Análisis crítico de la eficiencia del mercado de capitales en relación con la información contable
DOI:
https://doi.org/10.51302/rcyt.1995.17427Resumen
El hecho de considerar la Contabilidad como un sistema de información para la toma de decisiones de los usuarios, conlleva como lógico corolario la utilidad de la información para sus decisiones, y precisamente este último aspecto es uno de los temas que más ha atraído la atención de los investigadores en los últimos años. La mayor parte de los trabajos empíricos realizados en el campo de la Contabilidad se enmarcan en el llamado paradigma utilitarista, cuyo origen puede concretarse a finales de los años sesenta. En este contexto, la Contabilidad se concibe como un sistema de información para la adopción de decisiones, adoptándose una visión integral de las distintas etapas del proceso: información-comunicación-decisión-acción.
Descargas
Citas
ABDEL-KHALIK, A.R.: The Economic Effects on Lessees of FASB Statement n.º 13, Accounting for Leases, Stamford, FASB, 1981.
ABDEL KHALIK, A.R. y J.C. MCKEOWN: «Understanding Accounting Changes in an Efficient Market: Evidence of Differential Reaction», The Accounting Review, October 1978, págs. 851-868.
ALDERMAN, C.W.: «The Role of Uncertainty Qualifications: Evidence to support the Tentative Conclusions of the Cohen Commission», Journal of Accountancy, November 1977, págs. 97-100.
ANDERSON, J.A.: «Information Interactions and Accounting Information Users Reactions», The Accounting Review, July 1975, págs. 509-511.
ANDERSON, J.C. y A.W. FRANKLE: «Voluntary Social Reporting: An Isobeta Portfolio Analisys», The Accounting Review, July 1980, págs. 467-478.
ANDERSON, J. y M. PINCUS: «Market Efficiency and Legal Liability: Some Extensions and Illustration», Accounting and Business Research, Spring 1984, págs. 169-181.
ARCAS PELLICER, M.J.: «Estudio de la asociación entre riesgo sistemático de mercado y determinadas variables contables», Revista Española de Financiación y Contabilidad, Enero- Marzo 1991, págs. 127-150.
ARCHIBALD, T.R.: «Stock Market Reaction to Depreciation Switch-Back», The Accounting Review, January 1972, págs. 22-30.
ARNOLD, J: «Capital Market Efficiency and Financial Reporting», en CARSBERG, B. y S. DEV eds., External Financial Reporting, Prentice Hall International, London 1984, págs. 1-15.
BALL, R.: «Changes in Accounting Techniques and Stock Prices», Journal of Accounting Research, Supplement 1972, págs. 1-38.
BALL, R.: «The Earnings-price Anomaly», Journal of Accounting and Economics 15, 1992a, págs. 319-345.
BALL, R.: «What do we Know about Market Efficiency?» Working Paper, Predoctoral Colloquium, EL Escorial, Madrid 26-27, April 1992b.
BALL, R. y P. BROWN: «Some Preliminary Findings of the Association Between the Earnings of a Firm, the Industry and the Ecconomy», Journal of Accounting Research, Supplement 1967, págs. 55-77.
BALL, R. y P. BROWN: «An Empirical Evaluation of Accounting Income Numbers», Journal of Accounting Research, Autumn 1968, págs. 159-178.
BALL, R., R.G. WALKER y G.P. WHITTRED: «Audit Qualifications and Share Prices», Abacus, June 1979, págs. 23-34.
BAMBER, L.S.: «Unexpected earnings, firm size, and trading volume around quarterly earnings announcements», The Accounting Review, July 1987, págs. 510-532.
BANKS, D.W. y W.R. KINNEY Jr.: «Loss Contingency Reports and Stock Prices: An Empirical Study», Journal of Accounting Research, Spring 1982, págs. 240-254.
BARRETT, M.E.: «Financial Reporting Practices: Disclosure and Comprehensiveness in an International Setting», Journal of Accounting Research, Spring 1976, págs. 10-26.
BASKIN, E.F.: «The Communicative Effectiveness of Consistency Exceptions», The Accounting Review, January 1972, págs. 38-51.
BASU, S.: «The Information Content of Price Earnings Ratios», Financial Management, Summer 1975, págs. 53-63.
BASU, S.: «Investment Performance of Common Stocks in Relation to their Price-Earnings Ratios: A Test of the Efficient Market Hypothesis», Journal of Finance, June 1977, págs. 663-681.
BEAVER, W.H.: «The Information Content of Annual Earnings Announcements», Journal of Accounting Research, Supplement 1968, págs. 67-92.
