CFB vom 03.12.2012, Heft 08
, Seite 392 - 396, CFB0484995
The Relevance of Price Models in Value Relevance Research - A Comment on “The Economical and Econometrical Relevance of Value Relevance Studies” by Christian Fieberg (CFB 4/2012 p. 194 (203))
Value relevance research has created a remarkable body of literature evaluating the quality of accounting information from the perspective of equity markets. In his paper “The Economical and Econometrical Relevance of Value Relevance Studies” Christian Fieberg argues that especially when levels (or price) models are applied the results of the respective value relevance studies might be irrelevant due to statistical problems. The objective of this comment is to illustrate that also price models have their merits. From an economic point of view price models are superior to return models and allow valuable insights on the ability of accounting data to provide decision useful information. Beyond, from an econometric point of view the statistical problems discussed in the paper are likely to be not as severe as argued by the author. Therefore, the conclusion of the paper that the results of value relevance studies applying price models might be irrelevant appears to be premature.
Gliederung
I. | Introduction and Overview |
II. | The Economic Relevance of Value Relevance Studies Based on Price Models |
III. | The Econometric Relevance of Value Relevance Studies Based on Price Models |
IV. | Conclusion |
Dr. Michael Ordosch, MBA, ist Associate bei VALNES Corporate Finance, Frankfurt/M. und externer Dozent im Bereich Internationale Rechnungslegung an der EBS Universität für Wirtschaft und Recht, Wiesbaden, E-Mail: [email protected]
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