Contenido informativo del beneficio empresarial: información financiera versus información contable

• Autores: Constantino José García, María Begoña Herrero Piqueras, Ana María Ibáñez Escribano
• Localización: Revista española de financiación y contabilidad, ISSN 0210-2412, Nº 140, 2008, págs. 765-794
• Idioma: español
• DOI: 10.1080/02102412.2008.10779658
• Texto completo no disponible (Saber más ...)
• Dialnet Métricas: 7 Citas
• Resumen

  • El objetivo del trabajo es estudiar el proceso de formación de precios alrededor de la divulgación del beneficio contable y de la publicación de las predicciones que sobre el mismo realizan los analistas a través del estudio de la rentabilidad y la variabilidad del valor de los títulos cotizados en el mercado continuo español. El estudio abarca desde el tercer trimestre del 2000 al cuarto trimestre del 2002. Además se analizan las posibles diferencias en el proceso de formación del precio que pueden surgir como consecuencia de aspectos tales como la relevancia de la información transmitida (anuncios sobre los resultados contables en los diferentes trimestres o previsiones del beneficio anual de los analistas), la precisión de la información comunicada (fuente de divulgación de la noticia) o la cantidad de información previa (empresas grandes frente a empresas pequeñas), diferenciando en todos los casos el carácter bueno o malo de la noticia

