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Value-Relevance of Financial Statement Information: A Flexible Application of Modern Theories to the Vietnamese Stock Market

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  • Nguyen Viet Dung

    (Department of Financial Management, Faculty of Banking and Finance, Foreign Trade University, Vietnam)

Abstract

Based on the Ohlson’s model (1995) and the study of Aboody et al. (2002) allowing to relax the semi-strong form of the Efficient Markets Hypothesis, the paper tests the value-relevance of financial statement information on the Vietnamese stock market. Contrary to prevailing views that financial statement information is not related to stock prices in Vietnam, the results show that this relationship is statistically meaningful, though somewhat weaker than in other developed and emerging markets. In addition, there is sign that earnings and book value are reflected in stock prices with a time lag and the value-relevance of earnings becomes much higher during stock market boom periods. These results provide helpful insights to stock market authority and participants for their respective activities.

Suggested Citation

  • Nguyen Viet Dung, 2010. "Value-Relevance of Financial Statement Information: A Flexible Application of Modern Theories to the Vietnamese Stock Market," Working Papers 02, Development and Policies Research Center (DEPOCEN), Vietnam.
    • Handle: RePEc:dpc:wpaper:0210
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    Cited by:

    1. Dhiaa Shamki, 2012. "Impact of Non Accounting Information on The Value Relevance of Accounting Information: The Case of Jordan," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 2(1), pages 9-24, February.
    2. Silvia Angilella & Daniele Morelli, 2021. "Are the stock prices influenced by the publication of the annual financial statements? Evidence from the Dow Jones Industrial Average," Operational Research, Springer, vol. 21(2), pages 1031-1040, June.
    3. Tunji Siyanbola, Trimisiu & Ifeanyi Ogbebor, Peter, 2019. "The Relationship Between Accounting Information Disclosures And Investment Decisions Of Listed Firms In Nigeria," International Journal of Contemporary Accounting Issues-IJCAI (formerly International Journal of Accounting & Finance IJAF), The Institute of Chartered Accountants of Nigeria (ICAN), vol. 8(1), pages 59-77, June.
    4. Dhiaa Shamki, 2012. "Impact of Non Accounting Information on The Value Relevance of Accounting Information: The Case of Jordan," International Journal of Business and Social Research, LAR Center Press, vol. 2(1), pages 9-24, February.
    5. Meena Bhatia & Mwila J. Mulenga, 2019. "Value Relevance of Accounting Information: A Review of Empirical Evidence Across Continents," Jindal Journal of Business Research, , vol. 8(2), pages 179-193, December.
    6. Julio Pereira de Araujo & Marcos Roberto Gois de Oliveira Macedo, 2018. "Cointegration Analysis among the Variables of the Ohlson Model for Brazilian Companies," Applied Finance and Accounting, Redfame publishing, vol. 4(1), pages 122-145, February.
    7. Jamal Barzegari Khanagha, 2011. "Value Relevance of Accounting Information in the United Arab Emirates," International Journal of Economics and Financial Issues, Econjournals, vol. 1(2), pages 33-45, June.

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