Tech Stock Valuation

harmonization of global accounting standards has focused attention of the volatil-

ity of accounting income and cash flow numbers and market values (Pownall and

Schipper, 1999).

In a now common method, empirical market-based research seeks evidence

on the value relevance of accounting and other operating data through analyses of

the relation between such information and the value of the firm (Easton, 1999).

For example, Ashiq and Lee-Seok (2000) take a global perspective and study

country-specific factors related to financial reporting and the value relevance of

accounting data. Using 1986–95 data from manufacturing firms from 16 coun-

tries, Ali and Hwang ...