The papers by Muller and ABK (Aboody, Barth and Kasznik) provide evidence on the reliability of estimates of assets' `current' or `market' values. Muller finds that the decision to capitalize estimates of acquired brand values is influenced by contracting incentives, suggesting that the reliability of these estimates is compromised by managerial manipulation. ABK find that estimates of fixed asset revaluations have a statistically significant association with both contemporaneous stock prices and future operating performance. It is difficult to assess the implications of ABK's results for the reliability of the revaluations, because stock prices and operating performance are influenced by many other factors.
Journal of Accounting and Economics – Elsevier
Published: Jan 1, 1999
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