Variations In the Permanent Measurement Bias

Detta är en D-uppsats från Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering

Sammanfattning: Valuation techniques that use the accounting permanent measurement bias (PMB) do often result in robust corporate valuations. Runsten (1998) presented a table that displays median partial PMBs for important asset classes in a selected number of industries. The table did not describe how the partial PMBs varied within industries. This study aimed to create an updated table including the 25th and the 75th percentiles of the partial PMBs. Sample data was collected manually from the annual reports of 2009-2013 for 213 Swedish companies listed on Nasdaq OMX Stockholm. Estimations of partial PMBs in six asset classes were presented for ten industries. In most industries, the partial PMBs turned out to have notable variations from their medians. The partial PMB in deferred taxes has decreased substantially compared to Runsten's table. However, no large differences from Runsten's table were discovered overall for the other asset classes. Investors are encouraged to consider potential industry variations and changes in deferred taxes when using the PMB in corporate valuation.

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