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Please use this identifier to cite or link to this item: http://hdl.handle.net/10198/2685

Título: The CAPM and variations in the value in use when different assumptions are used to compute the beta
Autor: Lopes, José
Palavras-chave: CAPM
Value in use
Discount rate
IAS 36
Issue Date: 2010
Citação: Lopes, José (2010) - The CAPM and variations in the value in use when different assumptions are used to compute the beta. In 33rd annual Congress of European Accounting Association. Istambul.
Resumo: In order to compute de discount rate to be used in the process of accounting measurements, IAS 36 recommends the use of the Capital Assets Pricing Model (CAPM). In this study, considering the use of the CAPM in practice by some entities that provide the betas, and changing some of the inputs used for the regressions performed to compute the beta, we show that the CAPM results could vary widely. Therefore, its use could lead to differences materially relevant in the discount rate. To perform the regressions we used daily returns and changed the estimation period and the market index. The index S&P500 was used as the proxy for the market portfolio. The evidence shows high discount rates variations and consequently potential materially relevant variations in the “value in use”.
URI: http://hdl.handle.net/10198/2685
Appears in Collections:DEG - Artigos em Proceedings Não Indexados ao ISI

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