Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19484
Authors: 
Reitzig, Markus
Ramb, Fred
Year of Publication: 
2004
Series/Report no.: 
Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2004,17
Abstract: 
We present a theoretical and empirical analysis of the fitness of national German (German Commercial Code - Handelsgesetzbuch (HGB)) and international (IAS and US-GAAP) accounting information, as well as European patent data to explain the market values of German manufacturing firms. For the chosen volatile period from 1997 to 2002, cautious national accounting information does not correlate with the firms? residual market values (RMV). International accounting information makes no meaningful contribution to explaining firms? RMV and seems to measure overinvestment only. Finally, patents counted at the individual country level correlate with the firms? RMV.
Subjects: 
Accounting standards
investor information
market value
patents
JEL: 
D82
M40
M41
K11
Document Type: 
Working Paper

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