The Valuation of Canadian Income Trusts: Do Investors See Through Distributable Cash Management?

BVResearch Pro
Chartered Business Valuators Institute (CBV Institute)
May 17, 2010
Pascale L. Antunes
Denis Cormier
Michel Magnan

Summary

In this paper, we investigate if and why income trusts manipulate the calculation and reporting ofdistributable cash, and whether investors see through distributable cash management. Using Standardized Distributable Cash as a benchmark, we find that...
The Valuation of Canadian Income Trusts: Do Investors See Through Distributable Cash Management?
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