ditentukan seterika Markel tersebut

ditentukan seterika Markel tersebut. Valuc LO-penjualan iallo LOL semua Sill Ier-acuivity penyakit Ill industri tertentu untuk tahun tertentu. Dalam memperoleh multiplier untuk industri tertentu, kita menggunakan tersempit SIC kode pengelompokan yang includos setidaknya lima aktivitas tunggal perusahaan dalam industri yang untuk tahun itu. Kami membatasi sampel untuk perusahaan yang melaporkan setidaknya $ 20 juta dalam penjualan untuk menghindari distorsi median industri dengan multiplicr industri kecil

untuk setiap tahun diterapkan untuk perwakilan tahunan setiap perusahaan melaporkan penjualan di industri yang untuk tahun yang menciptakan pasar diperhitungkan nilai untuk kegiatan itu. Untuk perusahaan aktivitas tunggal, hasil ini bccomcs nilai diperhitungkan dari perusahaan untuk perusahaan multi-aktivitas, nilai diperhitungkan dari setiap segmen industri dijumlahkan untuk nilai diperhitungkan perusahaan. Dengan definisi, ini rcpresents valuc diperhitungkan menghasilkan estimasi nilai perusahaan jika semua kegiatan yang dinilai sebagai perusahaan yang berdiri sendiri. Logaritma natural dari rasio total nilai pasar perusahaan untuk mengukur diperhitungkan ini. Ketika rasio ini adalah positif, hal itu menghargai, dilambangkan VM, adalah disesuaikan-nilai kita menunjukkan perusahaan, jika aktivitas tunggal, lebih berharga daripada perusahaan median di industri yang disesuaikan dengan tingkat penjualan. Jika perusahaan tersebut ditetapkan sebagai sebuah perusahaan multi-aktivitas single-kegiatan benchmark (s)

IV. statistik deskriptif Sumber data Kita mulai dengan mengidentifikasi semua perusahaan dalam industri di mana perusahaan sampel kami mengoperasikan Industri Tahunan dan Full-Cakupan file, yang tergabung

dalam file COMPUSTAT atas Informasi Deriod Bisnis Amerika Serikat, dan ditutupi oleh COMPUSTAT ini 1.984,200203. Kami mengidentifikasi status aktivitas industri suatu perusahaan dari database Segmen CBI Industrial. Data segmental yang dihasilkan sebagai bagian dari Slandards Nomor 14 persyaratan di bawah Pernyataan pengungkapan Akuntansi Keuangan (FASB, 1976) dan No. 131 (FASB, 1998), yang menggantikan No. 14 dan berlaku efektif untuk tahun fiskal 1998. Perusahaan wajib melaporkan data untuk setiap segmen kegiatan mengarang pendapatan, laba usaha, o lebih dari 10 persen dari aset teridentifikasi konsolidasi perusahaan. Dasar segmentasi diserahkan kepada kebijaksanaan perusahaan, tetapi pada umumnya dibedakan di empat digit tingkat kode SIC. Kami mengidentifikasi pelaporan perusahaan
setiap dolar penjualan ol. karakteristik alorementoned sebagian besar yang disebabkan oleh perbedaan ukuran antara sampel uji dan perusahaan mcdian industri THC. Seperti disinggung sebelumnya, pemenang penghargaan adalah perusahaan terbesar dalam industri mereka dan kami mengharapkan mereka untuk menunjukkan prolitability lebih tinggi, pemanfaatan aset yang lebih rendah, dan penggunaan utang yang lebih tinggi. Kami juga berharap perusahaan-perusahaan ini untuk menghabiskan morc agresif modal Namun, tidak selalu karakteristik, pengeluaran, R & D, dan iklan. Ini menunjukkan apakah investor menghargai mereka lebih tinggi dari tes univariat penyelidikan perusahaan nilai
V. empiris Panel A dari Tabel III menampilkan ringkasan statistik untuk semua tindakan nilai bagi pemenang penghargaan dan perusahaan sampel yang cocok. Kami lirst melaporkan tiga langkah nilai konvensional yang tidak disesuaikan untuk efek industri. Industri perbandingan adjustcd valuc, kami mengukur VM disediakan sebagai perbandingan. Dalam univariat ini menekankan median bukan berarti karena nilai-nilai ekstrim di kedua ujungnya, yang tingkat. Sehubungan dengan EV, tidak ada perbedaan S1gnificant antara kedua kelompok. Namun, karena keragaman lirms, struktur industri yang berbeda dan komposisi, pengujian lebih lanjut diperlukan untuk menghilangkan efek industri terhadap nilai perusahaan,

