政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/36622

政大典藏 > College of Commerce > Department of Accounting > Theses > Item 140.119/36622

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/36622

Title:	股東權利基礎評價之實證研究
Authors:	林江亮
Contributors:	郭弘卿林江亮
Keywords:	股東權利基礎評價會計基礎評價未來盈餘價值投票權價值情境式分析法 shareholders’rights-based valuation accounting-based valuation the value-relevance of future earnings voting right premium contextual analysis
Date:	2000
Issue Date:	2009-09-18 19:01:22 (UTC+8)
Abstract:	企業股東基於法律與契約對於所投資之公司，通常享有股利分配權、新股優先認購權、剩餘財產分配權、股東投票權等基本權利，本文以股東權利基礎來重新詮釋Ohlson模式與Easton模式。基於股東權利基礎，Ohlson模式（價格模式）可重新表示為盈餘、帳面價值、投票權價值之線性模式；Easton模式（報酬模式）可重新表示為盈餘水準、盈餘變動、投票權價值變動之線性模式。本文依上述理論基礎發展相關之研究假說，為彌補單用當期盈餘資訊之不足本文於實證模式中將再加入未來盈餘變數，並以臺灣市場之資料來驗證各項假說。首先，本文實證價格模式與報酬模式之各項變數，對於股價及報酬是否具有解釋力。其次，本文實證當經濟環境不同時，上述實證結果是否會受到影響。價格模式之實證結果指出：（1）各項價格變數對於股價皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，當期盈餘對於股價的解釋力會降低。（3）當產業前景較差時，當期盈餘、帳面價值等會計資訊較不被注意，故比較不會反應在股價；管理者可由公司獲取的私有利益也會較少，故投票權價值與股價之關聯也會較低。（4）當產業生命週期較短時，當期盈餘資訊較被注意，此與其較易取得與計算有關。（5）當總體經濟情況不同時，各項變數對股價的解釋力並無顯著差異，此現象可能與研究期間內總體經濟情況好壞的差異並不明顯所致。（6）當通貨膨脹率較高時，公司所傳達之會計資訊會有高估的現象，故當期盈餘與股價之關聯會較低。報酬模式之實證結果指出：（1）各項報酬變數對於報酬皆具有顯著的正向解釋力。（2）當公司盈餘為負數或者盈餘持續性低時，盈餘水準對於報酬的解釋力會降低，盈餘變動對於報酬的解釋力則會提高。（3）當產業前景較差時，由於盈餘水準、未來盈餘價值指標等會計資訊較不被注意，故比較不會反應在股價報酬；管理者可獲取的私有利益也會減少，故其與股價之關聯會降低。（4）當產業生命週期不同時，各項變數對報酬的解釋力並無顯著差異。（5）當總體經濟情況較差時，盈餘變動的資訊性顯著較低，此現象應與總體經濟情況較差時盈餘通常為負數所致，投票權價值指標也有相同的現象。（6）當通貨膨脹率不同時，各項變數對報酬的解釋力並無顯著差異，此現象可能與研究期間內通貨膨脹率高低的差異並不明顯所致。綜上所述，股東權利基礎評價模式之各項變數確實能解釋股價或報酬，而且在不同的經濟情境下，上述變數對股價或報酬之解釋力確實會有不同，因此未來從事股權價值或股價報酬評估時，研究者應再進行相關的情境分析。目錄第一章緒論 1 第一節研究背景與動機 1 第二節研究目的與方法 5 第三節論文貢獻 7 第四節論文架構 9 第二章文獻探討 10 第一節股利分配權價值之相關文獻 12 第二節剩餘財產分配權價值之相關文獻 14 第三節新股優先認購權價值之相關文獻 19 第四節股東投票權價值之相關文獻 26 第五節情境式分析研究法之相關文獻 31 第三章研究方法 33 第一節股東權利基礎評價模式之建構 34 第二節研究假說與實證模式 38 第三節變數定義 47 第四節樣本與資料選取 55 第四章實證結果分析 59 第一節價格模式之實證結果 60 第二節報酬模式之實證結果 63 第三節價格模式之情境分析結果 66 第四節報酬模式之情境分析結果 80 第五章結論與建議 94 第一節研究結論 95 第二節研究建議 101 第三節研究限制 102 參考文獻 103 When investors buy stock, they acquire all common and specific rights granted by the laws and contracts. Shareholders usually have the right to receive dividends, the preemptive right, the right to claim the residuals assets, and the right to vote at shareholders’ meetings. The paper uses the base of shareholders’ rights to re-explain the empirical meanings of Ohlson model and Easton model. According to the base of shareholders’ rights, Ohlson model（price model）can be rewritten as the linear model of earnings, book valve, and voting right premium. In the same way, Easton model（return model）can be rewritten as the linear model of earnings level, earnings change, and voting right premium change. According to the theory base above, this paper develops related research hypotheses. Not only current earnings but also future earnings are included in empirical models, and I use Taiwanese data to test the hypotheses. First, the paper tests whether each variable in