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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- 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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- David Aboody, 2002. "Measuring Value Relevance in a (Possibly) Inefficient Market," Journal of Accounting Research, Wiley Blackwell, vol. 40(4), pages 965-986, 09.
- 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.
- Barry Harrison & David Paton, 2005.
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- Barry Harrison & David Paton, 2004. "Transition, the Evolution of Stock Market Efficiency and Entry into EU: The Case of Romania," Economic Change and Restructuring, Springer, vol. 37(3), pages 203-223, 09.
- Basu, Sudipta, 1997. "The conservatism principle and the asymmetric timeliness of earnings," Journal of Accounting and Economics, Elsevier, vol. 24(1), pages 3-37, December.
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