The article belongs to the value relevance literature stream, whose objective is to evaluate the relevance of an accounting value in determining the firm’s market value. The article’s main aim is to test the impact of the current and forward accounting variables on the firm’s market value, after the financial crisis of 2007-2008, by analyzing these relations on the financial sector of the Italian Stock Exchange. The model employed, inspired by the Ohlson model (1995), verified the research hypotheses through multiple regression analysis for following stages by testing at first the impact of the current accounting variables, then of the forward ones on the firm’s market value. The results of the analysis show that the relation between the accounting variables, both current than forward ones, and the market price, after controlling for market risk, is fully proved on the Italian market, meaning that investors continue to credit the accounting information in assessing a firm.

La value relevance dei valori contabili dopo la crisi finanziaria: un'applicazione al mercato italiano

VELTRI, Stefania
;
SILVESTRI, ANTONELLA
2011-01-01

Abstract

The article belongs to the value relevance literature stream, whose objective is to evaluate the relevance of an accounting value in determining the firm’s market value. The article’s main aim is to test the impact of the current and forward accounting variables on the firm’s market value, after the financial crisis of 2007-2008, by analyzing these relations on the financial sector of the Italian Stock Exchange. The model employed, inspired by the Ohlson model (1995), verified the research hypotheses through multiple regression analysis for following stages by testing at first the impact of the current accounting variables, then of the forward ones on the firm’s market value. The results of the analysis show that the relation between the accounting variables, both current than forward ones, and the market price, after controlling for market risk, is fully proved on the Italian market, meaning that investors continue to credit the accounting information in assessing a firm.
2011
value relevance; borsa italiana; crisi finanziaria
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/20.500.11770/125667
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