Valuing equity -- The accuracy of equity valuation methods -- Multiples: Controlling for differences between firms -- Linear information models: The effects of conservative accounting -- Summary and conclusions.

Unternehmensbewertung und Restwert -- Theoretische Fundierung von Konvergenzverläufen des Werttreibers Rentabilität -- Empirische Untersuchung von Konvergenzverläufen des Werttreibers Rentabilität -- Konzept der Market Implied Competitive Advantage Period -- Anwendungsbeispiel --...

This paper proposes a new way of decomposing net present values and net final values in periodic shares. Such a decomposition generates a new notion of residual income, radically different from the classical one available in the financial and accounting literature. While the standard residual...

The view that the IMF’s financial support gives rise to moral hazard has become increasingly prominent in policy discussions, particularly following the 1995 Mexican crisis. This paper seeks to clarify a number of conceptual issues and bring some basic empirical evidence to bear on this...

Increasing emphasis has been placed on the need for an effective lender of last resort for sovereign states and on procedures for sovereign debt restructuring to help cope with global financial crises. Where private creditors use short-term debt to check sovereign debtor’s moral hazard, there...