Articlehybrid2012

The Impact of Accounting Information on Stock Prices: Evidence from the Athens Stock Exchange

Michalis Glezakos · John Mylonakis · Charalampos Kafouros

61 citations0/0 files storedInternational Journal of Economics and Finance

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Financial Markets and Investment Strategies Financial Analysis and Corporate Governance Financial Reporting and Valuation Research

Abstract

Past empirical research indicates that, in an increasing number of countries, certain accounting parameters affect the course of stock prices. Moreover, that this effect becomes stronger with time. The present study examines the impact of earnings and book value in the formulation of stock prices on a sample of 38 companies listed in the Athens Stock Market during the 1996-2008 period. The resulting evidence suggests that the joint explanatory power of the above parameters in the formation of ???ck prices increases over time. However, the impact of earnings is diminishing, compared to the book value, while investors strive towards analysing the fundamental parameters of businesses. Finally, multicollinearity was traced between the earnings and book value variables.

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References

1995Earnings, Book Values, and Dividends in Equity Valuation*1997The conservatism principle and the asymmetric timeliness of earnings1 1995The information content of losses 1999The Boundaries of Financial Reporting and How to Extend Them 1999Have Financial Statements Lost Their Relevance?1997Changes in the value-relevance of earnings and book values over the past forty years 1996Value-relevance of nonfinancial information: The wireless communications industry 1989Financial statement analysis and the prediction of stock returns

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