BEAVER, W. H.: «What Should be the Financial Accounting Standards Board Objectives?», Journal of Accoutancy, August 1973, págs. 49-56.
BEAVER, W.H.: Financial Reporting: an Accounting Revolution, Prentice-Hall International, Englewood Cliffs, New Jersey, 1981a.
BEAVER, W.H.: «Market Efficiency», The Accounting Review, January 1981b, págs. 23-37.
BEAVER, W.H. y W.R. LANDSMAN: Incremental Information Content of Statement 33 Disclosures, FASB, Stamford, Connecticut, 1982.
BEAVER, W.H. y J. MANEGOLD: «The Association Between Market Determined and Accounting Determined Accounting Measures of Systematic Risk: Some Further Evidence», Journal of Financial and Quantitative Analysis, June 1975, págs. 231-284.
BEAVER, W.H., A.A. CHRISTIE y P.A. GRIFFIN: «The Information Content of SEC Accounting Series Release Num. 190», Journal of Accounting and Economics, August 1980, págs.127-157.
BEAVER W., R. CLARKE y W. WRIGHT: «The Association between Unsystematic Security Returns and the Magnitude of Earnings Forecast Errors», Journal of Accounting Research, Supplement 1980, págs. 235-280.
BEAVER W., P. KETTLER y M. SCHOLES: «The Association Between Market Determined and Accounting Determined Risk Measures», The Accounting Review, October 1970, págs. 654-682.
BEAVER W., R. LAMBERT y D. MORSE: «The Information Content of Security prices», Journal of Accounting and Economics, March 1980, págs. 3-28.
BIDDLE G.C. y F.W. LINDAHL: «Stock Price Reactions to LIFO Adoptions: The Association Between Excess Returns and LIFO Tax Savings», Journal of Accounting Research, Autumn 1982, págs. 551-588.
BILDERSEE, J.S.: «The Association Between a Market-Determined Measure of Risk and Alternative Measures of Risk», The Accounting Review, January 1975, págs. 81-98.
BOWEN R.M., D. BURGSTAHLER y L.A. DALEY: «The Incremental Information Content of Accrual versus Cash Flow», The Accounting Review, October 1987, págs. 723-747.
BROOKFIELD D. y R. MORRIS: «The Market Impact of UK Company News Announcements», European Accounting Congress, Budapest, April 1990.
CARSBERG, B y S. DEV: External Financial Reporting, Prentice Hall International, London 1984.
CHAMBERS, R.J.: «Stock Market Prices and Accounting Research», Abacus, June 1974, págs. 39-54.
CHAPMAN FINDLAY III, M.: «On Market Efficiency and Financial Accounting», Abacus, December 1977, págs. 106-122.
CREADY, W.M y P.G. MYNART: «The Information Content of Annual Reports: A Price and Trading Response», The Accounting Review, April 1991, págs. 291-312.
DAWSON, S.M.: «The Trend Toward Efficiency for Less-Developed Stock Exchanges: Hong Kong», Journal of Business, Finance and Accounting, Summer 1984, págs. 151-156.
DEFEO, V.J.: «An Empirical Investigation of the Speed of the Market Reaction to Earnings Announcements», Journal of Accounting Research, Autumn 1986, págs. 351-363.
DODD, P., N. DOPUCH, R.W. HOLTHAUSEN y R.W. LEFTWICH: «Qualified Audit Opinions and Stock Prices», Journal of Accounting and Economics, April 1984, págs. 3-38.
DOPUCH, N., R.W. HOLTHAUSEN y R.W. LEFTWICH: «Abnormal Stock Returns Associated with Media Disclosures of 'Subject to' Qualified Audit Opinions», Journal of Accounting and Economics, June 1986, págs. 93-117.
ELLIOT, J.A.: «'Subject to' audit opinions and abnormal security returns - Outcomes and ambiguities», Journal of Accounting Research, Autumn 1982, págs. 617-638.
FAMA, E.: «Random walk in stock market prices», Financial Analysts Journal, September- October 1965, págs. 3-7.
FAMA, E.F.: «Efficient Capital Markets: A Review of Theory and Empirical Work», Journal of Finance, May 1970, págs. 383-417.
FAMA, E. F.: Foundations of Finance: Portfolio Decisions and Securities Prices, New York, Basic Books, 1976.
FIRTH, M.: «Qualified Audit Reports: Their Impact on Investment Decisions», The Accounting Review, July 1978, págs. 642-650.
FISHER, I.: The Theory of Interest, Kelley and Macmillan, Nueva York, 1954.
FOSTER, G.: Financial Statement Analysis, Prentice Hall International Ed., Englewood Cliffs, New Jersey, 1986.
