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 Espanola de Financiacion y Contabilidad (Impact Factor: 0.13). 04/2000; 29(104).
Source: OAI


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 the 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 from the existence of differences in some or all of the factors characterized in the literature as the fundamental determinants of the earnings response coefficient.

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Available from: Manuel García-Ayuso Covarsí, May 12, 2014