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An Accounting-Based Measure of Valuation Uncertainty.

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Τίτλος: An Accounting-Based Measure of Valuation Uncertainty.
Συγγραφείς: Golubov, Andrey1 (AUTHOR), Konstantinidi, Theodosia2 (AUTHOR)
Πηγή: Accounting Review. Jul2026, Vol. 101 Issue 4, p231-261. 31p.
Θεματικοί όροι: *Valuation, *Cash flow, *Accounting, *Discount prices, *Financial statements, *Mergers & acquisitions, *Prospecti, Uncertainty
Περίληψη: Existing measures of valuation uncertainty are indirect or available for limited samples. We use an accounting-based valuation model to estimate a set of hypothetical intrinsic equity values and measure uncertainty by their spread. We show that our measure reflects both cash flow and discount rate uncertainty, explains price ranges in IPO prospectuses and M&A fairness opinions, and incrementally predicts various future outcomes indicative of uncertainty. An application of our measure to a popular asset pricing context yields new insights into the properties of the value premium. Overall, our paper demonstrates how accounting information can be used to summarize uncertainty about intrinsic equity value. Data Availability: Data used in the article are available from public sources cited in the text. JEL Classifications: M41; G12; G14. [ABSTRACT FROM AUTHOR]
Copyright of Accounting Review is the property of American Accounting Association and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
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  Data: Existing measures of valuation uncertainty are indirect or available for limited samples. We use an accounting-based valuation model to estimate a set of hypothetical intrinsic equity values and measure uncertainty by their spread. We show that our measure reflects both cash flow and discount rate uncertainty, explains price ranges in IPO prospectuses and M&A fairness opinions, and incrementally predicts various future outcomes indicative of uncertainty. An application of our measure to a popular asset pricing context yields new insights into the properties of the value premium. Overall, our paper demonstrates how accounting information can be used to summarize uncertainty about intrinsic equity value. Data Availability: Data used in the article are available from public sources cited in the text. JEL Classifications: M41; G12; G14. [ABSTRACT FROM AUTHOR]
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  Data: <i>Copyright of Accounting Review is the property of American Accounting Association and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
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RecordInfo BibRecord:
  BibEntity:
    Identifiers:
      – Type: doi
        Value: 10.2308/TAR-2023-0399
    Languages:
      – Code: eng
        Text: English
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      Pagination:
        PageCount: 31
        StartPage: 231
    Subjects:
      – SubjectFull: Valuation
        Type: general
      – SubjectFull: Cash flow
        Type: general
      – SubjectFull: Accounting
        Type: general
      – SubjectFull: Discount prices
        Type: general
      – SubjectFull: Financial statements
        Type: general
      – SubjectFull: Mergers & acquisitions
        Type: general
      – SubjectFull: Prospecti
        Type: general
      – SubjectFull: Uncertainty
        Type: general
    Titles:
      – TitleFull: An Accounting-Based Measure of Valuation Uncertainty.
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            NameFull: Golubov, Andrey
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            NameFull: Konstantinidi, Theodosia
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          Dates:
            – D: 01
              M: 07
              Text: Jul2026
              Type: published
              Y: 2026
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