The Value Relevance Of Earnings In A Transition Economy: Evidence From Romanian Stock Market
The paper examines the value relevance of accounting information in Romaniancapital market between 2005 and 2010. Value relevance can be interpreted as the usefulnessof accounting data for decision making process of investors and usually its existence is givenby a positive correlation between market and book values. The paper main focus is thevariation of value relevance over the 6 years period and the influence Romania‘s adhesion toEU and consequently IFRS implementation had on it. Additionally issues like transitionprocess, accounting reforms and conservatism of financial reporting are taken intoconsideration as potential explanatory factors for the variation of this fundamental quality ofaccounting.
Volume (Year): 1 (2012)
Issue (Month): 14 ()
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- Stephen Ryan, 2006. "Identifying Conditional Conservatism," European Accounting Review, Taylor & Francis Journals, vol. 15(4), pages 511-525.
- Kousenidis, Dimitrios V. & Ladas, Anestis C. & Negakis, Christos I., 2009. "Value relevance of conservative and non-conservative accounting information," The International Journal of Accounting, Elsevier, vol. 44(3), pages 219-238, September.
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- Dobija, Dorota & Klimczak, Karol Marek, 2010. "Development of accounting in Poland: Market efficiency and the value relevance of reported earnings," The International Journal of Accounting, Elsevier, vol. 45(3), pages 356-374, September.
- David Aboody, 2002. "Measuring Value Relevance in a (Possibly) Inefficient Market," Journal of Accounting Research, Wiley Blackwell, vol. 40(4), pages 965-986, 09.
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