Αναπροσαρμογή περιουσιακών στοιχείων και αποτίμηση επιχειρήσεων

Μαϊράγκας, Χρήστος Ι.

Master Thesis

Author

Μαϊράγκας, Χρήστος Ι.

Date

2012-10-03

Abstract

In the last decades, there has been a systematic study from academic Professors and economists regarding the relation between fixed assets revaluations and firms' future operating performance. In these studies it was also examined the effect of these revaluations on listed companies' stock price and return. Aim of the current dissertation consists the study of the mentioned researches under the light of International Financial Reporting Standards (IFRS) which have been in effect since 2005 for the listed companies in European Union stock exchange markets. Primarily it was read up the correlation between tangible assets revaluation (fair value approach) with firms' future profitability for a period of 1 to 3 years after the revaluation event, based on Aboody et al (1999) research paper for the listed companies in UK between 2005 and 2008 .Based on the research of Aboody et al, it was also studied the correlation between revaluation incremental amount with firms' future operating cash flows , after the proper amendments in the initial model for the existing sample of companies. In order to investigate the relation between stock's return and the announcement of revaluation event in the annual financial statements, we used the market model, as it was described in the study of Sharpe and Walker (1975 ) for the listed companies of FTSE All Shares Index of London Stock Exchange ( LSE ) between 2005 and 2008.The amount of revaluations in all models that were examined, referred to the fair value measurement of companies investments in real estate ( IAS 40 ). The results revealed a positive and significant correlation between revaluation amounts and future operating cash flows (a) and operating income ( b) . Before the catastrophic period of international financial crisis (2008-2009) in UK, the market reaction concerning the revaluation effect presents an additional positive abnormal return on stock price returns (analyzed with market model ) for a period of 12 months after the releasing date of the annual financial statements.