An Investigating the Capital Market Efficiency in Information Analysis of cash components of Accounting Earnings

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lak Leila; SALEHI ALLAH KARAM; BASIRAT MEHDI

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Journal: JOURNAL OF FINANCIAL ACCOUNTING KNOWLEDGE Year:2019 | Volume:6 | Issue:1 (20) Page(s): 239-265

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Title

An Investigating the Capital Market Efficiency in Information Analysis of cash components of Accounting Earnings

Author(s)

lak Leila | SALEHI ALLAH KARAM | BASIRAT MEHDI | Issue Writer Certificate

Keywords

Capital Market EfficiencyQ1

Cash Components of Accounting EarningsQ1

Mishkin's TestQ1

Simultaneous Equations SystemQ1

Abstract

urpose: The purpose of this study is to investigate the Capital Market Efficiency in using information on cash components of accounting earning for stock pricing in companies admitted to Tehran Stock Exchange. Methods: In order to achieve the research goal, 137 companies (year-company 2055) were selected among the listed companies in the Tehran Stock Exchange between 2003 to 2017 by systematic elimination sampling method. Simultaneous Equations System and Mishkin test were used to estimate the equation systems and to test the research hypotheses. Findings: Research findings indicate that among the cash components of the earnings, the market appears to be inefficient to the information of changes in financial assets, cash distributed to shareholders, the unusual part of the change in the financial assets, and the positive and negative part of the abnormal changes in the financial assets. However, it is efficient to the information of funds distributed to creditors, the normal part of the change in the financial assets (positive and negative). Conclusion: Based on the results, market players' response to the sustainability of cash components of earnings different, and the capital market is efficient in relation to some information and cash components of accounting earning and is not efficient with respect to some information, and the capital market is incapable with understanding some of the cash components information of earning. Contribution: The present study examines the Capital Market Efficiency in information analysis of cash components of accounting earning and can have a significant impact on literature related to the performance of the capital market, and it can create an efficient market to ensure investment by identifying some information of the cash components of the earning that the market is not efficient for them.

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APA: Copy

lak, Leila, SALEHI, ALLAH KARAM, & BASIRAT, MEHDI. (2019). An Investigating the Capital Market Efficiency in Information Analysis of cash components of Accounting Earnings. JOURNAL OF FINANCIAL ACCOUNTING KNOWLEDGE, 6(1 (20) ), 239-265. SID. https://sid.ir/paper/360103/en

Vancouver: Copy

lak Leila, SALEHI ALLAH KARAM, BASIRAT MEHDI. An Investigating the Capital Market Efficiency in Information Analysis of cash components of Accounting Earnings. JOURNAL OF FINANCIAL ACCOUNTING KNOWLEDGE[Internet]. 2019;6(1 (20) ):239-265. Available from: https://sid.ir/paper/360103/en

IEEE: Copy

Leila lak, ALLAH KARAM SALEHI, and MEHDI BASIRAT, “An Investigating the Capital Market Efficiency in Information Analysis of cash components of Accounting Earnings,” JOURNAL OF FINANCIAL ACCOUNTING KNOWLEDGE, vol. 6, no. 1 (20) , pp. 239–265, 2019, [Online]. Available: https://sid.ir/paper/360103/en

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