تداوم سود و قیمت سهام: شواهد تجربی از بازار در حال ظهور

According to International Accounting Standards Board (1989), the basic purpose of financial reporting is to provide capital market participants with accounting information that can be used for informed and efficient investment decision-making. The area of study aimed at exploring the relationship between available accounting information and its consequent use in pricing of financial assets is broadly categorized as value relevance research. Ever since the publication of pioneering work of Ball and Brown (1968) and Beaver (1968) who demonstrated that the information content of accounting earnings is reflected in stock returns, relevance of accounting information as an indicator of market value has attracted considerable attention. Value relevance studies attempt to empirically investigate the relationship between disclosed accounting information and stock market values (or changes in value) so as to assess the usefulness of such information for pricing of assets by investors. According to Holthausen and Watts (2001), a variable is said to be value relevant if it exhibits the predicted association with a measure of market equity value.

Research on value relevance studies was further embraced in the revolutionary work of Ohlson (1995, 1999) and Feltham and Ohlson (1995, 1996) who devised a structured model of firm value linking it with accounting data. The model introduced the innovations of linear information model(LIM) dynamics which postulated the mechanism of time series behavior and linked current information with future abnormal earnings. The work of Ohlson (1995, 1999) and Feltham-Ohlson (1995, 1996) had a profound effect on value relevance literature post-1990s with modified versions of the model been tested successfully in a number of studies and applied in varied markets with different characteristics in the past two decades. Although different empirical studies have produced varied results regarding the degree of association between accounting variables and firm value, the findings over the years have converged toward the belief that basic fundamental accounting variables (viz. earnings, book value and cash flow) approximate pricing of firm particularly well.