会計利益と株主資本の株価関連性 : 実証的証拠
スポンサーリンク
概要
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This study investigates the value-relevance of accounting information based on the generally accepted accounting principles (GAAP) current in Japan. Earnings, book value of equity, earnings-book value, earnings-book value with time trend, and Ohlson (1995) models have been estimated for 531 firms listed in the Tokyo Stock Exchange throughout the entire period from l966 to 2001. Results of this investigation indicate that the levels and changes of stock prices can better be explained with the time-trend model for earnings and book values. I have ascertained that the past time series of earnings and book values are generally value-relevant; in addition, the supplementary roles of the income statement and the balance sheet are clearly confirmed.
- 2003-03-05