2008
DOI: 10.2139/ssrn.1122188
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A Comparison of Error Rates for EVA, Residual Income, GAAP-Earnings, and Other Metrics Using a Long-Window Valuation Approach

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“…Bennett Stewart (1991) introduced EVA in his seminal work The Quest for Value. EVA extended the concept of residual income as a measure of earnings in excess of the opportunity cost of equity capital invested by shareholders (Forker & Powell, 2008). EVA is derived using adjusted income statement earnings and balance sheet capital amounts as well as return on capital amounts to produce an intuitively appealing measure of business performance.…”
Section: Background Of the Studymentioning
confidence: 99%
“…Bennett Stewart (1991) introduced EVA in his seminal work The Quest for Value. EVA extended the concept of residual income as a measure of earnings in excess of the opportunity cost of equity capital invested by shareholders (Forker & Powell, 2008). EVA is derived using adjusted income statement earnings and balance sheet capital amounts as well as return on capital amounts to produce an intuitively appealing measure of business performance.…”
Section: Background Of the Studymentioning
confidence: 99%