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ARTÍCULO
TITULO

Is there a relationship between accounting and stock market returns in Brazil?

Newton Carneiro Affonso da Costa Jr.    
Roberto Meurer    
César Medeiros Cupertino    

Resumen

This paper examines the relationship between accounting and stock market returns of Brazilian companies on a quarterly basis. The sample consisted of 97 companies with stocks traded in the Sao Paulo Stock Exchange from January of 1995 to March of 2007. A Granger causality test was applied to the two return series for each of the sampled companies. The results of the causality tests suggested that there is weak evidence that accounting returns lead stock market returns rather than the reverse.

PÁGINAS
pp. pp.233 - 245
MATERIAS
ECONOMÍA

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