TY - UNPB
T1 - Who do you trust while bubbles grow and blow?
T2 - A comparative analysis of the explanatory power of accounting and patent information for the market values of German firms
AU - Ramb, Fred
AU - Reitzig, Markus
PY - 2004
Y1 - 2004
N2 - We present a theoretical and empirical analysis of the fitness of national German(German Commercial Code - Handelsgesetzbuch (HGB)) and international (IAS andUS-GAAP) accounting information, as well as European patent data to explain themarket values of German manufacturing firms. For the chosen volatile period from1997 to 2002, cautious national accounting information does not correlate with thefirms' residual market values (RMV). International accounting information makes nomeaningful contribution to explaining firms' RMV and seems to measure overinvestmentonly. Finally, patents counted at the individual country level correlate withthe firms' RMV.Keywords: Accounting standards, investor information, market value,patentsJEL-classifications: D82, M40, M41, K11
AB - We present a theoretical and empirical analysis of the fitness of national German(German Commercial Code - Handelsgesetzbuch (HGB)) and international (IAS andUS-GAAP) accounting information, as well as European patent data to explain themarket values of German manufacturing firms. For the chosen volatile period from1997 to 2002, cautious national accounting information does not correlate with thefirms' residual market values (RMV). International accounting information makes nomeaningful contribution to explaining firms' RMV and seems to measure overinvestmentonly. Finally, patents counted at the individual country level correlate withthe firms' RMV.Keywords: Accounting standards, investor information, market value,patentsJEL-classifications: D82, M40, M41, K11
KW - Værdiansættelse-virksomheder
KW - Regnskabsstandarder
KW - Aktieanalyse
KW - Patenter
KW - Tyskland
KW - Årsregnskaber
M3 - Working paper
BT - Who do you trust while bubbles grow and blow?
CY - København
ER -