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The Subscription Economy: Implications for Valuation and Earnings Management
The Subscription Economy: Implications for Valuation and Earnings Management
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20250211151053
- ISBN
- 9798382214306
- DDC
- 617.89
- 저자명
- Chen, Yue.
- 서명/저자
- The Subscription Economy: Implications for Valuation and Earnings Management
- 발행사항
- [Sl] : Columbia University, 2024
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2024
- 형태사항
- 88 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 85-10, Section: B.
- 주기사항
- Advisor: Nissim, Doron;Rajgopal, Shiva.
- 학위논문주기
- Thesis (Ph.D.)--Columbia University, 2024.
- 초록/해제
- 요약The subscription economy - wherein firms offer products and services for recurring fees - has witnessed substantial growth in the last two decades. When valuing firms that rely on recurring revenue (hereafter recurring revenue firms), investors adopt valuation methods that prioritize future revenue over current performance, altering the earnings management incentives for these firms. I first document fundamental differences in recurring revenue firms: they tend to be smaller and younger, and they have greater revenue persistence, investment efficiency, and profitability. They experience more pronounced stock market reactions to revenue and earnings, but only when future revenue indicators (deferred revenue) are high. To align with growth-focused investor valuation methods, recurring revenue firms avoid premature revenue recognition to maintain a high level of deferred revenue. Instead, they cut discretionary expenses to meet earnings targets and excessively defer revenue to enhance their valuation. These insights underscore how earnings management incentives evolve in response to the changing economy.
- 일반주제명
- Audiology
- 키워드
- Valuation
- 기타저자
- Columbia University Business
- 기본자료저록
- Dissertations Abstracts International. 85-10B.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a617.89
■1001 ▼aChen, Yue.
■24510▼aThe Subscription Economy: Implications for Valuation and Earnings Management
■260 ▼a[Sl]▼bColumbia University▼c2024
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2024
■300 ▼a88 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 85-10, Section: B.
■500 ▼aAdvisor: Nissim, Doron;Rajgopal, Shiva.
■5021 ▼aThesis (Ph.D.)--Columbia University, 2024.
■520 ▼aThe subscription economy - wherein firms offer products and services for recurring fees - has witnessed substantial growth in the last two decades. When valuing firms that rely on recurring revenue (hereafter recurring revenue firms), investors adopt valuation methods that prioritize future revenue over current performance, altering the earnings management incentives for these firms. I first document fundamental differences in recurring revenue firms: they tend to be smaller and younger, and they have greater revenue persistence, investment efficiency, and profitability. They experience more pronounced stock market reactions to revenue and earnings, but only when future revenue indicators (deferred revenue) are high. To align with growth-focused investor valuation methods, recurring revenue firms avoid premature revenue recognition to maintain a high level of deferred revenue. Instead, they cut discretionary expenses to meet earnings targets and excessively defer revenue to enhance their valuation. These insights underscore how earnings management incentives evolve in response to the changing economy.
■590 ▼aSchool code: 0054.
■650 4▼aAudiology
■653 ▼aEarnings management
■653 ▼aRecurring revenue
■653 ▼aSubscription economy
■653 ▼aValuation
■690 ▼a0272
■690 ▼a0454
■690 ▼a0300
■71020▼aColumbia University▼bBusiness.
■7730 ▼tDissertations Abstracts International▼g85-10B.
■790 ▼a0054
■791 ▼aPh.D.
■792 ▼a2024
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17160640▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
