Review of Accounting Studies, 3, 69–71 (1998) ° c 1998 Kluwer Academic Publishers, Boston. Manufactured in The Netherlands. Discussion of “Brand Values and Capital Market Valuation” JAMES A. OHLSON Stern School of Business, New York University, N.Y.C., N.Y. 10012 I. Introduction The paper by Barth, Clement, Foster and Kasznik (1998) (BCFK henceforth) raises the interesting question whether it makes sense to account for internally developed brand names, besides putting them equal to zero. The issue is of obvious interest since nobody challenges that brand names are economic assets. As the authors point out, the lack of ﬁnancial statement recognition is generally perceived to be due to an expected low reliability. Would investors really pay attention to such asset values if they were estimated and part of GAAP? The question suggests that one ought to consider empirical evidence that bears on this reliability hypothesis as it relates to brand names. The authors evaluate the reliability of brand name values developed by Financial World (FW); they use a fairly standard empirical approach in which prices and returns are dependent variables, and there are controls for basic accounting variables such as earnings and book values. What can we make out of the
Review of Accounting Studies – Springer Journals
Published: Oct 6, 2004
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