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    題名: Building growth and value hybrid valuation model with errors-in-variables regression
    作者: Kong, Derick;Lin, Cheng Ping;Yeh, I-Cheng;Chang, Wei
    關鍵詞: Valuation;book value;return on equity;market value;errors-in-variables JEL CLASSIFICATION: G12;G14
    日期: 2018-06-29
    上傳時間: 2019-09-26 12:10:46 (UTC+8)
    出版者: Taylor & Francis
    摘要: Growth value model (GVM) considers stock intrinsic value as the synergy of book value and return on equity (ROE), which contains two parameters, value factor and growth factor. This study addresses the problem of independent variables having measurement errors by utilizing errors-in-variables regression to estimate accurate model parameters. Research findings show the following: (1) The regression curve derived by traditional regression analysis exhibits severe bias. Errors-in-variables regression is capable of correcting the bias. (2) Large-scale firms exhibit lower value factor and higher growth factor, which indicates that large-scale firms possess better profit persistence.
    關聯: Applied Economics Letters 26(5), p.370-386
    DOI: 10.1080/13504851.2018.1486005
    顯示於類別:[土木工程學系暨研究所] 期刊論文

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