Value Relevance of the Ohlson model with Mexican data
In this study, the value relevance of Mexican accounting variables is tested undereconometric terms. The aim of the study is to provide evidence of the ability of Mexicanaccounting numbers to summarize the information underlying stock prices. Theaccounting variables used are from companies listed in...
| Autores: | , , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2007 |
| País: | México |
| Institución: | Instituto Tecnológico y de Estudios Superiores de Monterrey |
| Repositorio: | Redalyc-ITESM |
| OAI Identifier: | oai:redalyc.org:39522303 |
| Acceso en línea: | https://www.redalyc.org/articulo.oa?id=39522303 |
| Access Level: | acceso abierto |
| Palabra clave: | Administración y Contabilidad C33 Panel Data Ohlson Model Value relevance JEL classifi cation: M41 |
| Sumario: | In this study, the value relevance of Mexican accounting variables is tested undereconometric terms. The aim of the study is to provide evidence of the ability of Mexicanaccounting numbers to summarize the information underlying stock prices. Theaccounting variables used are from companies listed in the Mexican stock marketfrom 1991 to 2003. The value relevance was operationalized using the Ohlson modelcriteria (1995) from the market-based accounting research fi eld. The methodologyemployed is that described by Collins, Maydew, and Weiss (1997). The econometricresults show that, under Panel Data Analysis, book value and earnings are value relevantin Mexican stock market companies, and only the book value is value relevantunder Ordinary Least Squared Regression Analysis. In addition to the Ohlson modelresults, an alternative model is presented as a better proxy of the value relevanceof the characteristics of Mexican information. The operative cash fl ow variable pershare was identifi ed as the third variable to be considered, and together with bookvalue and earnings, constitutes the alternative model. The proposed alternative modelwas tested under the full-sample and Intangible versus Tangible economical classification. In these tests, the alternative model provides extra information and betterstatistics than the original Ohlson model. |
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