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The Impact of Reported Financial Information on the Transfer Prices of Securities. Comparative Empirical Study

机译：报告财务信息对证券转让价格的影响。比较实证研究

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摘要

The present paper aims to achieve a comparative analysis of the informational contribution of the financial reports drawn by Romanian companies quoted on the autochthonous capital market, and the contribution to supporting the investment process brought by the financial statements drawn in an international context. The elements of the comparison are the levels of value relevance of the financial statements drawn according to US GAAP (for North America), respectively of the reports issued in conformity with the International Financial Reporting Standards (IFRS) (for the European regions). By using econometric models consecrated in specialized literature, respectively Easton & Harris (1991) and Ohlson (1995), we identified a differentiated contribution according to the accounting norms and to the economic environment where companies perform their activity, for the financial data in making investment / disinvestment decisions. This stresses, after testing the first model, a stronger deterministic connection between financial-accounting information and the stock performance recorded for LSE quoted companies compared to those on the USA capital market, respectively quoted Romanian companies that report in conformity of IFRS. Drawing the financial statements according to RAS provides the investors in the non-regulated section of the Romanian stock market with a better informational basis than in the case of the equivalent clusters analyzed. The second model, based on prices, reveals an increased intensity of the connection in the case of Romanian companies quoted in the main section of the BSE, whose dimension exceeds the association observed in the context of the other stock markets.
机译：本文旨在实现罗马尼亚公司在自动加上资本市场上引用的财务报告的信息贡献的比较分析，以及支持在国际背景下绘制的财务报表所带来的投资流程的贡献。比较的要素是根据美国GAAP（为北美）的财务报表的价值相关性，分别符合国际财务报告标准（IFRS）（为欧洲地区）。通过使用经济学模型，分别在专业文献中，分别是Easton＆Harris（1991）和Ohlson（1995），我们确定了根据会计规范和公司履行其活动的经济环境的差异，为投资的财务数据/消失决定。在测试第一个模型之后，这一强调在第一次模型之后，与美国资本市场的资金市场相比，金融会计信息与股票交判股票表现之间的更强的确定性联系，分别引用了罗马尼亚公司，该公司符合IFRS。根据RAS借鉴财务报表，为罗马尼亚股市的非监管部分提供了更好的信息基础，而不是在分析的等同群集的情况下。基于价格的第二种型号揭示了在BSE的主要部分中罗马尼亚公司的联系的情况下，其维度超出了在其他股票市场的背景下观察到的协会。

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