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 protected]
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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.
Email: [email protected]
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.