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Lally (2007) concludes that regulators must estimate the risk‐free rate as the yield‐tomaturity on Government debt with a term‐tomaturity equal to the regulatory period, to ensure that the present value of expected cash flows equals the investment base. The analytics behind this conclusion...
Hall (2007) challenges a fundamental point in the analysis of Lally (2007) and earlier papers: if the risk free rate within the allowed rate of return matches the regulatory term, then the present value of future cash flows PV0 equals equityholders initial investment C(1−L). Hall argues that...
This paper examines the appropriate term of the risk free rate to be used by a regulator in price control situations, most particularly in the presence of corporate debt. If the regulator seeks to ensure that the present value of the future cash flows to equity holders equals their initial...
Forecasting future period profitability is widely identified as an aim of financial statement analysis, and these forecasts are typically relied upon for the estimation of firm value. To facilitate this, the decomposition of earnings into its components or drivers, is typically advocated. This...
This study investigates how a tax agency would assess the liability of a taxpayer who has first adopted a new, controversial tax‐saving scheme, which might be employed by other taxpayers. The tax agency’s post‐audit assessment to the first taxpayer influences whether and how the innovation...
Recent research examines the implications of components of accruals for future profitability. Because the persistence of earnings varies with the level of company profitability, we expect differences between profitable and loss‐making companies in the association between components of accruals...
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