Firm valuation, abnormal earnings, and mutual funds flow

被引：3
|
作者：
Maher J.J. [1 ]
Brown R.M. [1 ]
Kumar R. [2 ]
机构：
[1] Department of Accounting and Information Systems, Pamplin College of Business, Virginia Tech., Blacksburg
[2] Department of Finance, Pamplin College of Business, Virginia Tech., Blacksburg
来源：
Review of Quantitative Finance and Accounting | 2008年 / 31卷 / 2期
关键词：
Abnormal earnings; Accounting earnings; Mutual funds flow; Valuation;
D O I：
10.1007/s11156-007-0065-4
中图分类号：
学科分类号：
摘要：
We examine the valuation effects of overall demand for corporate equities combined with the influence of abnormal earnings and unexpected funds flow. Our results indicate that the expected and unexpected net new total flow of funds into all stock mutual funds do not by themselves have a meaningful effect on firm equity valuation. However, we find the combination of unexpected funds flow and realized abnormal earnings have significant and important valuation effects. Importantly, the valuation impact is greatest for those firms with high earnings growth potential that also operate in an environment characterized by high information asymmetry. © 2007 Springer Science+Business Media, LLC.
引用
收藏
页码：167 / 189
页数：22
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