Performance measures: traditional accounting measures vs. modern value-based measures. The case of earnings and EVA® in the Athens Stock Exchange (ASE)
by Dimitrios I. Maditinos, Zeljko Sevic, Nikolaos G. Theriou
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 2, No. 4, 2009

Abstract: This study is stimulated by both the EVA ® proponents' assertions and by the mixed empirical results for its value relevance reported until now. Pooled time-series, cross sectional data of listed companies in the Athens Stock Exchange (ASE) over the period 1992-2001 have been employed to examine whether EVA ® or the traditional accounting-based measures are associated more strongly with stock returns. Relative information content tests reveal that stock returns are more closely associated with earnings per share than with EVA ®. However, incremental information content tests suggest that EVA ® adds considerable explanatory power to earnings per share.

Online publication date: Wed, 13-Jan-2010

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