на главную поиск contacts

Economic Value Added (EVA) as a Proxy for Market Value Added (MVA) and Accounting Earnings: Empirical Evidence from the Business Cycle

Опубликовано на портале: 21-06-2006
Journal of Accounting & Finance Research. 2004.  Vol. 12. No. 1. P. 40-48. 
Further understanding of the 'significance of EVA' issue, i.e., 1) whether stock prices follow EVA better than a traditional accounting measure such as earning per share (EPS), 2) how correlation between EVA and MVA are affected by two different economic periods, and 3) whether there is effectiveness of EVA at the industry level. We find no evidence that increase in the change in EVA is attributable to increases in the market-adjusted returns (MAR) regardless of the stage of the business cycle. However, strong positive correlation between EVA and MVA from both parametric and nonparametric tests are more evident during the contraction period. Finally, we also find that the market response to accounting earning, not EVA, is more prone to volatile swings in the manufacturing sector than non-manufacturing industries.
Ключевые слова

См. также:
Michael L. Costigan, Linda M. Lovata
Robert Johnson, Luc Soenen
European Management Journal. 2003.  Vol. 21. No. 3. P. 364-369 . 
Rainer Strack, Ulrich Villis
European Management Journal. 2002.  Vol. 20. No. 2.
Charles L. Baum, Lee Sarver, Thomas H. Strickland
American Business Review. 2004.  Vol. 22. No. 2. P. 82-87. 
Seppo Ikäheimo, Teemu Malmi
Management Accounting Research. 2003.  Vol. 14. No. 3. P. 235-254 . 
Don Chew
Journal of Applied Corporate Finance. 1995.  Vol. 8. No. 2.
Bartolomé Deyá Tortella, Sandro Brusco
Advances in Accounting. 2003.  Vol. 20. P. 265-290 .