haku: @author Zhang, G. / yhteensä: 11
viite: 4 / 11
| Tekijä: | Chen, P. F. Zhang, G. |
| Otsikko: | Heterogeneous Investment Opportunities in Multiple- Segment Firms and the Incremental Value Relevance of Segment Accounting Data |
| Lehti: | Accounting Review
2003 : APR, VOL. 78:2, p. 397-428 |
| Asiasana: | ACCOUNTING PROFITABILITY OPTIONS |
| Kieli: | eng |
| Tiivistelmä: | Applying a real-options-based valuation approach, the authors develop and test a model that addresses the incremental value relevance of segment data beyond firm- level accounting data. Prior studies show that equity valuation requires accounting data (in part) because accounting provides signals that guide capital investments underlying value creation. In this study, the authors establish that the usefulness of segment data beyond aggregate data relates to heterogeneity of investment opportunities across segments, caused by divergences of segment profitability and growth potential. Empirical results are consistent with the model's predictions. The authors also assess the magnitude of the valuation impact of segment information relative to that of firm-level information. |
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