Corpus ID: 46680509

On Accounting-Based Valuation Formulae *

@inproceedings{Carey2005OnAV,
  title={On Accounting-Based Valuation Formulae *},
  author={W. P. Carey},
  year={2005}
}

W. P. Carey

Published 2005

This paper considers accounting-based valuation formulae. Its initial focus is on two problems related to residual income valuation (RIV). First, insofar valuation depends on theresent value of expected dividends per share, applying RIV requires clean surplus accounting on a per share basis. Awkwardly, equity transactions that change the number of shares outstanding generally imply eps „ D bvps ) dps. A clean surplus equality holds only if one ‘‘re-conceptualizes’’ either end-of-period bvps or… CONTINUE READING

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