Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/24464 
Erscheinungsjahr: 
2001
Schriftenreihe/Nr.: 
ZEW Discussion Papers No. 01-42
Verlag: 
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim
Zusammenfassung: 
Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson (2000), among others, the standard clean surplus relation is frequently violated. Moreover, standard residual income valuation models rest on the implicit assumption that future stated earnings belong to current shareholders only. This is clearly invalid for companies granting employee options. In order to overcome these deficiencies, this paper establishes an extension of the clean surplus relation and derives simple analytical solutions for the value of outstanding stocks in terms of already known accounting information.
Schlagwörter: 
Residual income valuation
clean surplus accounting
US-GAAP
employee stock option programs
JEL: 
G12
M41
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
211.9 kB





Publikationen in EconStor sind urheberrechtlich geschützt.