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«Leif Atle Beisland University of Agder Dissertation submitted to the Department of Accounting, Auditing and Law at the Norwegian School of Economics ...»

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Nevertheless, the negative relationship between environmental performance and the market value of equity indicates that firms rated highly in terms of environmental performance are

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to high environmental performance being costly and thus having a negative impact on expected earnings and market values.

Hellstrøm (2006) investigates the value relevance of accounting information in a transition economy. Her analyses are conducted on a sample from the Czech Republic from 1994-2001.

She states that the objective of the study is to investigate the validity of the value relevance methodology by finding an accounting setting in which the results of value relevance tests might be predicted unambiguously, and that a transition economy represented by the Czech Republic provides such an institutional and accounting setting. As assumed, she finds that value relevance is lower in a transitional economy than in a well-developed market economy (she applies Sweden as her benchmark), but that the value relevance increases over time as a result of the progress in transition. Hellstrøm concludes that as the results of the study confirm the predicted results, they thus provide supportive evidence of the validity of the value relevance methodology. Kirch et al. (2007) apply a sample of Brazilian firms cross-listed in Brazil and the USA to study the stock price effects of earnings releases. Their findings show that there are no surprises in the market during earnings releases. This conclusion holds independently of the accounting principles followed in order to generate the information.

9 Concluding Remarks There is a large number of articles investigating value relevance subjects, and this paper reviews only a small percentage of these. Even though a lot of the reviewed articles are examples of state-of-the-art value relevance research, there are numerous excellent articles that are not commented on in this paper. The purpose of this paper is not to give an all

–  –  –

to and understanding of this line of research. This paper places value relevance research in perspective within capital market-based accounting research. Hopefully, it provides the reader with a fair knowledge of some of the most important conclusions resulting from value relevance research.

–  –  –

Aboody, D., Hughes, J., & Liu, J. (2002). Measuring Value Relevance in a (Possibly) Inefficient Market. Journal of Accounting Research, 40(4), 965-986.

Aboody, D., & Lev, B. (1998). The Value Relevance of Intangibles: The Case of Software Capitalization. Journal of Accounting Research, 36(3), 161-191.

Ahmed, A. S. (1994). Accounting earnings and future economic rents. Journal of Accounting & Economics, 17(3), 377-400.

Ali, A., & Lee-Seok, H. (2000). Country-Specific Factors Related to Financial Reporting and the Value Relevance of Accounting Data. Journal of Accounting Research, 38(1), 1Amir, E., Harris, T. S., & Venuti, E. K. (1993). A Comparison of the Value-Relevance of U.S.

versus Non-U.S. GAAP Accounting Measures Using Form 20-F Reconciliations.

Journal of Accounting Research, 31(3), 230-264.

Anthony, J. H., & Ramesh, K. (1992). Association between accounting performance measures and stock prices. Journal of Accounting & Economics, 15(2/3), 203-227.

Ayers, B. C. (1998). Deferred Tax Accounting Under SFAS No. 109: An Empirical Investigation of its Incremental Value-Relevance Relative to APB No. 11. Accounting Review, 73(2), 195.

Bae, K.-H., & Jeong, S. W. (2007). The Value-relevance of Earnings and Book Value, Ownership Structure, and Business Group Affiliation: Evidence From Korean Business Groups. Journal of Business Finance & Accounting, 34(5/6), 740-766.

Balkrishna, H., Coulton, J. J., & Taylor, S. L. (2007). Accounting losses and earnings conservatism: evidence from Australian Generally Accepted Accounting Principles.

Accounting and Finance, 47.

Ball, R., & Brown, P. (1968). An Empirical Evaluation of Accounting Income Numbers.

Journal of Accounting Research, 6(2), 159-178.

Ball, R., Kothari, S. P., & Robin, A. (2000). The effect of international institutional factors on properties of accounting earnings. Journal of Accounting & Economics, 29(1), 1-51.

Ball, R., Robin, A., & Sadka, G. (2008). Is financial reporting shaped by equity markets or by debt markets? An international study of timeliness and conservatism. Review of Accounting Studies, 13(2/3), 168-205.

Banghøj, J., & Plenborg, T. (2008). Value relevance of voluntary disclosure in the annual report. Accounting & Finance, 48(2), 159-180.

Barth, M. E. (1994). Fair Value Accounting: Evidence from Investment Securities and the Market Valuation of Banks. Accounting Review, 69(1), I-25.

Barth, M. E., Beaver, W. H., & Landsman, W. R. (1996). Value-Relevance of Banks' Fair Value Disclosures under SFAS No. 107. Accounting Review, 71(4), 513-537.

Barth, M. E., Beaver, W. H., & Landsman, W. R. (1998). Relative valuation roles of equity book value and net income as a function of financial health. Journal of Accounting & Economics, 25(1), 1-34.

Barth, M. E., Beaver, W. H., & Landsman, W. R. (2001). The Relevance of the Value Relevance Literature for Financial Accounting Standard Setting: Another View.