price model or return model can explain stock price or return. Second, the paper investigates whether the results mentioned above will be affected by different contexts. The empirical evidence of the price model can be summarized as follows. First, each price variable has significantly positive explanatory power with respect to stock price. Second, when earnings is negative or earnings persistence is low, the value-relevance of current earnings will decrease. Third, when industry prospect becomes worse, market pays little attention to current earnings and book value and manager gets less private benefits, thus the association between current earnings, book value, voting right premium and stock price is low. Fourth, when industry life cycle is shorter, more attention is paid to current earnings, which is related to availability of data. Fifth, when macroeconomic circumstance is different, the explanatory power of each variable is not significantly different, this phenomenon may be due to little significant difference among macroeconomic circumstance during research periods. Sixth, when inflation rate is high, accounting information signaled by firm is overstated, which reduces the association between current earnings and stock price. The empirical evidence of the return model can be summarized as follows. First, each return variable has significantly positive explanatory power with respect to stock return. Second, when earnings is negative or earnings persistence is low, the value-relevance of earnings level will decrease, while the value-relevance of earnings change will increase. Third, when industry prospect is not good, market pays little attention to earnings level and future earnings indicator and manager gets less private benefits, thus the association between earnings level, future earnings indicator, voting right premium indicator and stock return is low. Fourth, when industry life cycle is not the same, the explanatory power of each variable is not significantly different. Fifth, when macroeconomic circumstance becomes worse, the informativeness of earnings change is significantly low, this phenomenon may be due to positive correlation between macroeconomic circumstance and earnings. Voting right premium indicator also has the same phenomenon. Sixth, when inflation rate is different, the explanatory power of each variable is not significantly different, this phenomenon is likely due to little significant difference among inflation rate during research periods. In summary, the variables in shareholders’ rights-based valuation models can explain stock price or stock return. In the different contexts, the explanatory power of variables mentioned above with respected to stock price or stock return is significantly different. The results imply the importance of contextual analysis when researchers are engaged in the valuation of stock price or stock return.
