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La relevancia de utilizar fundamentos de contabilidad en la Bolsa Mexicana de Valores [The Relevance of Using Accounting Fundamentals in the Mexican Stock Market]

dc.creatorCARLOS ALBERTO DORANTES DOSAMANTES;44434
dc.creatorCARLOS ALBERTO DORANTES DOSAMANTES;44434es
dc.date2013
dc.date.accessioned2018-10-18T20:34:50Z
dc.date.available2018-10-18T20:34:50Z
dc.identifier.issn20771886
dc.identifier.doi10.1016/S2077-1886(13)70024-6
dc.identifier.urihttp://hdl.handle.net/11285/630374
dc.descriptionThis paper examines the value relevance of accounting fundamentals in the Mexican Stock Market ([BMV] - Bolsa Mexicana de Valores). The research question that motivated the paper was: Can accounting fundamentals provide relevant information to better understand firm value? More specifically, the paper examines whether the application of an accounting fundamental strategy to select stocks of a portfolio can systematically yield significant and positive excess market buy-and-hold returns after one and two years of portfolio formation. Based on valuation theory, accounting research and the maturity level of the BMV, a set of accounting fundamental signals is proposed that reflects information that influences security prices, but not necessarily in a timely manner.Using quarterly financial and market data from 196 BMV stocks from 1991 to 2011, it is shown that after controlling for earnings, book-to-market ratio and firm size, the fundamental strategy proposed here provides value information relevant to investors. The relationship between the accounting fundamental signals proposed and the buy-and-hold market future return (one-year and two-year returns) is significant and positive considering the 1991-2011 period. Portfolios formed with high scores of these signals show an average of 1.62% market excess annual return between 1991 and 2011, and about 9% between 1997 and 2011. Besides the practical implication of the findings -e.g. the possibility mispriced securities- this paper contributes to the scarce accounting research in Latin American capital markets by furthering understanding of the "post-earnings" drift phenomenon in the BMV. © 2013 Universidad ESAN.
dc.languageeng
dc.languagespa
dc.publisherElsevier Doyma
dc.relationhttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84923778791&doi=10.1016%2fS2077-1886%2813%2970024-6&partnerID=40&md5=0deb0e150c10615ca2a34acd560d3736
dc.relationInvestigadores
dc.relationEstudiantes
dc.rightsinfo:eu-repo/semantics/openAccess
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0
dc.sourceJournal of Economics, Finance and Administrative Science
dc.subject.classification7 INGENIERÍA Y TECNOLOGÍA
dc.titleLa relevancia de utilizar fundamentos de contabilidad en la Bolsa Mexicana de Valores [The Relevance of Using Accounting Fundamentals in the Mexican Stock Market]
dc.typeArtículo
dc.identifier.volume18
dc.identifier.issueS
dc.identifier.startpage2
dc.identifier.endpage10
refterms.dateFOA2018-10-18T20:34:50Z


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