Mark Brown 
Advanced Topics in Accounting [PDF ebook] 
Equity Valuation Using Accounting Numbers in the Context of Cyclical and Defensive Industries that are in Economic Growth or Recession

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.