Le contenu informatif des chiffres comptables: vers de nouvelles améliorations méthodologiques ?

Isabelle Martinez

ACCRA, 2004, vol. 10, issue 2, 9-30

Abstract: The purpose of this study is to extend the research on the information content of accounting numbers in two directions. Firstly, we test whether the explanatory power of accounting variables (earnings and cash flows) can be improved by using a nonlinear specification. Secondly, we investigate how firm-specific attributes such as size, debt level and firm life-cycle influence the relative relevance of accounting measures. Results support a nonlinear relationship between stock returns and accounting variables. They indicate also that the relevance of earnings is conditional on size, debt level and life-cycle of the firm.

Keywords: accounting information; accounting earnings; cash flows; financial markets (search for similar items in EconPapers)
Date: 2004
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