摘要：The research is aimed at verifying the value relevance of accounting information with reference to two different stock markets:the UK and the Italian one.Starting from the Edward,Bell and Ohlson’s approach,different regression models have been implemented,analyzing – for a three year period (2011-2013) – a sample of 100 companies listed on the Milan Stock Exchange and on London Stock Exchange and ranked by market capitalization.The authors report two primary findings.First,evidence shows the greater value relevance of accounting information in Italy than in the UK,even if this result must be explained according to the sample’s characteristics.Second,the study underlines that in Italy the most value relevant accounting data refer to earnings while in the UK the focus is mainly on cash flows.
关键词：The research is aimed at verifying the value relevance of accounting information with reference to two different stock markets:the UK and the Italian one.Starting from the Edward,Bell and Ohlson’s approach,different regression models have been implemented,analyzing – for a three year period (2011-2013) – a sample of 100 companies listed on the Milan Stock Exchange and on London Stock Exchange and ranked by market capitalization.The authors report two primary findings.First,evidence shows the greater value relevance of accounting information in Italy than in the UK,even if this result must be explained according to the sample’s characteristics.Second,the study underlines that in Italy the most value relevant accounting data refer to earnings while in the UK the focus is mainly on cash flows.