Reference:	參考文獻一、中文部分李華玉，1992，臺灣股票價格資訊內容之研究，國立臺灣大學會計研究所碩士論文。余尚武，1986，臺灣證券市場股票上市公司盈餘宣告所含資訊內容之研究，國立臺灣大學商學研究所碩士論文。林嬋娟、蔡彥卿、李文智與陳建中，1993，簡介增額資訊內涵，會計研究月刊第89期：第123-127頁。金成隆，1996，資訊特性與揭露頻率資訊內涵之研究：以盈餘與銷貨為分析基礎，國立政治大學會計研究所博士論文。邱美惠，1991，委託書收購對股東財富及經理人職位安全之影響，國立中央大學財務管理研究所碩士論文。胡志宏，1995，會計資訊之應用：以董監事戰爭改選為例，私立東海大學企業管理研究所碩士論文。柳漢宗，1989，董監事改選與股東財富：臺灣地區上市公司之實證研究，國立臺灣大學經濟研究所碩士論文。徐浩峰，1997，國內上市公司盈餘資訊內涵分析：Ball and Brown 模式，私立東吳大學會計研究所碩士論文。陳世章，1998，基本分析與股價報酬之研究，國立臺灣大學會計研究所碩士論文。黃一祥，1999，股東投票權：股價溢酬、交易量與委託書之研究，國立中央大學財務管理研究所博士論文。張雅琪，1999，基本分析與未來盈餘、股價報酬之關聯性探討，私立輔仁大學管理研究所碩士論文。張鴻基，1983，臺灣地區股票上市公司每季盈餘時間數列特性及資訊內容研究，國立臺灣大學商學研究所碩士論文。劉博玄，1998，基本分析與盈餘預測之關聯性，國立臺灣大學會計研究所碩士論文。劉賢修，1994，應計項目操縱對盈餘反應係數之實證研究，國立臺灣大學會計研究所碩士論文。蔡承奮，1995，盈餘與股價報酬關係再檢定，國立政治大學會計研究所碩士論文。賴麗紫，1990，董監事改選抗爭與股東財富關係之研究，國立臺灣大學經濟研究所碩士論文。鍾漢澤，1996，基本分析指標、益本比對股票報酬率之研究：相似無關迴歸法之應用，國立臺灣大學財務金融研究所碩士論文。二、英文部分 Abarbanell, J., and V. Bernard. 1992. Tests of analysts’ overraction/underreaction to earnings information as an explanation for anomalous stock price behavior. Journal of Finance 47(3): 1181-1207. , and B. Bushee. 1997. Fundamental analysis, future earnings, and stock prices. Journal of Accounting Research 35(1): 1-24. , and B. Bushee. 1998. Abcdrmal returns to a fundamental analysis strategy. The Accounting Review 73(1): 19-45. Alchian, A., and H. Demsetz. 1972. Production, information costs, and economic organization. American Economic Review 62: 777-795. Ali, A., A. Klein, and J. Rosenfeld. 1992. Analysts’ use of information about permanent and transitory earnings components in forecasting annual EPS. The Accounting Review 67(1): 183-198. American Institude of Certified Public Accountants(AICPA). 1994. Improving business reporting: A customer forcus. New York: AICPA, Inc. Amir, E., and B. Lev. 1996. Value-relevance of nonfinancial information: The wireless communications industrial. Journal of Accounting Economics 22(1-3): 3-30. Ball, R., and E. Bartov. 1996. How naïve is the stock market’s use of earnings information? Journal of Accounting and Economics 21(3): 319-337. , and P. Brown. 1968. An empirical evaluation of accounting income numbers. Journal of Accounting Research 6(2): 159-178. Barclay, M., and C. Holderness. 1989. Private benefits from control of public corporations. Journal of Financial Economics 25(2): 371-395. Barth, M. , W. Beaver, and W. Landsman. 1998. Relative valuation roles of equity book value and net income as a function of financial health. Journal of Accounting and Economics 25(1): 1-34. , and G. Clinch. 1998. Revalued financial, tangible, and intangible assets: Associations with share prices and non market-based value estimates. Journal of Accounting Research 36(Supplement): 199-233. , and S. Kallapur. 1996. The effects of cross-sectional scale differences on regression results in empirical accounting research. Contemporary Accounting Research 13(2): 527-567. Bauman, M. 1996. A review of fundamental analysis research in accounting. Journal of Accounting Literature 15: 1-33. Beaver, W. 1970. The time-series properties of accounting income numbers. Journal of Accounting Research 8(Supplement): 62-99. . 1981. Market efficiency. The Accounting Review 56(1): 23-37. . 1998. Financial reporting: An accounting revolution. Englewood Cliffs, NJ: Prentice-Hall, Inc. , R. Clarke, and W. Wright. 1979. The association between unsystematic security returns and the magnitude of the earnings forecast errors. Journal of Accounting Research 17(2): 316-340. , R. Lambert, and D. Morse. 1980. The information content of security prices. Journal of Accounting and Economics 2(1): 3-28. , R. Lambert, and S. Ryan. 1987. The information content of security prices: A second look. Journal of Accounting and Economics 9(2): 139-157. , and D. Morse. 1978. What determines price-earnings ratios? Financial Analysts Journal 34(July/August): 65-76. Berger, P., E. Ofek, and I. Swary. 