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حسابداری و مالی::
ebitda
For this sample of firms we compare the informational properties of PERF COV EARNINGS to those of two FASB GAAP based earnings measures: net income as defined by FASB GAAP (hereafter, NET INCOME) and earnings before interest, taxes, depreciation, and amortization (hereafter, EBITDA).2 Our main focus is to examine whether PERF COV EARNINGS differ from NET INCOME; however, benchmarking PERF COV EARNINGS against EBITDA is also useful for exploring to what extent contractual adjustments beyond interest, taxes, and depreciation shape the properties of PERF COV EARNINGS.
Our initial descriptive analyses reveal marked differences in the magnitudes of PERF COV EARNINGS and NET INCOME and EBITDA.
We find that PERF COV EARNINGS are greater than NET INCOME (EBITDA) for more than 99% (84%) of our observations.
The magnitudes of the differences are also quite large: for the median firm, NET INCOME (EBITDA) is lower than PERF COV EARNINGS by about 87% (10%).
2 GAAP does not require firms to report EBITDA.
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