文章基本信息

标题：Relationship between abnormal earnings persistence, industry structure, and market share in Brazilian public firms
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作者：Antonio Carlos Coelho ; Andson Braga de Aguiar ; Alexsandro Broedel Lopes 等
期刊名称：BAR - Brazilian Administration Review
印刷版ISSN：1807-7692
电子版ISSN：1807-7692
出版年度：2011
卷号：8
期号：1
页码：48-67
语种：English
出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
其他摘要：In this study, Ohlson's Linear Information Dynamic (LID) is analyzed and the effect of other information on the abnormal earnings series is evaluated. The hypothesis that industry structure and market share have significant effects on abnormal earnings in the following period is tested, with Ohlson's LID persistence maintained. The results confirm the premise of LID in a sample of Brazilian public firms, considering all the statistical models. The hypothesis regarding market share is rejected as its effect on the degree of abnormal earnings persistence has no informational content, either directly or jointly. Finally, the results confirm that different industries affect abnormal earnings persistence differently. In view of these results, the research hypotheses are partially rejected. It is concluded that (a) industry contains other information that can impact abnormal earnings for the following period and (b) market share (in isolation and together with industry concentration) does not imply differentiated impacts on firms' abnormal earnings for the following period, and therefore do not reflect the presence of other information in Ohlson's Model (1995).
关键词：Abnormal earnings persistence; Ohlson's Model; industry structure; market share; emerging markets