Advanced Topics in Accounting

Master's Thesis from the year 2012 in the subject Business economics - Investment and Finance grade: 1 Lancaster University course: MSc Finance language: English abstract: The empirical research in this thesis aims to better understand two complimentary components. First whether there is a significant difference in the performance of accounting-based valuation models when examined across different industry types (i.e. cyclical or acyclical) and economic states (i.e. growth or recession). Second how analysts use accounting-based valuation to justify investment recommendations and whether this changes across the samples aforementioned.