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| Author: | Ashton, D. (et al.) |
| Title: | Linear information dynamics, aggregation, dividends and "dirty surplus" accounting |
| Journal: | Accounting and Business Research
2004 : VOL. 34:4, p. 277-299 |
| Index terms: | Dividends Information |
| Freeterms: | Aggregation |
| Language: | eng |
| Abstract: | The Ashton et al.(2003) aggregation theorem is generalised by demonstrating how the market value of equity disaggregates into its recursion and real (adaptation) components when the linear information dynamics incorporate a dirty surplus adjustment and also, when dividends are paid. The analysis shows that ignoring the dirty surplus adjustment will, generally, induce biases into the functional expressions for the recursion and real (adaptation) values of equity. |
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