Using SMVAM as a linear approximation to a nonlinear function: a note

Asli Demirguc-Kunt and James Thomson

No 8810, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: A study contending that the linear statistical market-value accounting model (SMVAM) is a reasonable approximation of the relationship between market and book equity for firms with positive balance sheets, but that the linear approximation is inadequate when the data sample includes firms whose balance sheets show a low or negative liquidation value.

Keywords: Corporate; profits (search for similar items in EconPapers)
Date: 1988
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