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An Econometric Model of a Firm’s Financial Statements

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Author Info

  • Otavio De Medeiros

    (Universidade de Brasilia, Brazil)

Abstract

This paper reports the construction and testing of an econometric model designed to represent a firm’s financial statements. More specifically, the paper aims at showing how a firm’s financial statements can be empirically explained by means of a simultaneous equations structural model connecting macro and microeconomic (market) variables with accounting variables. We also present forecasts for the financial statements. The firm to which the model is applied is a monopoly in the Brazilian domestic market for petroleum products and the largest Brazilian firm in operation. The results obtained are consistent with the expectations associated to the structural model. Applications stemming from the study include financial analysis, forecasting and planning, as well as firm valuation.

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File URL: http://128.118.178.162/eps/fin/papers/0503/0503020.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Finance with number 0503020.

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Length: 10 pages
Date of creation: 16 Mar 2005
Date of revision:
Handle: RePEc:wpa:wuwpfi:0503020

Note: Type of Document - pdf; pages: 10
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Web page: http://128.118.178.162

Related research

Keywords: econometric model; accounting; financial statements; Brazilian firm; simultaneous equations;

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References

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  1. Stowe, John D & Watson, Collin J & Robertson, Terry D, 1980. " Relationships between the Two Sides of the Balance Sheet: A Canonical Correlation Analysis," Journal of Finance, American Finance Association, vol. 35(4), pages 973-80, September.
  2. Marsh, Paul, 1982. " The Choice between Equity and Debt: An Empirical Study," Journal of Finance, American Finance Association, vol. 37(1), pages 121-44, March.
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Cited by:
  1. Otavio Ribeiro de Medeiros & Bernardus Ferdinandus Nazar Van Doornik & Gustavo Rezende de Oliveira, 2011. "Modeling and forecasting a firm’s financial statements with a VAR – VECM model," Brazilian Business Review, Fucape Business School, vol. 8(3), pages 20-39, July.

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