FOSTER III, T.W., D. RANDALL y D.W. VICKREY: «The Incremental Information Content of the Annual Report», Accounting and Business Research, Spring 1986, págs. 91-98.
GINER INCHAUSTI, B.: «La Teoría del Mercado Eficiente. Implicaciones y limitaciones con respecto a la normalización contable», en XXV Años de Contabilidad Universitaria en España, IPC, Madrid, 1988, págs. 373-390.
GONEDES, N.J.: «Evidence on the Information Content of Accounting Numbers: Accounting- Based and Market-Based Estimates of Systematic Risk», Journal of Financial and Quantitative Analysis, June 1973, págs. 407-443.
GREER, W. y L. MORRISEY: «Accounting Rule Making in a World of Efficient Markets», Journal of Accounting, Auditing and Finance, Autumn 1978, págs. 49-57.
GRIFFIN, P.A.: «The Association between Relative Risk and Risk Estimates Derived from Quarterly Earnings and Dividend», The Accounting Review, July 1976, págs. 499-515.
HAGERMAN R.A., M. ZMIJEWKSI y R. SHAH: «The Association Between the Magnitude of Quarterly Earnings Forecast Errors and Risk Adjusted Stock Returns», Journal of Accounting Research, Autumn 1984, págs. 526-540.
HAND, J.: «A Test of the Extended Functional Fixation Hypothesis», The Accounting Review, October 1990, págs. 740-763.
HARRIS, T. y J. OHLSON: «Accounting Disclosures and the Markets Valuation of Oil and Gas Properties: Evaluation of Market Efficiency and Functional Fixation», The Accounting Review, October 1990, págs. 764-780.
HARRISON, T.: «Different Market Reactions to Discretionary and Non-Discretionary Accounting Changes», Journal of Accounting Research, Spring 1977, págs. 84-107.
HINES, R.D.: «The Usefulness of Annual Reports: the Anomaly between the Efficient Market Hypothesis and Shareholder Surveys», Accounting and Business Research, Autumn 1982, págs. 296-309.
HINES, R.D.: «The Implications of Stock Market Reaction (Non-Reaction) for Financial Accounting Standard Setting», Accounting and Business Research, 1984, págs. 3-14.
HOPWOOD, W.S. y J.S. MCKEOWN: «The Incremental Information Content of Interim Expenses over Interim Sales», Journal of Accounting Research, Spring 1985, págs. 161-174.
HOSKIN, R.E., J.S. HUGHES y W. RICKS: «Evidence on Incremental Information Content of Additional Firms Disclosures Made Concurrently with Earnings», Journal of Accounting Research, Supplement 1986, págs. 1-32.
HOULTHAUSEN, R. y R. VERRECHIA: «The Effect of Informedness and Consensus on Price and Volume Behavior», The Accounting Review, January 1990, págs. 191-208.
HUGHES, J.S. y W. RICKS: «Association Between Forecast Errors and Excess Returns Near To Earnings Announcements», The Accounting Review, January 1987, págs. 158-175.
JAFFE, J.F.: «Special Information and Insider Trading», The Journal of Business, July 1974, págs. 410-428.
JENNINGS R. y L. STARKS: «Information content and the Speed of Stock Price Adjustment», Journal of Accounting Research, Spring 1985, págs. 336-350.
JONES, C.P. y R.H. LITZENBERGER :«Quarterly Earnings Reports and Intermediate Stock Price Trends», Journal of Finance, March 1970, págs. 143-148.
KAPLAN, R.S. y R. ROLL: «Investor Evaluation Of Accounting Information: Some Empirical Evidence», Journal of Business, April 1972, págs. 225-257.
KRIPKE, H.: The Securities and Exchange Committee and Corporate Disclosure: Regulation in Search of a Purpose, Harcourt Brace Jovanovich Publishers, New York, 1979.
KRIPKE, H.: «Inside Information, Market Information and Efficient Markets», Financial Analysts Journal, March-April 1980, págs. 20-24.
LATANE, H.A. y C.P. JONES: «Standarised Unexpected Earnings- A Progress Report», Journal of Finance, December 1977, págs. 1.457-1.465.
LATANE, H.A., O.M. JOY y C.P. JONES: «Quarterly Data, Sort-Rank Routines, and Security Evaluation», Journal of Business, October 1970, págs. 427-438.
LEV, B.: Financial Statement Analysis: A New Approach, Prentice-Hall Englewood Cliffs, New Jersey, 1974, versión en castellano, Análisis de Estados Financieros: Un Nuevo Enfoque, ESIC, Madrid, 1978.
