding is that this
expression can be restated as a function of the observed correlations of each of
the metrics with stock price. In the second part of the paper, the authors estimate
this value for their sample of firms using time-series data, and then correlate the
estimates cross-sectionally with the decision to adopt EVA by these firms. In support
of the theoretical results, the authors find a positive association, after controlling
for other factors such as size, leverage, and growth oppportunities.
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