TY - JOUR

T1 - Regnskabsinformation og "anden information" på det danske aktiemarked

A1 - Thinggaard,Frank

A1 - Fredslund Møller,Peder

A1 - Damkier,Jesper

AU - Thinggaard,Frank

AU - Fredslund Møller,Peder

AU - Damkier,Jesper

PB - Nationaloekonomisk Forening

PY - 2008

Y1 - 2008

N2 - SUMMARY: <em>This paper investigates the extent to which »other information« impounded</em><em> </em><p style="text-align: left"><em>in share prices in the Danish stock market in the period 1983-2001 has predictive</em></p><p style="text-align: left"><em>value regarding future accounting realisations. We both analyse the relation between</em></p><p style="text-align: left"><em>share returns and future accounting realisations within a fiscal year using an approach</em></p><p style="text-align: left"><em>similar in spirit to the classical study by Ball &amp; Brown (1968) and between fiscal years</em></p><p style="text-align: left"><em>by comparing the number of reversals in accounting numbers from one year to the next</em></p><p style="text-align: left"><em>in a »consistency group« - i.e. a group of companies where the stock market signal</em></p><p style="text-align: left"><em>(good year/bad year) corresponds to the financial statement signal - and in an »inconsistency</em></p><p style="text-align: left"><em>group« - i.e. a group of companies where the stock market signal is contrary</em></p><p style="text-align: left"><em>to the financial statement signal. Our results indicate that »other information« in stock</em></p><p style="text-align: left"><em>prices has predictive value for accounting realisations in the current fiscal year, but not</em></p><p style="text-align: left"><em>for next year. This moderate time-horizon quality is contrary to previous US results, but</em></p><p style="text-align: left"><em>supports the conclusion in another analysis of the Danish stock market.</em></p><br /> Udgivelsesdato: Nov. 2008

AB - SUMMARY: <em>This paper investigates the extent to which »other information« impounded</em><em> </em><p style="text-align: left"><em>in share prices in the Danish stock market in the period 1983-2001 has predictive</em></p><p style="text-align: left"><em>value regarding future accounting realisations. We both analyse the relation between</em></p><p style="text-align: left"><em>share returns and future accounting realisations within a fiscal year using an approach</em></p><p style="text-align: left"><em>similar in spirit to the classical study by Ball &amp; Brown (1968) and between fiscal years</em></p><p style="text-align: left"><em>by comparing the number of reversals in accounting numbers from one year to the next</em></p><p style="text-align: left"><em>in a »consistency group« - i.e. a group of companies where the stock market signal</em></p><p style="text-align: left"><em>(good year/bad year) corresponds to the financial statement signal - and in an »inconsistency</em></p><p style="text-align: left"><em>group« - i.e. a group of companies where the stock market signal is contrary</em></p><p style="text-align: left"><em>to the financial statement signal. Our results indicate that »other information« in stock</em></p><p style="text-align: left"><em>prices has predictive value for accounting realisations in the current fiscal year, but not</em></p><p style="text-align: left"><em>for next year. This moderate time-horizon quality is contrary to previous US results, but</em></p><p style="text-align: left"><em>supports the conclusion in another analysis of the Danish stock market.</em></p><br /> Udgivelsesdato: Nov. 2008

KW - Regnskabsinformation

KW - Anden information

KW - Prognoseværdi

KW - Prognoseformål

KW - Tidshorisont-kvalitet

KW - lLad indicator

KW - Ball-Brown

KW - Regnskabsreversioner

JO - Nationaløkonomisk tidsskrift

JF - Nationaløkonomisk tidsskrift

SN - 0028-0453

IS - 2

VL - 146

SP - 109

EP - 134

ER -