O valor da empresa e a informação contábil: um estudo nas empresas petrolíferas listadas na bolsa de valores de Nova York (NYSE) / The value of the company and accounting information: a study on the oil companies listed in the New York Stock Exchanges (NYSE)

AUTOR(ES)
DATA DE PUBLICAÇÃO

2008

RESUMO

This work investigates the relevance of accounting to explain the behavior of oil companiesstock prices negotiated on NYSE. This investigation is based on Ohlsons model (1995). To achieve our goal, we performed empirical experiments with the aim to test three main hypotheses: (i) the evaluation based on future account results is as relevant as the evaluation based on future dividends; (ii) the current prices can be significantly explained by variables found in account reports submitted to SEC; (iii) the account result significantly incorporates the economical results of these companies. The sample data we used are related to 46 companies of the oil and gas sectors within 2002 to 2006. Our results have shown that, for this sample, the evaluation method based on future dividends present better results when compared to the future account results method. We have also detected that both account variables - book value and account profit - have similar relevance to explain the stock prices. Additionally, from the seven tested variables which were derived from oil reserves information, only three have significant statistical results. We can also conclude that the negative results are not incorporated more significantly than the results as a whole, by these same companies.

ASSUNTO(S)

empresas petrolíferas financial accounting information modelo de ohlson informação contábil oil companies ohlson`s model

ACESSO AO ARTIGO

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