LEV, B.: «Towards a Theory of Equitable and Efficient Accounting Policy», Accounting Review, January 1988, págs. 1-22.
LEV, B. y J.A. OLSHON: «Market-Based Empirical Research in Accounting: A Review, Interpretation and Extension», Journal of Accounting Research, Supplement 1982, págs. 249-322.
LIPE, R.C.:«The Information Contained in the Components of Earnings», Journal of Accounting Research, Supplement 1986, págs. 37-64.
LITZENBERGER, R.H., O.M. JOY y C.P. JONES: «Ordinal Predictions and the Selection of Common Stocks», Journal of Financial and Quantitative Analysis, September 1971, págs. 1.059-1.068.
MARKOWITZ, H.: Portfolio Selection: Efficient Diversification of Investments, Wiley and Sons, New York, 1969.
MARTIKAINEN, T.: «The Individual and Incremental Significance of The Economic Determinants of Stock Returns and Systematic Risk», European Accounting Congress, Budapest, 1990.
MAY, R.G.: «The Influence of Quarterly Earnings Announcements on Investor Decisions as Reflected in Common Stock Price Changes», Journal of Accounting Research, Supplement 1971, págs. 119-163.
MAYER-SOMMER, A.: «Understanding and Acceptance of the Efficient Markets Hypothesis and its Accounting Implications», The Accounting Review, January 1979, págs. 88-105.
MCNICHOLS, M. y J.G. MANEGOLD: «The Effect of Information Environment on the Relationship between Financial Disclosure and Security Price Variability», Journal of Accounting and Economics, April 1983, págs. 49-74.
MORSE, D.: «Price and Trading Volume Reaction Surrounding Earnings Announcements: A Closer Examination», Journal of Accounting Research, Autumn 1981, págs. 374-383.
OSBORNE, M.F.M.: «Brownian Motion in the Stock Market», Operations Research, March- April 1959, págs. 145-173.
PATZ, D. y J. BOATSMAN: «Accounting Principle Formulation in an Efficient Markets Environment», Journal of Accounting Research, Autumn 1972, págs. 392-403.
PUTXY, A.G. y R.C. LAUGHLIN: «A rationale reconstruction of the decision usefulness criterion», Journal of Business, Finance and Accounting, 10, 1983.
RAYBURN, J.: «The Association of Operational Cash Flow and Accruals with Security Firms», Journal of Accounting Research, Supplement 1986, págs. 112-133.
RICKS, W.E.: «The Market Response to the 1974 LIFO Adoptions», Journal of Accounting Research, Autumn 1982, págs. 367-387.
ROBERTS, H.V.M.: «Stock Market Patterns and Financial Analysis: Methodological Suggestions», Journal of Finance, March 1959, págs. 1-10.
SAMUELSON, P.A.: «Proof that Properly Anticipated Prices Fluctuate Randomly», Sloan Management Review, Spring 1965, págs. 41-49.
SEPE, J.: «The Impact of the FASBs 1974 GPL Proposal on the Security Price Structure», The Accounting Review, July 1982, págs. 467-485.
SHANE, B.P. y SPICER B.H: «Market Response to Environmental Information Produced Outside the Firm», The Accounting Review, July 1983, págs. 521-538.
SHARPE, W.F.: «A Simplified Model for Portfolio Analysis», Management Science, January 1963, Págs. 277-293.
SHORES, D.: «The Association Between Interim Information and Security Returns Surrounding Earnings Announcements», Journal of Accounting Research, Spring 1990, págs. 164-181.
SUÁREZ SUÁREZ, A.: Decisiones Optimas de Inversión y Financiación en la empresa, Ediciones Pirámide S.A., Madrid 1983.
SUNDER, S.: «Relationship Between Accounting Changes and Stock Prices: Problems of Measurement and Some Empirical Evidence», Journal of Accounting Research, supplement 1973, págs. 1-45.
TÚA PEREDA, J.: La Investigación Empírica en Contabilidad. La Hipótesis de Eficiencia de Mercado, Instituto de Contabilidad y Auditoría de Cuentas. Ministerio de Economía y Hacienda, Madrid 1991.
WATTS, R. y J. ZIMMERMAN: Positive Accounting Theory, Prentice Hall International Editions, New Jersey 1986.
WILSON, G.P.:«The Relative Information Content of Accrual and Cash Flows: Combined Evidence of the Earnings Announcement and Annual Report Release Date», Journal of Accounting Research, Supplement 1986, págs. 165-200.
WYATT, A.: «Efficient Market Theory. Its Impact on Accountancy», Journal of Accountancy, February 1983, págs. 56-63.
