Show simple item record

dc.contributor.authorTian, Yao
dc.date.accessioned2008-01-16 16:08:26 (GMT)
dc.date.available2008-01-16 16:08:26 (GMT)
dc.date.issued2008-01-16T16:08:26Z
dc.date.submitted2007
dc.identifier.urihttp://hdl.handle.net/10012/3484
dc.description.abstractIn this dissertation, I examine the impact of earnings management and expectations management on the usefulness of earnings and analyst forecasts in firm valuation. Earnings and analyst forecasts are important inputs into accounting valuation models. Their ability to reflect current and predict future firm performance can help valuation models predict intrinsic value. However, increasing earnings management and expectations management activities in recent years may have adversely affected the usefulness of these information items in firm valuation. This study shows that intrinsic value metrics estimated using manipulated earnings or forecasts have less ability to track stock prices and predict future returns through V/P ratios, providing evidence for the joint hypothesis of (i) long-term market efficiency and (ii) the negative impact of earnings management and expectations management on the usefulness of earnings and analyst forecasts in firm valuation. It contributes to the accounting literature in several ways. First, it challenges the conventional view that more accurate and less biased forecasts are necessarily of better quality and proposes to assess the quality of analyst forecasts directly by examining their usefulness. It also introduces an improved measure for expectations management and presents new evidence on (i) the usefulness of earnings and analyst forecasts in firm valuation; (ii) the negative impacts of earnings management and expectations management on this usefulness; and (iii) the overall performance of accounting valuation models in firm valuation.en
dc.language.isoenen
dc.publisherUniversity of Waterlooen
dc.subjectearnings managementen
dc.subjectexpectations managementen
dc.subjectfirm valuationen
dc.titleTHE IMPACT OF EARNINGS MANAGEMENT AND EXPECTATIONS MANAGEMENT ON THE USEFULNESS OF EARNINGS AND ANALYST FORECASTS IN FIRM VALUATIONen
dc.typeDoctoral Thesisen
dc.pendingfalseen
dc.subject.programAccountingen
uws-etd.degree.departmentSchool of Accountancyen
uws-etd.degreeDoctor of Philosophyen
uws.typeOfResourceTexten
uws.peerReviewStatusUnrevieweden
uws.scholarLevelGraduateen


Files in this item

Thumbnail

This item appears in the following Collection(s)

Show simple item record


UWSpace

University of Waterloo Library
200 University Avenue West
Waterloo, Ontario, Canada N2L 3G1
519 888 4883

All items in UWSpace are protected by copyright, with all rights reserved.

DSpace software

Service outages