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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]).
When accounting reports are imprecise, the market's conditional ex- pectations of the first two components of the firm's equity value is partly based on the reported value of the capital stock and partly on its pre-report expectation of the capital stock, which, in turn, is based on its conjecture about the firm's investment choice.
Lastly, the third component of equity value is the present value of expected economic profits in period t +2 and thereafter.
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