1996. Investor valuation of the abandonment option. Journal of Financial Economics 42(2): 257-287. Berle, A. 1962. Modern functions of the corporate system. Columbia Law Review 63: 433-449. , and G. Means. 1932. The modern corporation and private property. MacMillan, New York, NY. Bernard, V. 1989. Capital markets research in accounting during the 1980`s: A critical review. The state of accounting research as we enter the 1990`s: Illinois Ph.D. Jubilee 1939-1989, edited by T. J. Frecka. Urbana-Champaign, IL: University of Illinois. . 1994. Accounting-based valuation methods, determinants of market-to-book ratios, and implications for financial statements analysis. Working paper, University of Michigan, Ann Arbor. . 1995. The Feltham-Ohlson framework: Implications for empiricists. Contemporary Accounting Research 11(2): 733-747. , and J. Thomas. 1989. Post-earnings-announcement drift: Delayed prices response or risk premium? Journal of Accounting Research 27(Supplement): 1-48. , and J. Thomas. 1990. Evidence that stock prices do not fully reflect the implications of current earnings for future earnings. Journal of Accounting Economics 13(4): 305-340. Black, B. 1990. Shareholder passivity reexamined. Michigan Law Review 89: 520-608. Blinder, A., and L. Maccini. 1991. Taking stock: A critical assessment of recent research on inventories. Journal of Economic Perspectives (Winter): 73-96. Brown, L. 1993. Earnings forecasting research: Its implications for capital markets research. International Journal of Forecasting 9(3): 295-344. Brudney, V. 1985. Corporate governance, agency costs, and the Rhetoric of contract. Columbia Law Review 85(7): 1403-1444. Burgstahler, D., and I. Dichev. 1997. Earnings, adaptation and equity value. The Accounting Review 72 (2): 187-215. Cho, J. Y., and K. Jung. 1991. Earnings response coefficients: A synthesis of theory and empirical evidence. Journal of Accounting Literature 10: 85-116. Christie, A. 1987. On cross-sectional analysis in accounting research. Journal of Accounting and Economics 9(3): 231-258. Coase, R. 1937. The nature of the firm. Economica 4: 386-405. Collins, D., and S. Kothari. 1989. An analysis of the intertemporal and cross-sectional determinants of earnings response coefficients. Journal of Accounting and Economics 11(2-3): 143-181. , E. Maydew, and I. Weiss. 1997. Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting and Economics 24(1): 39-67. , M. Pincus, and H. Xie. 1999. Equity valuation and negative earnings: The role of book value of equity. The Accounting Review 74(1): 29-61. DeAngelo, L. 1988. Managerial competition, information costs, and corporate governance: The use of accounting performance measures in proxy contests. Journal of Accounting and Economics 10(1): 3-36. . 1990. Equity valuation and corporate control. The Accounting Review 65(1): 93-112. DeAngelo, H., and L. DeAngelo. 1985. Manegerial ownership of voting rights: A study of public corporations with dual classes of common stock. Journal of Financial Economics 14(1): 33-69. . 1989. Proxy contests and the governance of publicly held corporations.Journal of Financial Economics 23(1): 29-59. Dechow, P. 1994. Accounting earnings and cash flows as measures of firm performance: The role of accounting accruals. Journal of Accounting and Economics 18(1): 3-42. , A. Hutton, and R. Sloan. 1999. An empirical assessment of the residual income valuation model. Journal of Accounting and Economics 26(1-3): 1-34. DeFond, M., and J. Jiambalvo. 1994. Debt covenant violation and the manipulation of accruals. Journal of Accounting and Economics 17(1-2): 145-176. Dodd, P., and J. Warner. 1983. On corporate governance: A study of proxy contests. Journal of Financial Economics 11(1-4): 401-438. Easterbrook, F., and D. Fischel. 