Gabriel Preinreich

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Gabriel AD Preinreich (born July 30, 1893 in Sopron , † April 17, 1951 in the USA) was an economist and is considered the founder of the Preinreich-Lücke theorem and thought leader in the field of depreciation theory , the determination of goodwill and modern finance .

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Dividend irrelevance

Prein Empire is regarded as thought leaders for the future of the Nobel laureates Franco Modigliani and Merton Howard Miller in 1961 proved Modigliani-Miller Dividendenirrelevanz (in English: Modigliani-Miller dividends irrelevancy [abbr MMDI.]). The first theorem of the Modigliani-Miller theorems states, among other things, that a dividend payment does not affect immediate profit , but does affect book value.

"The yield of common stocks is not dependent upon the corporate dividend policy so long as that policy conforms to the principle of good management."

- Gabriel Preinreich in The Fair Value and Yield of Common Stock

Preinreich-Lücke theorem

Preinreich is also considered to be the founder of the Preinreich-Lücke theorem. The Preinreich-Lücke theorem states that the net present value of the residual profits corresponds to the net present value of the excess payments. However, this only applies if the differences are based on different periods of payments or payments compared to costs and services. ( See main article Preinreich-Lücke theorem )

Congruence principle

Preinreich is considered to be the founder of the congruence principle (pagatorial principle), referred to in English as clean surplus accounting . The congruence principle states that the sum of the accounting period profits corresponds in the long term to the sum of the payment surpluses.

"A fundamental truth about accounting is that, given perfect and unlimited foresight, no matter at what value an asset is placed on the books and no matter in what haphazard way it is amortized over its unexpired life, the discounted excess profits plus the recorded value will always give the true fair market value, even though both the investment and the excess profits are measured incorrectly. This statement is a simple theorem of arithmetic. "

- Gabriel Preinreich in Valuation and Amortization

Fonts

  • Stock Yields, Stock Dividends and Inflation . The Accounting Review, 7 (December), pp. 273-289, (1936)
  • The Law of Goodwill . The Accounting Review, 11 (December), pp. 317-329, (1936)
  • Goodwill in Accountancy . Journal of Accountancy (January), pp. 28-50, (1937)
  • Annual Survey of Economic Theory: The Theory of Depreciation . Econometrica (July), pp. 219–241, (1938)
  • Economic Theories of Goodwill . Journal of Accountancy (July), pp. 169-180, (1939)
  • Note on the theory of depreciation . Econometrica (January), pp. 80–88, (1941)

literature

  • Richard P. Brief (Ed.): A Landmark in Accounting Theory. The Work of Gabriel AD Preinreich (New Works in accounting history). Garland Publ., New York 1996, ISBN 0-8153-2250-X .

Web link

Individual evidence

  1. ^ The Fair Value and Yield of Common Stock . The Accounting Review, 11 (March), 137, (1936)
  2. ↑ Valuation and Amortization . The Accounting Review, 12 (September), 220, (1937)
personal data
SURNAME Preinreich, Gabriel
ALTERNATIVE NAMES Preinreich, Gabriel AD
BRIEF DESCRIPTION Economist
DATE OF BIRTH July 30, 1893
PLACE OF BIRTH Sopron
DATE OF DEATH April 17, 1951
Place of death United States