• Referencias bibliográficas
  • ABARBANELL, J. S.; LANEN, W. N., y VERRECCHIA, R. E. 1995. Analysis' forecasts as proxies for investor beliefs in empirical research....
  • ACKER, D. 2002. Implied Standard Deviations and post-earnings announcement volatility, Journal of Business Finance and Accounting, 29, 429-456.
  • ACKER, D.; STALKER, M., y TONKS, I. 2002. Daily closing inside spreads and trading volumes around earnings announcements. Journal of Busines...
  • ARCAS, M. J., y REES, W. P. 1999. Regularities in the equity price response to earnings announcements in Spain. European Accounting Review,...
  • ATIASE. R. K. 1985. Predisclosure information, firm capitalization and security price behaviour around earnings announcements, Journal of...
  • - 1987. Market implications of predisclosure information: size and exchange effects. Journal of Accounting Research, 25, 168-176.
  • BALL, R., y BROWN, P. 1968. An empirical evaluation of accounting income numbers, Journal of Accounting Besearch Autumn, 159-178.
  • BALL, R.; BROWN, P., y KOTHARI, S. P. 1991. Security returns around earnings announcements, Accounting Review, 66, 718-738.
  • BEAVER, W. 1968. The information content of annual earnings announcements. Empirical research in accounting: selected studies, 6 supplement,...
  • BEAVER, W.; CLARKE, R., y WRIGHT, W. 1979. The association between unsystematic security returns and the magnitude of earnings forecast errors,...
  • BERNARD, V. L., y THOMAS, J. K. 1989. Post earnings announcement drift: delayed price response or risk premium?, Journal of Accounting Research,...
  • BLANCO, R. 2000. Efectos sobre la volatilidad del mercado bursátil de la introducción de los contratos de futuros y opciones sobre el índice...
  • BLASCO, N.; CORREDOR, P., y SANTAMARÍA, R. 2002. Is bad news cause of asymmetric volatility response? A note, Applied Economics, 34, 1.227-1.231.
  • BLACK, F. 1986. Presidencial ardes: noise, Journal of Finance, 41, 529-543.
  • BOOTH, G. G.; KALLUINKI, J., y MARTIKAINEN, T. 1997. Delayed price; response to the announcements of earnings and its components in Finland,...
  • BROOKS, R. M. 1994. Bid-ask spread components around anticipated announcements, Journal of Financial Research 27, 375-386.
  • CORNELL, B., y LANDSMAN, W. 1989. Security price response to quarterly earnings announcements and analysts' forecast revisions, Accounting...
  • DEMPSEY, S. J. 1989. Predisclosure information search incentives, analyst following and earnings announcement price response, Accounting Review,...
  • ELGERS, P. T.; LO, M. H., y PFEIFFER, R. J. 2001. Delayed security price adjustments to financial analysts' forecasts of annual earnings,...
  • ELSHARKAWY, A., y GARROD, N. 1996. The impact of investor sophistication on price responses to earnings news, Journal of Business Finance...
  • FAMA, E. F., y FRENCH, K. R. 1992. The cross-section of expected stock returns, Journal of Finance, 47, 427-465.
  • - 1993. Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3-56.
  • FARLNÓS, J. E.; GARCÍA, C. J., E IBÁN̈EZ, A. M. 2002. Comportamiento a largo plazo de las OPV subsiguientes en el mercado español, Instituto...
  • FERNÁNDEZ, E., y GARCÍA, M. 2001. Los efectos lunes y tamaño: Una justificación basada en las asimetrías de información, Análisis Financiero,...
  • GAJEWSKI, J., y QUÉRÉ, B. P. 2001. The information content of earnings and turnover announcements in Franco, European Accounting Review, 10,...
  • GARCÍA, C. J., HERRERO, B., E IBÁÑEZ, A. M. 2005. Estudio del efecto informativo del anuncio de beneficios trimestrales, Instituto Valenciano...
  • GIVOLY, D., y LAKONISHOK. J. 1979. The information content of financial analysts' forecasts of earnings, Journal of Accounting and Economics,...
  • GLEASON, C. A., y LEE, C. M. C. 2003. Analyst forecast revisions and market price discovery. Accounting Review, 78, 193-225.
  • GRAHAM, J. R.; KOSKI, J. L., y LOEWENSTEIN, U. 2006. Information flow and liquidity around anticipated and unanticipated dividend announcements....
  • GRANT, E. B. 1980. Market implications of differential amounts of interim information, Journal of Accounting Research, 18, 255-268.
  • GRIFFIN, P. A. 1976. Competitive information in the stock market: an empirical study of earnings, dividends and analysts' forecasts, Journal...
  • HAND, J. 1990. A test of the extended functional fixation hypothesis. Accounting Review, 65, 740-763.
  • HEW. D.; SKERRATT, JL; STRONG. N., y WALKER, M. 1996. Post earnings announcement drift; some preliminary evidence for the UK, Accounting and...
  • HOLTHAUSEN, R., y VERRECCHIA, R., 1989. The effect of informativeness and consensos on price and volumen behaviour. Accounting Review 65:...
  • IMHOFF, E. A., y LOBO, G. J. 1984. Information content of analysts' composite forecast revisions, Journal of Accounting Research, 22,...
  • JAFFE, J. F. 1974. Special information and insider trading, Journal of Business, July, 410-428.
  • KALLUNKI, J. 1996. Stocks returns and earnings announcements in Finland, European Accounting Review, 5, 199-216.
  • KIM, S., y ODGEN, J. 1996. Determinants of the components of bid-ask spreads on stocks, European Financial Management, 1, 127-145.
  • KIM, O., y VERRECCHIA, R. 1991. Market reaction to anticipated announcements, Journal of Financial Economics, 30, 273-309.
  • KIM, O., y VERRECCHIA, R. 1997. Pre-announcement and event period private information. Journal of Accounting and Economics, 24, 395-420.
  • KRINSKY. I., y LEE, J. 1996. Earnings Announcements and the components of the bid-ask spread, Journal of Finance, 51, 1.523-1.535. (Pubitemid...
  • KROSS, W., y SCHROEDER, D. 1989. Firm prominence and the differential information content of quarterly earnings announcements, Journal of...
  • LANDSMAN, W. R., y MAYDEW, E. L. 2001. Beaver (1968) revisited: has the information content of quarterly earnings announcements declined in...
  • LAURENT, M. 2000. The effect of earnings release for Belgian listed companies, Working Paper WP-CEB, n. o 03/005, Université Libre de Bruxelles
  • LEE, C. M. C. 2001. Market effieciency and accounting research: a discussion of «Capital market research in accounting» by KOTHARI, S. P....
  • LIBBY. T. R., y MATHIEU y ROBB, S. 2002. Earnings announcements and information asymmetry: an intra-day analysis, Contemporary Accounting...
  • LIPE, R.; BRYANT, L., y WIDENER, S. 1998. Do nonlinearity, firm-specific coefficients, and losses represent distinct factors in the relation...
  • MANDELKER, G. 1974. Risk and return: the case of merging firms, Journal of Financial Economics, 1, 303-335.
  • MENDENHALL, R., y NICHOLS, W. 1988. Bad news and differential market reactions to announcements of earlier quarters versus fourth quarter...
  • MOHAMMED, S., y YADAV, P. 2002. Quality of information and volatility around earnings announcements, Working Paper SSRN, disponible en: http://papers.ssrn....
  • ODABASSI, A. 1998. Security returns' reactions to earnings announcements: a case study on the Istanbul stock exchange, Review of Social,...
  • OPONG, K. K. 1995. The information content of interim financial reports: UK evidence, Journal of Business Finance and Accounting, 22, 269-279.
  • OTOGAWA, K. 2003. Market liquidity around quarterly earnings announcements: evidence from Japan, Working Paper, Kobe University.
  • PATELL. J. M. 1976. Corporate forecasts of earnings per share and stock price behaviour: empirical test, Journal of Accounting Research, 14,...
  • POPE, P., y INYANGETE, CH. G. 1992. Differential information, the variability of UK stock returns and earnings announcements, Journal of Business...
  • SALAMON, G. L., y STOBER, T. L. 1994. Cross-quarter differences in stock price responses to earnings announcements: fourth-quarter and seasonality...
  • SANABRIA, S. 2005. Comportamiento de los precios y volúmenes de negociación ante anuncios de bene-ficios anuales, Revista de Economía Financiera,...
  • SHILLER, R. J. 1984. Stock prices and social dynamics, Brookings Papers on Economic Activity, 2, 457-510.
  • VENKATESH, P. C., y CHUNG, R. 1986. Information asymmetry and the dealer's bid-ask spread A case study of earnings and dividend announcements,...
  • YOHN, T. 1998. Information asymmetry around earnings announcements, Review of Quality Finance and Accounting, 11, 165-182.