1983. Voting in corporate law. Journal of Law and Economics 26: 395-427. Easton, P. 1998. Discussion: Valuation of permanent, transitory, and price-irrelevant components of reported earnings. Journal of Accounting, Auditing and Finance 13(3): 337-349. , P. Eddey, and T. Harris 1993.An investigation of asset revaluation of tangible long-lived assets. Journal of Accounting Research 31(Supplement): 1-38. , and T. Harris. 1991. Earnings as an explanatory variables for returns. Journal of Accounting Research 29(1): 19-36. , T. Harris and J. Ohlson. 1992. Aggregate accounting earnings can explain most of security returns. Journal of Accounting and Economics 15(2-3): 119-142. , and M. Zmijewski. 1989. Cross-sectional variation in the stock market response to accounting earnings announcements. Journal of Accounting and Economics 11(2-3): 117-141. Edward, E. , and P. Bell. 1961. The theory of and measurement of business income. Berkeley, CA: The University of California Press. Fama, E. 1991. Efficient capital market:II. Journal of Finances 66(5): 1575-1617. , and M. Jensen. 1983a. Separation of ownership and control. Journal of Law and Economics 26(2): 301-325. , and M. Jensen. 1983b. Agency problems and residual claims. Journal of Law and Economics 26(2): 327-349. Fairfield, P. 1994. P/E, P/B and the present value of future dividends. Financial Analysts Journal 50(4): 23-31. , R. Sweeney, and T. Young. 1996. Accounting classification and the predictive content of earnings. The Accounting Review 71(3): 337-355. Feltham, G., and J. Ohlson. 1994. A no arbitrage model of the relation between accounting numbers and market value. Working paper, University of British Columbia. . 1995. Valuation and clean surplus accounting for operating and financial activities. Contemporary Accounting Research 11(2): 689-731. Foerster, S., and D. Porter. 1993. Dual class shares: Are there returns differences. Journal of Business Finance and Accounting 20(6): 893-903. Foster, G., C. Olsen, and T. Shevlin. 1984. Earnings releases, anomalies, and the behavior of security returns. The Accounting Review 59(4): 574-603. Francis, J., P. Olsson, and D. Oswald. 2000. Comparing the accuracy and explainability of dividend, free cash flow, and abcdrmal earnings equity value estimates, Journal of Accounting Research 38(1): 45-70. Frankel, R., and C. Lee. 1998. Accounting valuation, market expectation and cross-sectional stock returns. Journal of Accounting and Economics 25(3): 289-319. Freeman, R., J. Ohlson, and S. Penman. 1982. Book rate-of-return and prediction of earnings changes: An empirical investigation. Journal of Accounting Research 20(2): 639-653. Ghosh, C., E. Owers, and R. Rogers. 1992. Proxy contests: A re-examination of the value of the vote hypothesis. Managerial Finance 18(7-8): 3-18. Gordon, L., and J. Pound. 1993. Information, ownership structure, and shareholder voting: Evidence from shareholder-sponsored corporate governance proposals. Journal of Finance 48(2): 697-718. Greig, A. 1992. Fundamental analysis and subsequent stock returns. Journal of Accounting and Economics 15(2-3): 413-442. Hancock, G. 1992. Battles for control: An overview of proxy contests. Managerial Finance 18(7-8): 59-76. , and M. Mougoue. 1991. The impact of financial factors on proxy contest outcomes. Journal of Business Finance and Accounting 18(4): 541-551. Hayn, C. 1995. The information content of losses. Journal of Accounting Economics 20(2): 125-153. Holthausen, R., and D. Larcker. 1992. The prediction of stock returns using financial statement information. Journal of Accounting and Economics 15(2-3): 373-411. Horner, M., 1988. The Value of the Corporate Voting Right: Evidence from Switzerland. Journal of Banking and Finance 12(1): 69-83. Ikenberry, D., and J. Lakonishok. 1993. Corporate governance through the proxy contest: Evidence and implications. Journal of Business 66(3): 405-435. Jensen, M., and R. Ruback. 