The informativeness of embedded value reporting to stock price
Publication in refereed journal
已正式接受出版

香港中文大學研究人員
替代計量分析
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其它資訊
摘要This paper examines the informativeness of embedded value reporting to stock price by investigating the cross-sectional variations in life insurers’ price to embedded value ratios. By conducting variance decomposition analysis on a dataset provided by Morgan Stanley, we find that 15 percent (40 percent) of the difference between embedded value and stock price can be explained by growth opportunities and future stock returns in the short (long) run. One-third and two-thirds of the unexplained variation are attributed to firm- and country-specific factors, respectively. The above findings provide investors with a better understanding of the value relevance of embedded value reporting.
出版社接受日期10.03.2021
著者Derrick W. H. Fung, David Jou, Ai Ju Shao, Jason J. H. Yeh
期刊名稱Accounting and Finance
出版年份2021
出版社Wiley
國際標準期刊號0810-5391
電子國際標準期刊號1467-629X
語言英式英語
關鍵詞embedded value accounting, Price to embedded value ratio, Variance decomposition, Informativeness, Insurer valuation

上次更新時間 2021-07-12 於 00:02