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Un análisis empírico de la persistencia de los resultados en las empresas norteamericanas.
By: Carmen Pineda González
ABSTRACT
Persistence of earning has contituted, no doubt, one of the main research areas in Accounting during the nineties. Within this framework, the aim of this paper is to analyze the measures of persistence identified in Accounting bibliography. Its goal is threefold: Firstly, to study the relationship between all the different measures of persistence, in order to elucidate whether all of them measure the same value factors. Secondly, to try to determine whether different companies present different levels of persistence in their earnings. And thirdly, to consider the hyothesis that the value relevance of earnings depends on their level of persistence. Empirical analysis shows that it is possible to distinguish companies on the basis of their persistence, and also that persistence is a value factor considered by the market in pricing.
KEY WORDS
Persistence; PVR; R(k); Pr; Per; Value Relevance.
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