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爱尔兰会计学论文代写:会计信息模型

这个等式与CAPM类似,而盈利能力则基于市场上企业的盈利能力和资产的盈利能力。这可能是更现实的模型,因为它是依赖于盈利能力,而不是运动的股票相对于市场,也包括影响因素的盈利能力,否则是假设的一部分。然而,确定正确的公司数量和预期盈利能力的所有公司的问题。进一步的研究表明,CAPM的问题可能会解决,将更多的数据在CAPM模型。这是CAPM提出修改(Damodaran,2011)
多贝塔模型:该模型提供了与宏观经济变量相关的不同的β值,包括利率、收益率曲线和GDP增长率。这是CAPM模型取代单一市场贝塔。
以市场价格为基础的模型:CAPM计算的贝塔是基于股票和市场的相关性,股票的标准偏差和市场的标准偏差。的相关系数是高度不稳定的,并在该期间变化太多。市场价格为基础的模型考虑分配相关因素的估计与股票相关的风险。这是由股票标准偏差划分的所有股票的平均标准偏差。
会计信息模型:这是上面所讨论的模型,即基于会计的风险度量。这就是所谓的会计测试。另一种使用会计信息为基础的模型是建立规模风险测量相对于一定的会计比率,从资产的角度来看是非常重要的。
在Knox(2011)进行的研究中,根据过去的二零五年的数据,对CAPM的有效性进行了检验,估计了十只股票的股票表现。这个实验是为了测试与CAPM相关的学派
使用更多的数据将提高CAPM的有效性
使用太旧的数据是没有用的,因为公司见证了企业的主要变化和趋势。

爱尔兰会计学论文代写:会计信息模型

This equation is similar to CAPM while the profitability is based on the profitability of the firms in the market and the profitability of the asset. This might be more realistic model as it is dependent on profitability rather than movement of stock with respect to market and also include the impact of factors impacting the profitability which otherwise were part of assumptions. However the issues of identifying the right number of firms and expected profitability of all the firms. Further studies show that the issues with CAPM may be resolved by incorporating more usage of data in the CAPM model. The modifications that are suggested in the CAPM are (Damodaran, 2011)
Multi Beta Models: This model provides different beta values related to macroeconomic variables including interest rate, yield curve and the GDP growth rate. This is extension of CAPM model replacing the single market beta. .
Market Price Based Models: The beta calculated by the CAPM is based on the correlation of the stock and the market, standard deviation of stock and standard deviation of market. The correlation factor is highly unstable and varies too much over the period. The market price based models considers dispensing of the correlation factor by estimation of the relative risk associated with stock. This is done by division of stock standard deviation by average standard deviation of all the stocks.
Accounting Information Based Models: This is the model that has been discussed above i.e. accounting based risk measurement. This is called accounting beta. Another method to use accounting information based model is creation of scaled risk measurement with respect to certain accounting ratio that is important from the viewpoint of the asset.
In the study conducted by Knox (2011), the validity of CAPM is tested for the stock performance of ten stocks is estimated based on the data of past twenty five years. This experiment was to test the school of thoughts associated with CAPM i.e.
Use of more data will improve the validity of CAPM
Use of too old data isn’t useful as companies witness major shifts and trends in business.