Intangible Assets, Value Relevance, and Accounting Anomalies. Wanncherng Wang Professor of Accounting Department of Business Administration College of Management National Sun Yat-Sen University No. 70, Lienhai Rd., Kaohsiung 80424 Taiwan, R.O.C. Email: email@example.com
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Professor of Accounting
Department of Business Administration
College of Management
National Sun Yat-Sen University
No. 70, Lienhai Rd., Kaohsiung 80424 Taiwan, R.O.C.
Operating cash flows and current accruals
where MV is the total market value of equity, CIV is total calculated intangible value; Alternatively, the regression is also specified in a per-share basis.
where PRC is year-end price per share, BPS is book value per share, and CIVPS is CIV per share.
where MVE is the market value of equity measured 4 months following the fiscal year-end, BVE is book value of equity, NI is net income before extraordinary, NEG_NI is net income before extraordinary items if net income before extraordinary items 0 otherwise, RND is R&D expenditures, ADVERT is advertising expenditures, CAP_EX is capital expenditures, SALES_GR is annual change in constant-dollar sales, is annual changes in estimated intangibles value and CIV is the estimated year-end intangibles value.
where TAC is total accruals, OCF is cash flows from operations, EPS is earnings per share from continuing operations, CIVPS is CIV per share.
where t is time index, TAC is accruals component, OCF is operating cash flows, and CIV is intangibles.