| Journal: | BAR - Brazilian Administration Review |
| Database: | CLASE |
| System number: | 000335186 |
| ISSN: | 1807-7692 |
| Authors: | Coelho, Antonio Carlos1 Aguiar, Andson Braga de2 Lopes, Alexsandro Broedel2 |
| Institutions: | 1Universidade Federal do Ceara, Fortaleza, Ceara. Brasil 2Universidade de Sao Paulo, Sao Paulo. Brasil |
| Year: | 2011 |
| Season: | Ene-Mar |
| Volumen: | 8 |
| Number: | 1 |
| Pages: | 48-67 |
| Country: | Brasil |
| Language: | Inglés |
| Document type: | Artículo |
| Approach: | Analítico, descriptivo |
| English abstract | In this study, Ohlson’s Linear Information Dynamic (LID) is analyzed and the effect of other information on the abnormal earnings series is evaluated. The hypothesis that industry structure and market share have significant effects on abnormal earnings in the following period is tested, with Ohlson’s LID persistence maintained. The results confirm the premise of LID in a sample of Brazilian public firms, considering all the statistical models. The hypothesis regarding market share is rejected as its effect on the degree of abnormal earnings persistence has no informational content, either directly or jointly. Finally, the results confirm that different industries affect abnormal earnings persistence differently. In view of these results, the research hypotheses are partially rejected. It is concluded that (a) industry contains other information that can impact abnormal earnings for the following period and (b) market share (in isolation and together with industry concentration) does not imply differentiated impacts on firms’ abnormal earnings for the following period, and therefore do not reflect the presence of other information in Ohlson’s Model (1995) |
| Disciplines: | Economía |
| Keyword: | Econometría, Economía industrial, Empresas, Retornos anormales, Modelo de Ohlson, Estructura industrial, Participación de mercado, Mercados emergentes, Empresas públicas, Brasil |
| Full text: | Texto completo (Ver PDF) |
