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FIRM VALUATION AND ACCOUNTING NUMBERS

Richard A. Brealey
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Richard A. Brealey: London Business School

Portuguese Journal of Management Studies, 2000, vol. V, issue 2, 111-125

Abstract: Accounting information on earnings and book values is commonly used to help value a firm. The errs that arise from the use of these data stem from the fact that accounting depreciation is not generally equal to expected economic depreciation and that earning are liable to random shocks. In this paper I discuss some general statements than can be made about the relative efficiency of estimates of firm value which are derived from accounting data.

Date: 2000
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