1983. The market for corporate control. Journal of Financial Economics 11(1-4): 5-50. , and W. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3(October): 305-360. King, B., 1966. Market and industry factors in stock price behavior. Journal of Business 39(1): 139-190. Kim, M., and J. Ritter. 1994. Earnings, book values and comparable firm multiples in the pricing of initial public offerings. Working Paper, Urbana-Champaign, IL: University of Illinois. Kormendi, R., and R. Lipe. 1987. Earnings innovation, earnings persistence, and stock returns. Journal of Business 60(3): 324-345. Kothari, S., and J. Zimmerman. 1995. Price and return models. Journal of Accounting and Economics 20(2): 155-192. Kunz, R., and J. Angel. 1996. Factors affecting the value of the stock voting right: Evidence from the Swiss equity market. Financial Management 25: 7-20. Landsman, W., and J. Magliolo. Cross-sectional capital market research model specification. The Accounting Review 63(4): 586-604. Lease, R., J. McConnell, and W. Mikkelson. 1983. The market value of control in publicly-traded corporations. Journal of Financial Economics 11(1-4): 439-471. . 1984. The market value of differential voting rights in closely held corporations, Journal of Business 57(4): 443-467. Lee, C. 1999. Accounting-based valuation: Impact on business practices and research. Accounting Horizons 13(4): 413-425. Lev, B. 1989. On the useful of earnings from two decades of empirical research. Journal of Accounting Research 27 (Supplement): 153-192. , and J. Ohlson. 1982. Market-based empirical research in accounting: A review, interpretation, and extension. Journal of Accounting Research 20 (Supplement): 249-322. , and S. Thiagarajan. 1993. Fundamental information analysis. Journal of Accounting Research 31(2): 190-215. Levy, H. 1982. Economic evaluation of voting power of common stock, The Journal of Finance 38(1): 79-93. Lipe, R. 1986. The information contained in the components of earnings. Journal of Accounting Research 24(Supplement): 37-68. Liu, J., and J. Thomas. 2000. Stock returns and accounting earnings. Journal of Accounting Research 38(1): 71-126. Lundholm, R. 1995. A tutorial on the Ohlson and Feltham/Ohlson models: Answers to some frenquently asked questions. Contemporary Accounting Research 11 (2): 749-761. Manne, H. 1962. The higher criticism of the modern corporate. Columbia Law Review 62(3): 399-432. . 1964. Some theoretical aspects of share voting. Columbia Law Review 64: 1427-1455. . 1965. Mergers and the market for corporate control. Journal of Political Economy 73(2): 110-120. Meeker, L., and O. Joy. 1980. Price premiums for controlling shares of closely held bank stock. Journal of Business 53(3): 297-314. Megginson, W. 1990. Restricted voting stock, acquisition premiums, and the market value of corporate control. The Financial Review 25(2): 175-198. Modigliani, F., and M. Miller. 1958. The cost of capital, corporate financial and the theory of investment. The American Economics Review 48(March): 261-291. Miller, M., and F. Modigliani. 1961. Dividend policy, growth, and the valuation of shares. Journal of Buiseness 34(October): 411-433. Mukherjee, T. 1985. Stock price behavior surrounding proxy contests for control: A non- parametric approach. Review of Business and Economics Research 21: 85-103. , and O. Varela. 1993. Corporate operating performance around the proxy contest. Journal of Business Finance and Accounting 20(3): 417-425. Myers, J. 1999. Implementing residual income valuation with linear information dynamics. The Accounting Review 74(1): 1-28. Ohlson, J. 1995. Earnings, book values and dividends in equity valuation. Contemporary Accounting Research 11(2): 661-687. Ou, J. 1990. The information content of nonearnings accounting numbers as earnings predictors. Journal of Accounting Research 28(1): 144-163. , and S. Penman. 