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- W3123620514 abstract "This study examines the measurement of the market reaction (MB ratio is a proxy for shareholder value) to fundamental financial information. The issue of measuring the stock market reaction to fundamental information stems from the fact that there is a strong need to focus on those fundamentals that support shareholder value. The methodology utilizes the dynamic properties of the partial adjustment model that shows the extent to which shareholder value in a previous period adjusts to a target level because of the presence of financial fundamentals. The results indicate that (a) shareholder value is positively associated with elements of short-term debt financing, earnings power, liquidity, stock returns, (b) in contrast, the shareholder value is negatively associated with elements of capital expenditure, accounts receivables and long-term debt financing, (c) shareholder value is positively associated with elements of cash flow rather than accruals basis. The results of the sensitivity analysis indicate that the fundamentals related to the income statement and financial ratios (regarded as an example of co-integrated financial information) are very informative in a sense that they help adjust the shareholder value to a target level. The models examined in this papers have practical use to investment analysts, particularly in transitional markets, in a sense that these models indicate the sources and types of fundamentals that help adjust the MB ratio from a pervious level to a target level. The overall results of this paper help investment analysts measure the informativeness of the financial information they communicate with stockholders." @default.
- W3123620514 created "2021-02-01" @default.
- W3123620514 creator A5008220697 @default.
- W3123620514 date "2017-03-26" @default.
- W3123620514 modified "2023-09-26" @default.
- W3123620514 title "Measuring the Informativeness of Financial Fundamentals to Shareholders in Egypt: A Dynamic Approach" @default.
- W3123620514 hasPublicationYear "2017" @default.
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