kami menekankan industri disesuaikan valuc mcasurc VM. Wc menunjukkan bahwa keduanya berarti dan median VM untuk pemenang penghargaan positif (0,0791 dan 0,0568, menunjukkan nilai-nilai mereka sebenarnya lebih besar dari benchmark diperhitungkan. Mean dan median VM untuk pencocokan sampel jauh industri kecil dengan lcss median dari zcro (0,0103 dan -0,0078), menunjukkan perusahaan sampel yang cocok median dinilai dekat dengan atau di bawah standar industri diperhitungkan. The antara sample t-test dan uji signed-rank mengungkapkan VM untuk pemenang penghargaan secara signifikan lebih besar dari itu perusahaan pencocokan samplc 5 persen signifikansi hasil penelitian menunjukkan pemenang penghargaan jauh lebih berharga daripada tingkat. perusahaan yang sebanding dalam sampel yang cocok.

Results (English) 1:

determined Flatiron Markel. Valuc LO-sales iallo LOL all Sill Ier-acuivity Ill illness industry specific for a given year. In obtaining the multiplier for a particular industry, we use the narrowest SIC code grouping that includos at least five single activity of the company in the industry for years. We restrict the sample to the company who reported at least $ 20 million in sales to avoid distorting the median industry with small industrial multiplicr for each year the annual representation is applied to each company reported sales in the industry that created a market for the year calculated the value for that activity. For a single activity, the results of this bccomcs value is taken into account from the company for the activities of multi-national corporations, the value calculated from every segment of the industry added value accounted for firms. By definition, this rcpresents valuc calculated yield estimation of the value of the company if all activities are graded as a stand-alone company. The natural logarithm of the ratio of the total market value of companies to measure are taken into account. When this ratio is positive, it appreciates, symbolized the VM, is adjusted our values showed the company, if a single activity, the company is worth more than the median in the industry adapted to the level of sales. If the company is defined as a single multiple-company activity-activity of the benchmark (s) IV. descriptive statistics data sources we start by identifying all the companies in the industry in which the company operates an annual Industry our samples and Full-Coverage file, incorporated COMPUSTAT files over the information in the Deriod Business United States, COMPUSTAT and is covered by this 1,984.200203. We identify the status of industrial activity of a company from the CBI Industrial Segment database. Segmental data generated as part of Slandards No. 14 requirements under financial accounting disclosure statement (FASB, 1976) and no. 131 (FASB, 1998), which replaced the No. 14 and effective for fiscal year 1998. The company is obligated to report data for each segment of the activities making up income, business profits, o more than 10 percent of the assets identified the consolidation of companies. Basic segmentation was left to the discretion of the company, but is generally distinguished in four-digit SIC code level. We identify the reporting companyevery sales dollar ol. the characteristics of alorementoned mostly caused by differences in size between the test samples and the company mcdian industries THC. As mentioned previously, the winner of the award was the largest companies in their industry and we expect them to show prolitability higher, lower asset utilization, and the use of higher debt. We also expect these companies to spend a morc aggressive capital, however, is not always the characteristics, expenditures, R & D, and advertising. This indicates whether the investors value them higher than the univariate test investigation of company value V. empirical Panel A of Table III shows the summary statistics for all the action value for the award-winning companies matching samples. Our three step reporting lirst conventional value which is not adjusted for the effects of the industry. Industry comparison adjustcd valuc, we measure the VM is provided for comparison. In the univariate median emphasizes not that due to extreme values on both ends, which is level. With respect to EV, S1gnificant there is no difference between the two groups. However, due to the diversity of the lirms, the structure and composition of different industries, further testing is necessary to eliminate the effects of the industry against the value of the company, We emphasize the industry adjusted valuc mcasurc VM. WC indicates that both mean and median VM for award-winning positive (0.0791 and 0.0568, shows their actual values greater than the benchmark are taken into account. The mean and median VM for matching samples far smaller industries with median of lcss zcro (0.0103 and-0,0078), shows the company's matching sample median rated close to or below the industry standards are taken into account. Among the sample t-test and test signed-rank revealing the VM for the award-winning significantly greater than that of the company's matching samplc 5 percent results showed the significance of the award-winning far more valuable than the level. comparable companies in the sample.

