Journal of Economics, Finance and Administrative Science

URI permanente para esta comunidadhttps://hdl.handle.net/20.500.12640/4090

La Journal of Economics, Finance and Administrative Science (JEFAS), de la Universidad ESAN, es una publicación académica de acceso abierto que presenta investigaciones revisadas por pares en administración, economía y finanzas, con un enfoque en el contexto latinoamericano e iberoamericano. Fundada en 1992 como Cuadernos de Difusión, en 2009 cambió de nombre a su actual denominación como JEFAS. Ha evolucionado en colaboración con importantes editoriales, como Elsevier y actualmente Emerald Publishing. La revista publica investigaciones de alta calidad sin costo para los autores, con el respaldo de ESAN y su compromiso con la difusión del conocimiento científico y académico, y la práctica gerencial.

Examinar

Filtros

2013 - 20182

Ajustes

Tema: search.filters.subject.Earnings

Resultados de la búsqueda

Mostrando 1 - 2 de 2
  • Miniatura
    ÍtemSolo Metadatos
    The relevance of using accounting fundamentals in the Mexican stock market
    (Universidad ESAN. ESAN Ediciones, 2013-10-30) Dorantes Dosamantes, Carlos Alberto
    This paper examines the value relevance of accounting fundamentals in the Mexican Stock Market ([BMV] – Bolsa Mexicana de Valores). The research question that motivated the paper was: Can accounting fundamentals provide relevant information to better understand firm value? More specifically, the paper examines whether the application of an accounting fundamental strategy to select stocks of a portfolio can systematically yield significant and positive excess market buy-and-hold returns after one and two years of portfolio formation. Based on valuation theory, accounting research and the maturity level of the BMV, a set of accounting fundamental signals is proposed that reflects information that influences security prices, but not necessarily in a timely manner. Using quarterly financial and market data from 196 BMV stocks from 1991 to 2011, it is shown that after controlling for earnings, book-to-market ratio and firm size, the fundamental strategy proposed here provides value information relevant to investors. The relationship between the accounting fundamental signals proposed and the buy-and-hold market future return (one-year and two-year returns) is significant and positive considering the 1991-2011 period. Portfolios formed with high scores of these signals show an average of 1.62% market excess annual return between 1991 and 2011, and about 9% between 1997 and 2011. Besides the practical implication of the findings –e.g. the possibility mispriced securities– this paper contributes to the scarce accounting research in Latin American capital markets by furthering understanding of the “post-earnings” drift phenomenon in the BMV.
  • Miniatura
    ÍtemSolo Metadatos
    Earnings management para evitar reportar pérdidas: Chile,2010-2014
    (Universidad ESAN. ESAN Ediciones, 2018-07-01) Cornejo Saavedra, Edinson Edgardo
    Purpose: This paper aims to examine whether a sample of non-financial Chilean firms performed earnings management to avoid the decreases and losses in the earnings during the 2010-2014 period. Design/methodology/approach: The analysis is undertaken using the distributions of earnings changes and earnings, according to Burgstahler and Dichev (1997) methodology. Findings: The results showed unusually low frequencies of small losses and small declines in earnings and unusually high frequencies of small benefits and small increases in earnings. Both results were statistically significant. Practical implications: The study presents evidence of possible earnings management activity to avoid reporting losses and earnings decreases during the period 2010-2014. These results would allow to identify “suspicious” companies of earnings management and would increase the likelihood of detecting firms that managed upside the reported earnings or that–in an extreme case– would be committing a fraud not disclosed. Originality/value – The results of these types of studies would be useful to carry out monitoring and control activities, to increase transparency in the stock market.