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| Author: | Ekholm, A. |
| Title: | New evidence on the properties of the financial statement information pricing process |
| Journal: | Liiketaloudellinen aikakauskirja
2003 : 3, p. 369-391 |
| Index terms: | Stock markets Communication Information Financial statements Pricing |
| Language: | eng |
| Abstract: | This study contributes in two ways to our knowledge of how information (here as: inf.) contained in financial statements (here as: f-st.) is interpreted and priced by the stock market. First, this study shows that investors interpret some of the inf. contained in new f-st. in the context of the inf. of prior f-st. Second, the study uses a new methodology to explore two central hypotheses (offered in earlier studies) to explain the significant connection btw. publicly available f-st. inf. and future abnormal returns. It is found that the mentioned significant connection can be explained both by that the accounting variables (here as: acc-var.) proxy for risk and by that the inf. contained in the acc-var. is priced with a delay. |
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