Results (English) 2:

The flatiron determined Markel. Valuc iallo LOL LO-selling all-acuivity Sill Ier Ill disease specific industries for a particular year. In obtaining the multiplier for specific industries, we use the narrowest grouping SIC code includos single activity at least five companies in the industry for that year. We limit the sample to companies that reported at least $ 20 million in sales in order to avoid distortions to the industry median multiplicr small industries to annually apply for the annual representative each company reported sales in the industry for years to create the market value calculated for that activity. For enterprise single activity, these results bccomcs calculated value of the company's multi-activity, the value calculated from every segment of the industry summed up to the value of the company are taken into account. By definition, these rcpresents valuc calculated estimates the value of the company if all the activities are assessed as a stand-alone company. The natural logarithm of the ratio of the total market value of companies to measure this be taken into account. When this ratio is positive, it is appreciated, denoted VM, is adjustable Our ​​values ​​show the company, if a single activity, is more valuable than the median company in the industry that are tailored to the level of sales. If the company is set up as a multi-activity-activity single benchmark (s) IV. Descriptive statistics Data sources We start by identifying all the companies in the industries in which our sample firms operate Industry Annual and Full-Scope file, which is incorporated in the file COMPUSTAT on Information Business Deriod United States, and is covered by this COMPUSTAT 1984.200203. We identify the status of industrial activity of an enterprise database CBI Industrial Segment. Segmental data generated as part of Slandards No. 14 disclosure requirements under Statement of Financial Accounting (FASB, 1976) and No. 131 (FASB, 1998), which replaced No. 14 and is effective for fiscal year 1998. The company is required to report data for each segment of activity making up revenue, operating income, o more than 10 percent of the net identifiable assets of consolidated companies. Basic segmentation left to the discretion of the company, but generally distinguished in four-digit SIC code level. We identify reporting companies every dollar of sales ol. alorementoned characteristics largely caused by the difference in size between the test sample and the company mcdian THC industry. As alluded to earlier, the winner of the award is the largest company in their industry, and we expect them to show prolitability higher, lower asset utilization, and the use of higher debt. We also expect these companies to spend aggressively morc capital, however, is not always characteristics, expenditures, R & D, and advertising. It indicates whether investors value them higher than the value of the company's investigation univariate tests V. Empirical Panel A of Table III displays summary statistics for all actions and grades for the award-winning companies matching samples. We lirst reported three-step conventional values ​​were not adjusted for the effects of the industry. Industry comparison adjustcd valuc, we measure the VM is provided for comparison. In univariate emphasizes the median does not mean because of the extreme values ​​on both ends, that level. In connection with the EV, there is no difference between the two groups S1gnificant. However, due to the diversity lirms, structure and composition of different industries, further testing is necessary to eliminate the effects of the industry on the value of the company, we emphasize the industry adjusted valuc mcasurc VM. Wc show that both mean and median for the award-winning VM positive (0.0791 and 0.0568, showing their values ​​are actually greater than the benchmark calculated. Mean and median VM to match the sample is much smaller with lcss industry median of zcro (0 , 0103 and -0.0078), indicating the company sample from which the median rated near or below industry standards are taken into account. the between sample t-test and signed-rank test revealed the VM to the award-winning significantly larger than the company matching samplc 5 percent significance of the results showed the award-winning far more valuable than the level, comparable companies in the sample matching.