منابع مشابه
Costly arbitrage and the convergence of price to accounting fundamentals
This paper examines the impact of arbitrage costs on the level and duration of the disparity between price and accounting information about firm value. Arbitrage costs are expected to increase the disparity between price and value. However, by increasing the potential rewards to the arbitrageur, arbitrage costs may not necessarily impede the longer-term convergence of price to value. I use the ...
متن کاملShould business and non-business accounting be different? A comparative perspective applied to the new French governmental accounting standards
With the enactment of the General Law of Finances of 2001 (LOLF, 2001), the French Government introduced a new set of accounting standards shaped by an explicit conceptual framework. This legislation retains for public sector accounting the logic of financial reporting that had been in effect for business enterprises, but also addresses the “specificities” of accounting for public sector entiti...
متن کامل“governmental Accounting Reform in the Greek Public Hospitals: Some Preliminary Results of Its Implementation”
The reforms in the public sector accounting and financial management, as an important part of the New Public Management (NPM) initiative, have attracted considerable interest all over the world. The purpose of this study is to present empirical results related to the introduction and implementation of a governmental financial accounting reform in the public health sector in Greece five years af...
متن کاملThe usefulness of accounting fundamentals and other prospectus information in the valuation of IPO firms
† We acknowledge the useful comments from Nerissa Brown, Woo-Jin Chan, Jeff Coulton, Neil Fargher, Sarah McVay, Gil Sadka, Andreas Simon and participants at the AFAANZ Annual Conference in 2005. This work was started by Andrew Lynch as part of his honour’s thesis at the University of Melbourne, and completed while Asher Curtis and Julian Yeo were PhD students at the University of New South Wale...
متن کاملThe Relevance of Using Accounting Fundamentals in the Mexican Stock Market
This paper examines the value relevance of accounting fundamentals in the Mexican Stock Market ([BMV] – Bolsa Mexicana de Valores). The research question that motivated the paper was: Can accounting fundamentals provide relevant information to better understand firm value? More specifically, the paper examines whether the application of an accounting fundamental strategy to select stocks of a p...
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ژورنال
عنوان ژورنال: Journal of the Royal Statistical Society. Series A (General)
سال: 1951
ISSN: 0035-9238
DOI: 10.2307/2981102