호텔기업과 제조기업의 이익지속성에 관한 비교연구

The Relationship Between Persistence of Abnormal Earnings in Hotel firms and Non Banking Firms

Based on Ohlson’s earning persistence thesis, this study examines whether persistence of abnormal earnings affects on the book value of equity and earnings. According to Ohlson’s theoretical framework, a firm’s market value is a function of its book value of equity, earnings, and other information, the persistence of abnormal earnings has a systematic relation with book value equity and earnings. The persistence is measured the first autocorrelation coefficient of abnormal earnings for two consecutive periods. The differences of persistence in abnormal earnings between hotel industry and manufacturing industry were compared. Results show that hotel, especially deluxe hotels have higher earning persistence coefficient than that of manufacturing industries.