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نتیجه جستجو - Valuation effect

تعداد مقالات یافته شده: 2
ردیف عنوان نوع
1 How expected inflation distorts the current account and the valuation effect
چگونه انتظار می رود تورم حساب جاری و اثر ارزیابی را تحریف کند-2021
We show that the current account balance (CA) is systematically distorted by an inflation effect , which arises because income on debt is recorded as nominal interest in the currency of denomination. Since nominal interest includes compensations for expected inflation, in- creases in the latter must impact the CA. Guided by the relevant international accounting rules, we impute the inflation effect for 50 economies between 1991 and 2017. When ad- justing for the inflation effect , the absolute value of yearly CAs drops by 0.13% of GDP on average. Over the full period, the reduction is a sizable 22.85% of initial GDP for the aver- age country (26.4% for the U.S.). As the flip side of the CA distortions, the inflation effect contributes systematically to the well-known valuation effect of net foreign assets. For the average country, the inflation effect accounts for a twelfth of the valuation effect, for the U.S., it accounts for well over a half.
keywords: تورم | حساب جاری | اثر ارزش گذاری | Inflation | Current account | Valuation effect
مقاله انگلیسی
2 Industry expert directors
مدیران کارشناس صنعت-2018
We analyze the valuation effect of board industry experience and channels through which industry experience of outside directors relates to firm value. Our analysis shows that firms with more experienced outside directors are valued at a premium compared to firms with less experienced outside directors. Additional analyses, including a quasi-experimental setting based on director deaths, mitigate endogeneity concerns. The association between having directors with more industry experience and higher firm value is more pronounced for firms with larger investment programs, larger cash reserves, and during crises. In contrast, it is weaker in more dynamic industries, i.e., industries that rank high in terms of sales growth, R&D expenditures, merger activities, competitive threat, and product market changes, where the value of previously acquired experience is likely to be diminished. Overall, our findings are consistent with board industry experience being a valuable corporate governance mechanism.
keywords: Board of directors |Director skills and experience |Corporate governance |Corporate investments
مقاله انگلیسی
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