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La relevancia del fondo de comercio y su amortización en el mercado de capitales: Una perspectiva europea.
By: Begoña Giner Inchausti y Francisca Pardo Pérez
ABSTRACT
The main purpose of this paper is to research the value-relevance of goodwill and goodwill amortization in order to provide arguments concerning the adequacy of the new non-amortization policy. We base our analysis on the Ohlson [1995] framework and employ not only a price model but also a return model. We use the information available on Extel Company Analysis about non financial quoted firms of seven EU countries from 1997 through 2001. Our results provide evidence as to the relevance of goodwill and the lack of relevance of goodwill amortization for the valuation of share prices and they are robust to different specifications and partitions of the sample. Moreover they suggest that neither goodwill amortization is timely, nor, in general, changes in goodwill amortization give timely information about changes in value. As such our results support the changes by the FASB and the IASB regarding the treatment of goodwill.
KEY WORDS
Goodwill Amortization; Goodwill; International Accounting; Value-Relevance; Capital
Market.
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