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Un análisis comparativo de la relevancia de la información contable para la formación de los precios en los mercados capitales de la Unión Europea

Revista española de financiación y contabilidad, ISSN 0210-2412, Nº 104, 2000, pags. 483-510 01/2000;
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ABSTRACT The literature published to date in the area of International Accounting has documented the existence of differences in accounting practices across the member countries of hte European Union. This paper analyzes the value relevance of accounting information in European capital markets and provides empirical evidence on the existence of significant differences in the relevance attached by investors to accounting information across the countries of the Union. The evidence presented in the paper suggests that such differences may not be fully explained in terms of the differences in accounting systems persisting despite the harmonization efforts undertaken in the last few years. Our results indicate that in order to create a European capital market, it is still necessary to overcome important problems arising form the existence of differences in some or all of the factors characterized in the literature as the fundamental determinants of the earnings reponse coefficient. La investigación realizada hasta la fecha en el marco de lo que se ha dado en denominar Contabilidad Internacional, ha documentado la existencia de diferencias entre las prácticas contables en los diferentes países miembros de la Unión Europea. Este trabajo investiga la relevancia valorativa de la información contable en los mercados de capitales de la Unión y proporciona evidencia empírica sobre la existencia de diferencias significativas en la relevancia que los inversores atribuyen a las cifras contables en los diferentes países miembros. Los resultados indican que esas diferencias no pueden entenderse únicamente como la consecuencia de las diferencias en los rasgos característicos de los sistemas contables vigentes en la UE, que subsisten a pesar del esfuerzo armonizador iniciado hace ya algunos años. La evidencia obtenida sugiere que para que la creación de un mercado financiero panaeuropeo sea factible, es necesario aún superar dificultades importantes que se derivan de la existencia de notables divergencias en algunos o todos los factores susceptibles de condicionar el valor del coeficiente de respuesta al resultado

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    ABSTRACT: Over the last decade we have witnessed an increasing process of globalisation in economic activity, in which the capital markets have inevitably been involved. Against this background, this paper presents a comparative study of the relevance of earnings and their components (operating, financial and extraordinary income) in 36 countries that are representative of different regions, levels of market development, accounting systems, etc. The results of our research confirm those obtained from earlier studies, providing evidence of the relevance of earnings figures for valuation purposes, regardless of the market analysed. Nevertheless, the importance of this information differs between countries. We have also established that the disaggregation of earnings into the component parts of the income statement provides the investor with incremental information regarding the market value of the company in question.
    Documentos de trabajo ( Universidad de Zaragoza. Facultad de Ciencias Económicas y Empresariales ), Nº. 2, 2003.

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Jun 3, 2014