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Är goodwillnedskrivningar värderelevanta - En studie av den svenska aktiemarknaden


This study investigates the value relevance of goodwill impairments for equity investors in Swedish listed companies. We provide insight on whether goodwill impairments are value relevant before as well as after the implementation of IFRS 3 and IAS 36. We express market value of equity as a function of book value of equity; net income excluding goodwill impairments and goodwill impairments, using the Ohlson valuation model and Hellström's price regression. Our findings suggest that goodwill impairments are statistically value relevant for equity investors. Prior to the implementation of IFRS 3 and IAS 36, our findings imply that equity investors respond negatively to goodwill impairments. However, the results in the later period indicate that equity investors seem to revise up their expectations of firms' future cash flow estimates. The later result is not in line with the purpose of IFRS 3 and IAS 36. We also run a regression, which shows that the two time periods are statistically different from each other.

Författare

Alexander Askling Olof Kollinius

Lärosäte och institution

Handelshögskolan i Stockholm/Institutionen för redovisning och finansiering

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