Journal of Accounting and Economics, 31(1-3), 77-104.





Barth, M. E., & Clinch, G. (1998). Revalued Financial, Tangible, and Intangible Assets:

Associations with Share Prices and Non-Market-Based Value Estimates. Journal of Accounting Research, 36(3), 199-233.

Barth, M. E., Cram, D. P., & Nelson, K. K. (2001). Accruals and the Prediction of Future Cash Flows. The Accounting Review, 76(1), 27-58.

- 67 Barth, M. E., & Kallapur, S. (1996). The Effects of Cross-Sectional Scale Differences on Regression Results in Empirical Accounting Research. Contemporary Accounting Research, 13(2), 527-567.

Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International Accounting Standards and Accounting Quality. Journal of Accounting Research, 46(3), 467-498.

Barua, A., Legoria, J., & Moffitt, J. S. (2006). Accruals Management to Achieve Earnings Benchmarks: A Comparison of Pre-managed Profit and Loss Firms. Journal of Business Finance & Accounting, 33(5 & 6).

Basu, S. (1997). The conservatism principle and the asymmetric timeliness of earnings.

Journal of Accounting & Economics, 24(1), 3.

Beaver, W. H. (1968). The Information Content of Annual Earnings Announcements. Journal of Accounting Research, 6(3), 67-92.

Beaver, W. H. (2002). Perspectives on Recent Capital Market Research. Accounting Review, 77(2), 453-474.

Beaver, W. H., Lambert, R., & Morse, D. (1980). The Information Content of Security Prices.

Journal of Accounting & Economics, 2(1), 3.

Beaver, W. H., Lambert, R. A., & Ryan, S. G. (1987). The Information Content of Security Prices: A Second Look. Journal of Accounting and Economics, 9(2), 139-157.

Beaver, W. H., McAnally, M. L., & Stinson, C. H. (1997). The information content of earnings and prices: A simultaneous equations approach. Journal of Accounting & Economics, 23(1), 53-81.

Ben-Hsien, B., & Da-Hsien, B. (2004). Income Smoothing, Earnings Quality and Firm Valuation. Journal of Business Finance & Accounting, 31(9/10), 1525-1557.

Bernard, V. L., & Stober, T. L. (1989). The Nature and Amount of Information in Cash Flows and Accruals. Accounting Review, 64(4), 624.

Bettman, J. L. (2007). Australian Evidence Regarding the Value-Relevance of Technical Information. Australian Journal of Management, 32(1), 57-71.

Biddle, G. C., Bowen, R. M., & Wallace, J. S. (1997). Does EVA® beat earnings? Evidence on associations with stock returns and firm values. Journal of Accounting & Economics, 24(3), 301-336.

Biddle, G. C., & Lindahl, F. W. (1982). Stock Price Reactions to LIFO Adoptions: The Association between Excess Returns and LIFO Tax Savings. Journal of Accounting Research, 20(2), 551-588.

Biddle, G. C., & Seow, G. S. (1991). The Estimation and Determinants of Associations Between Returns and Earnings: Evidence from Cross-industry Comparisons. Journal of Accounting, Auditing & Finance, 6(2), 183-232.

Biddle, G. C., Seow, G. S., & Siegel, A. F. (1995). Relative versus Incremental Information Content. Contemporary Accounting Research, 12(1), 1-23.

Bodnar, G. M., & Weintrop, J. (1997). The valuation of the foreign income of US multinational firms: a growth opportunities perspective. Journal of Accounting & Economics, 24(1), 69-97.

Bowen, R. M., Burgstahler, D., & Daley, L. A. (1986). Evidence on the Relationships Between Earnings and Various Measures of Cash Flow. Accounting Review, 61(4), 713.

Bradshaw, M. T., & Sloan, R. G. (2002). GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings. Journal of Accounting Research, 40(1), 41-66.

Brimble, M., & Hodgson, A. (2007). On the intertemporal value relevance of conventional financial accounting in Australia. Accounting & Finance, 47(4), 599-622.

- 68 Brown, S., Kin, L., & Lys, T. (1999). Use of R² in accounting research: measuring changes in value relevance over the last four decades. Journal of Accounting & Economics, 28(2), 83-115.

Brown, W. D., He, H., & Teitel, K. (2006). Conditional Conservatism and the Value Relevance of Accounting Earnings: An International Study. European Accounting Review, 15(4), 605-626.

Burgstahler, D., & Dichev, I. (1997). Earnings management to avoid earnings decreases and losses. Journal of Accounting & Economics, 24.

Callen, J. L., Hope, O.-K., & Segal, D. (2005). Domestic and Foreign Earnings, Stock Return Variability, and the Impact of Investor Sophistication. Journal of Accounting Research, 43(3), 377-412.

Callen, J. L., & Morel, M. (2005). The Valuation Relevance of R&D Expenditures: Time Series Evidence. International Review of Financial Analysis, 14(3), 304-325.

