뉴스
세미나
[연구]Value relevance of customer equity beyond financial statements: evidence from mobile telecom industr
2017.10.08 Views 1212 경영학연구분석센터
Asia-Pacific Journal of Accounting and Economics
8 October 2017, Pages 1-20
Abstract
We investigate the extent of usefulness of customer equity (CE) estimate in explaining market value of equity (MVE) and the determinants of the discrepancy between CE estimate and MVE. Using the data of 17 companies in the mobile telecom companies in 7 countries from 2004 to 2008, we find (1) CE estimate provides incremental value relevant information to explain contemporaneous MVE beyond financial statements, and (2) CE estimate can predict future stock returns by indicating a part of temporal divergence between MVE and a firm’s intrinsic value of equity. © 2017 City University of Hong Kong and National Taiwan University
Keywords
customer equity;
market value of equity;
value relevance
8 October 2017, Pages 1-20
Abstract
We investigate the extent of usefulness of customer equity (CE) estimate in explaining market value of equity (MVE) and the determinants of the discrepancy between CE estimate and MVE. Using the data of 17 companies in the mobile telecom companies in 7 countries from 2004 to 2008, we find (1) CE estimate provides incremental value relevant information to explain contemporaneous MVE beyond financial statements, and (2) CE estimate can predict future stock returns by indicating a part of temporal divergence between MVE and a firm’s intrinsic value of equity. © 2017 City University of Hong Kong and National Taiwan University
Keywords
customer equity;
market value of equity;
value relevance