Changes in the Importance of Accounting Information. Alternatives of Valuation and Empirical Evidence for Spain
Araceli Mora Enguídanos
Pablo José Vázquez Veira
The aim of this study is to investigate systematic changes in the importance of accounting data for the Spanish Market. To achieve this, the results of three alternative methodologies are shown and compared. The first alternative takes the determination coefficient (R2) as an important measure, where the result and net wealth appear as the independent variables, and the market price as the dependent variable. In our second measure the dispersion coefficient of that decline is used. Our third measure is the total return of portfolios based on advanced accounting information. In turn, the limitations that come about from the use of a sample with a reduced number of observations (compared to other markets such as the North American one) are corrected where possible, through the comparison of the results of the three aforementioned alternative methodologies,' as well as with the introduction of valuation methods in the analysis of decline.
Value Importance; measures of importance; evolution of accounting importance.
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