Does EVA® beat earnings?: Evidence on associations with stock returns and firm values

被引：165
|
作者：
Biddle, GC
Bowen, RM [1 ]
Wallace, JS
机构：
[1] Univ Washington, Sch Business Adm, Seattle, WA 98195 USA
[2] Hong Kong Univ Sci & Technol, Sch Business & Management, Hong Kong, Peoples R China
[3] Univ Calif Irvine, Grad Sch Management, Irvine, CA 92697 USA
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 1997年 / 24卷 / 03期
关键词：
value-relevance; relative information content; incremental information content; firm market value; economic value added (EVA); residual income; economic profits; earnings; cash from operations; charge for capital;
D O I：
10.1016/S0165-4101(98)00010-X
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study tests assertions that Economic Value Added (EVA(R)) is more highly associated with stock returns and firm values than accrual earnings, and evaluates which components of EVA, if any, contribute to these associations. Relative information content tests reveal earnings to be more highly associated, with returns and firm values than EVA, residual income, or cash flow from operations. Incremental tests suggest that EVA components add only marginally to information content beyond earnings. Considered together, these results do not support claims that EVA dominates earnings in relative information content, and suggest rather that earnings generally outperforms EVA. (C) 1997 Elsevier Science B.V. All rights reserved.
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页码：301 / 336
页数：36
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