1989a. Financial statement analysis and prediction of stock returns. Journal of Accounting and Economics 11(4): 295-329. , and S. Penman. 1989b. Accounting measurement, P/E ratios, and the information content of security prices. Journal of Accounting Research 27(Supplement): 111-144. Penman, S. 1991. An evaluation of accounting rate-of-return. Journal of Accounting, Auditing and Finance 6: 233-255. . 1992. Return to fundamentals. Journal of Accounting, Auditing and Finance 7(4): 465-483. . 1996. The articulation of price-earning ratios and market-to-book ratios and the evaluation of growth. Journal of Accounting Research 34(2): 235-259. . 1998a. A synthesis of equity valuation techniques and the terminal value calculation for the dividend discount model. Review of Accounting Studies 2(4): 303-323. . 1998b. Combining earnings and book value in equity valuation. Contemporary Accounting Research 15(3): 291-324. Penman, S., and T. Sougiannis. 1997. The dividend displacement property and the substitution of anticipated earnings for dividends in equity valuation. The Accounting Review 72(1): 1-21. . 1998. A comparison of dividend, cash flow, and earnings approaches to equity valuation. Contemporary Accounting Research 15(3): 343-383. Pound, J. 1988. Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics 20(1-2): 237-265. Preinreich, G. 1938. Annual survey of economic theory: The theory of depreciation. Econometrica 6(January): 219-231. Radding, A. 1988. Not All Shares Are Created Equal: Dual-Class Stock. The Magazine for Chief Financial Officers 4(2): 46-51. Ramesh, J., and S. Thiagarajan. 1993. Estimating the permanent component of accounting earnings using the unobservable component model: Implications for price-earnings research. Journal of Accounting, Auditing and Finance 8(4): 399-425. . 1995. The relationship between earnings persistence and firm valuation: Theory and evidence. Working Paper, Northwestern University and University of Rochester. Roll, R. 1992. Industrial structure and the comparative behavior of international stock market indices. Journal of Finance 47(1): 3-42. Rozeff, M. 1982. Growth, beta and agency costs as determinants of dividend payout ratios. Journal of Financial Research 5: 249-259. Rydqvist, K. 1996. Takeover bids and the relative prices of shares that differ in their voting rights. Journal of Banking and Finance 20(8): 1407-1425. Smith, B. F. and Amoako-Adu Ben. 1995. Relative prices of dual class shares. Journal of Financial and Quantitative Analysis 30(2): 223-239. Sougiannis, T. 1994. The accounting based valuation of corporate R&D. The Accounting Research 69(1): 44-68. Subramanyam, K. 1996. The pricing of discretionary accruals. Journal of Accounting and Economics 22(1-3): 249-281. , and J. Wild. 1996. Going-concern status, earnings persistence, and the informativeness of earnings. Contemporary Accounting Research 13(1): 251-273. Teets, W. and C. Wasley. 1996. Estimating earnings response coefficients: pooled versus firm-specific models. Journal of Accounting and Economics 21(3): 279-295. Tse, S., and R. Yaansah. 1999. An analysis of historical and future-oriented information in accounting-based security valuation models. Contemporary Accounting Research 16(2): 347-380. White, H. 1980. A heteroskedasticity consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica 48: 817-838. Zingales, L. 1994. The value of the voting right: A study of the Milan stock exchange experience. The Review of Financial Studies 7(1): 125-148. . 1995. What determines the value of corporate votes. Quarterly Journal of Economics 110(4): 1047-1073.
Description:	博士國立政治大學會計研究所 84353501 89
Source URI:	http://thesis.lib.nccu.edu.tw/record/#B2002000545
Data Type:	thesis
Appears in Collections:	[Department of Accounting] Theses

Files in This Item:

There are no files associated with this item.

社群 sharing

Loading...