Índice de especulação de valor agregado: IEVA

Authors

  • José Roberto Kassai USP; FEA; Departamento de Contabilidade e Atuária
  • Sílvia Kassai USP; FEA; Departamento de Contabilidade e Atuária
  • Alexandre Assaf Neto USP; FEA; Departamento de Contabilidade e Atuária

DOI:

https://doi.org/10.1590/S1519-70772002000300003

Keywords:

IEVA, companies' life cycle, IEVA quadrants, Tobin's Q, EVA, MVA, market value, WACC, RROI, stock prices^i2^sspeculat

Abstract

This article proposes the creation of a balance sheet analysis model called Speculation Index of Value Added (IEVA), which is established on the basis of a mathematical formulation involving concepts related to the economic wealth of an enterprise, such as economic value added (EVA), market value added (MVA), weighted average cost of capital (WACC). In comparison with another model that already exists in literature, that is, Tobin's Q, this model contributes by means of new analyses, makes it possible to identify the level of speculation attributed to a company's market value, which is established in function of stock prices and, in accordance with the proposed analysis of the IEVA quadrants, discloses the company's life cycle. The model shows, for example, how the market value of companies whose stocks are traded in The National Association of Securities Dealer Automated Quotation (NASDAQ) would be "overestimated".

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Published

2002-12-01

Issue

Vol. 13 No. 30 (2002)

Section

Articles

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How to Cite

Kassai, J. R., Kassai, S., & Assaf Neto, A. (2002). Índice de especulação de valor agregado: IEVA . Revista Contabilidade & Finanças, 13(30), 32-45. https://doi.org/10.1590/S1519-70772002000300003