The impact of accounting information on stock prices: Evidence from Ho Chi Minh Stock Exchange

Abstract

The main objective of this study is to measure the impact of accounting information onstock prices listed on Ho Chi Minh Stock Exchange (HOSE). Data used in the study are panel data that were mainly collected from audited financial statements and stock prices of 102 companies listed on HOSE during the period from 2008 to 2013. Based on theOhlsonmodel(1995) combined with stock price adjustment method proposed by Aboody (2002), empirical findings obtained from the study reveal thatboth of accounting information variables, that are earning per share (EPS) and book value per share (BVPS), have positive effects on stock prices. In addition, based on the empirical evidence derived from this study, it is concluded that accounting information is reflected on stock prices with a certain lags of time.

Keywords

• thông tin kế toán
• giá cổ phiếu
• mô hình ohlson
• hose