MARC 主機 00000nam  2200301   4500 
001    AAI3241937 
005    20071129070344.5 
008    071129s2006                        eng d 
020    9780542980367 
035    (UMI)AAI3241937 
040    UMI|cUMI 
100 1  Oler, Mitchell Jon 
245 14 The continuing existence of firms with a market-to-book 
       ratio less than 1 
300    91 p 
500    Source: Dissertation Abstracts International, Volume: 67-
       11, Section: A, page: 4241 
500    Adviser:  Terrence J. Shevlin 
502    Thesis (Ph.D.)--University of Washington, 2006 
520    This paper examines firms with market-to-book ratio's less
       than one (MTB<1). If managers have the option to adapt 
       assets (either internally or externally via selling the 
       firm) to other uses when the expected net present value 
       from current earnings is less than the book value, a MTB 
       ratio less than one should not be observed. However, a 
       sample from 1990 to 2004 indicates 5,042 continuous firm-
       month observations (representing 3,880 firms) where the 
       MTB ratio is less than one for at least 12 consecutive 
       months, and 1 observation that lasts for 238 consecutive 
       months. I investigate three reasons why these firms 
       continue to exist though the market value of the equity is
       less than the book value: non-conservative accounting, 
       weak corporate governance, and information asymmetries 
       between the managers and the market. This paper extends 
       the research on the adaptation option and provides an 
       explicit link between firm value and corporate governance 
590    School code: 0250 
590    DDC 
650  4 Business Administration, Accounting 
690    0272 
710 20 University of Washington 
773 0  |tDissertation Abstracts International|g67-11A 
856 40 |u