Abstract
This paper considers the valuation of used fixed assets. The authors claim that the tax-adjusted fundamental value (FV) model they develop yields a superior measure of value relative to the historical cost (HC) model or the current cost (CC) model, which is used by over 90% of firms in the preparation of their SEAS No. 33 disclosures. Conference participants raised questions regarding both theoretical and empirical aspects of the paper. Section 2 discusses the theoretical issues, and section 3 discusses the empirical tests.
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