Callen, J. L., & Segal, D. (2004). Do Accruals Drive Firm-Level Stock Returns? A Variance Decomposition Analysis. Journal of Accounting Research, 42(3), 527-560.

Carnes, T. A. (2006). Unexpected Changes in Quarterly Financial-Statement Line Items and Their Relationship to Stock Prices. Academy of Accounting and Financial Studies Journal, 10(3).

Carroll, T. J., Linsmeier, T. J., & Petroni, K. R. (2003). The Reliability of Fair Value versus Historical Cost Information: Evidence from Closed-End Mutual Funds. Journal of Accounting, Auditing & Finance, 18(1), 1-23.

Caylor, M. L., Lopez, T. J., & Rees, L. (2007). Is the value relevance of earnings conditional on the timing of earnings information? Journal of Accounting & Public Policy, 26(1), 62-95.

Cazavan-Jeny, A., & Jeanjean, T. (2006). The Negative Impact of R&D Capitalization: A Value Relevance Approach. European Accounting Review, 15(1), 37-61.

Chee Yeow, L., & Patricia Mui-Siang, T. (2007). Value relevance of value-at-risk disclosure.

Review of Quantitative Finance & Accounting, 29(4), 353-370.

Chen, P., & Zhang, G. (2007). How do accounting variables explain stock price movements?

Theory and evidence. Journal of Accounting & Economics, 43(2/3), 219-244.

Chen, S., & Dodd, J. L. (2001). Operating Income, Residual Income And EVA(TM): Which Metric Is More Value Relevant? Journal of Managerial Issues, 13(1), 65.

Choi, Y.-S., Lin, S., Walker, M., & Young, S. (2007). Disagreement over the persistence of earnings components: evidence on the properties of management-specific adjustments to GAAP earnings. Review of Accounting Studies, 12(4), 595-622.

Christensen, P., & Feltham, G. A. (2003). Economics of Accounting, Volume I: Information in Markets. Springer.

Christensen, T. E., Hoyt, R. E., & Paterson, J. S. (1999). Ex Ante Incentives for Earnings Management and the Informativeness of Earnings. Journal of Business Finance & Accounting, 26(7/8), 807-832.

Christie, A. A. (1987). On Cross-Sectional Analysis in Accounting Research. Journal of Accounting and Economics, 9(3), 231-258.

Collins, D. W., & Hribar, P. (2000). Earning-based and accrual -based market anomalies: one effect or two? Journal of Accounting & Economics, 29(1), 101-123.

Collins, D. W., & Kothari, S. P. (1989). An Analysis of Intertemporal and Cross-Sectional Determinants of Earnings Response Coefficients. Journal of Accounting & Economics, 11(2-3), 143-181.

Collins, D. W., Kothari, S. P., Shanken, J., & Sloan, R. G. (1994). Lack of Timeliness and Noise as Explanations for the Low Contemporaneous Return-Earnings Association.

Journal of Accounting and Economics, 18(3), 289-324.

- 69 Collins, D. W., Maydew, E. L., & Weiss, I. S. (1997). Changes in the value-relevance of earnings and book values over the past forty years. Journal of Accounting & Economics, 24(1), 39.

Cornell, B., & Landsman, W. R. (2003). Accounting Valuation: Is Earnings Quality an Issue?

Financial Analysts Journal.

Danbolt, J., & Rees, W. (2008). An Experiment in Fair Value Accounting: UK Investment Vehicles European Accounting Review, 17(2).

Darrough, M., & Ye, J. (2007). Valuation of loss firms in a knowledge-based economy.

Review of Accounting Studies, 12.

Davis, M. L. (1990). Differential Market Reaction to Pooling and Purchase Methods.

Accounting Review, 65(3), 696-709.

Dechow, P. M. (1994). Accounting earnings and cash flows as measures of firm performance:

The role of accounting accruals. Journal of Accounting & Economics, 18(1), 3-42.

Dechow, P. M., & Ge, W. (2006). The persistence of earnings and cash flows and the role of special items: Implications for the accrual anomaly. Review of Accounting Studies, 11.

Dechow, P. M., Hutton, A. P., & Sloan, R. G. (1999). An empirical assessment of the residual income valuation model. Journal of Accounting & Economics, 26(1-3), 1-34.

Degeorge, F., Patel, J., & Zeckhauser, R. (1999). Earnings management to exceed thresholds.

Journal of Business, 72.

Dhaliwal, D., Subramanyam, K. R., & Trezevant, R. (1999). Is comprehensive income superior to net income as a measure of firm performance? Journal of Accounting & Economics, 26(1-3), 43-67.

Dontoh, A., Radhakrishnan, S., & Ronen, J. (2004). The Declining Value-relevance of Accounting Information and Non-information-based Trading: An Empirical Analysis.

Contemporary Accounting Research, 21(4), 795-812.



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