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dc.contributor.advisorHodgson, Allan
dc.contributor.authorBrimble, Mark Andrew
dc.date.accessioned2018-01-23T02:16:51Z
dc.date.available2018-01-23T02:16:51Z
dc.date.issued2003
dc.identifier.doi10.25904/1912/1666
dc.identifier.urihttp://hdl.handle.net/10072/365276
dc.description.abstractA key theme in capital markets research examines the relationships between accounting information and firm value. Two concerns relating to the value relevance of accounting information are: (1) concerns over the explanatory and predictive power of the evidence presented in the prior literature (Lev, 1989); and (2) the evidence of a deterioration in the association between accounting information and stock prices over the past four decades (Collins, Maydew and Weiss, 1997; Francis and Schipper, 1999; Lev and Zarowin, 1999). These concerns provide the key motivation for this thesis which examines: (1) the usefulness of the clean surplus accounting equation in valuation; (2) the role of accounting information in estimating and predicting systematic risk and; (3) the changing nature of the relationship between accounting information, stock prices and risk over time. The empirical research provides evidence of the value-irrelevance of the clean surplus equation and that controlling for the functional form of the earnings-returns relationship is more important. Evidence is also provided that accounting variables are highly associated with M-GARCH risk betas and also possess predictive ability relative to these risk measures. Finally, the relationships between stock prices, risk models and accounting information are shown to have not deteriorated over time, contrary to prior evidence. Rather, the functional form of the relationship has changed from linear to a non-linear arctan association. Overall, accounting information continues to play the central role in the determination of stock prices and risk metrics.
dc.languageEnglish
dc.publisherGriffith University
dc.publisher.placeBrisbane
dc.rights.copyrightThe author owns the copyright in this thesis, unless stated otherwise.
dc.subject.keywordscorporations
dc.subject.keywordscorporation
dc.subject.keywordsfirms
dc.subject.keywordsfirm
dc.subject.keywordsvalue
dc.subject.keywordsvaluation
dc.subject.keywordsaccounting
dc.subject.keywordsrisk
dc.subject.keywordsstock price prediction
dc.titleThe Relevance of Accounting Information for Valuation and Risk
dc.typeGriffith thesis
gro.rights.copyrightThe author owns the copyright in this thesis, unless stated otherwise.
gro.hasfulltextFull Text
dc.contributor.otheradvisorRoca, Eduardo
dc.rights.accessRightsPublic
gro.identifier.gurtIDgu1315281719499
gro.identifier.ADTnumberadt-QGU20030829.120234
gro.source.ADTshelfnoADT0
gro.source.GURTshelfnoGURT
gro.thesis.degreelevelThesis (PhD Doctorate)
gro.thesis.degreeprogramDoctor of Philosophy (PhD)
gro.departmentSchool of Accounting, Banking and Finance
gro.griffith.authorBrimble, Mark A.


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