Advanced Topics in Accounting

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The thesis investigates the effectiveness of accounting-based valuation models, focusing on their performance across various industry types—cyclical versus acyclical—and economic conditions, such as growth and recession. It also explores how analysts utilize these models to support investment recommendations and whether their approaches differ based on the industry and economic context. The research provides insights into the interplay between valuation methods and market dynamics, contributing to the understanding of investment strategies in varying conditions.