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By Konrad Leithäuser

Master's Thesis from the 12 months 2010 within the topic company economics - Accounting and Taxes, grade: 80,0, Lancaster collage (Lancaster college administration School), direction: MSc of Accounting & monetary administration, language: English, summary: the purpose of this grasp thesis is to appreciate if a firm’s dependency at the over-all enterprise cycle affects the functionality of accounting-based valuation mod-els. I evaluated inventory- and flow-based valuation versions and their functionality throughout cyclical and acyclical industries and located that multi-period flow-based types practice good for cyclical enterprises, whereas acyclical companies are extra appropriately valued through industry multiples (P/E-multiple). In extension of the empirical findings, an research of valuation versions utilized in analyst reviews issues out that practitioners don't unavoidably hire the theoretically greater valuation strategy to generate their objective costs - whereas virtually used and empirically improved valuation types are constant in acyclical industries, they considerably fluctuate in cyclical industries. moreover, the research during this grasp thesis highlights that analysts exhibit the tendency to undertake varied valuation types depending on the particular cycle phase.

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Advanced Topics in Accounting: Equity Valuation using Accounting Numbers in cyclical and acyclical Industries by Konrad Leithäuser


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