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حسابداری و مالی::
سود اقتصادی
firm's equity at each date can be decomposed into the discounted expected values of the following three components: (i) next period's operating cash flow, (ii) future replacement cost of assets in place, and (iii) over-the-horizon economic profits.
The future replacement cost of assets is defined as the expected resale value of the firm's current capital stock at the end of the following period; economic profits are the difference between operating cash flows and the user cost of capital employed in a given period; and over-the- horizon economic profits are the economic profits to be earned starting two periods from now and thereafter.4
current replacement cost of the firm's assets and the discounted economic profits to be earned in the next period.
Our decomposition of the equity value is therefore consistent with the standard result in the literature that the firm's equity value is equal to the replacement cost of its assets plus the present value of future economic profits (see, for instance, Lindenberg and Ross [1981] and Abel and Eberly [2011]).
In our dynamic setting, disclosures about one-period ahead capital stock are informative about the firm's one-period ahead cash flow and the future replacement cost of assets in place, but not about over-the-horizon economic profits, since the market rationally anticipates that the firm will offset the impact of any favorable or unfavorable shock to its capacity by adjusting its investment in the next period.
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