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Financial statement analysis, growth...

Li, Siyi.

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Financial statement analysis, growth expectations, and equity valuation.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Financial statement analysis, growth expectations, and equity valuation./
Author:	Li, Siyi.
Description:	98 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3364.
Contained By:	Dissertation Abstracts International64-09A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3104824

Financial statement analysis, growth expectations, and equity valuation.
Li, Siyi.

Financial statement analysis, growth expectations, and equity valuation. - 98 p.

Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3364.

Thesis (Ph.D.)--Columbia University, 2003.

This study develops forecasts of earnings growth using a structured financial statement analysis and compares those forecasts with analysts' growth forecasts and the implied growth expectation in market prices. It takes the perspective that investors buy future earnings, and thus long-term earnings growth expectation is a key determinant of valuation. Companies with better growth prospects can command higher price-to-earnings ratios. Investors face significant uncertainty regarding long-term growth, and financial statement information proves useful in reducing such uncertainty. The proposed financial statement analysis model combines financial statement-based signals about future earnings into a composite indicator of the firm's growth prospects that explains traded P/E ratios. By comparing the financial statement analysis-based earnings growth forecasts with market growth expectations, the study shows that, first, financial analysts have not entirely incorporated the relevant financial statement information into their long-term growth forecasts, and secondly, stock prices appear not to fully reflect such information. This leads to the predictability of stock returns, which could have been exploited by sophisticated financial statement users.Subjects--Topical Terms:

1020666
Business Administration, Accounting.

Financial statement analysis, growth expectations, and equity valuation.
LDR:02111nmm 2200265 4500 001 1862462
005 20041202093449.5
008 130614s2003 eng d
035 $a (UnM)AAI3104824
035 $a AAI3104824
040 $a UnM $c UnM
100 1 $a Li, Siyi. $3 1950012
245 1 0 $a Financial statement analysis, growth expectations, and equity valuation.
300 $a 98 p.
500 $a Source: Dissertation Abstracts International, Volume: 64-09, Section: A, page: 3364.
500 $a Adviser: Stephen Penman.
502 $a Thesis (Ph.D.)--Columbia University, 2003.
520 $a This study develops forecasts of earnings growth using a structured financial statement analysis and compares those forecasts with analysts' growth forecasts and the implied growth expectation in market prices. It takes the perspective that investors buy future earnings, and thus long-term earnings growth expectation is a key determinant of valuation. Companies with better growth prospects can command higher price-to-earnings ratios. Investors face significant uncertainty regarding long-term growth, and financial statement information proves useful in reducing such uncertainty. The proposed financial statement analysis model combines financial statement-based signals about future earnings into a composite indicator of the firm's growth prospects that explains traded P/E ratios. By comparing the financial statement analysis-based earnings growth forecasts with market growth expectations, the study shows that, first, financial analysts have not entirely incorporated the relevant financial statement information into their long-term growth forecasts, and secondly, stock prices appear not to fully reflect such information. This leads to the predictability of stock returns, which could have been exploited by sophisticated financial statement users.
590 $a School code: 0054.
650 4 $a Business Administration, Accounting. $3 1020666
650 4 $a Economics, Finance. $3 626650
690 $a 0272
690 $a 0508
710 2 0 $a Columbia University. $3 571054
773 0 $t Dissertation Abstracts International $g 64-09A.
790 1 0 $a Penman, Stephen, $e advisor
790 $a 0054
791 $a Ph.D.
792 $a 2003
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3104824