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- Publisher
- Wiley
- Copyright
- © 1988 Accounting and Finance Association of Australia and New Zealand
- ISSN
- 0810-5391
- eISSN
- 1467-629X
- DOI
- 10.1111/j.1467-629X.1988.tb00090.x
- Publisher site
- See Article on Publisher Site
Abstract
Abstract: This paper reports the results of an examination of the time series properties of a range of accounting numbers and ratios which may be associated with firm valuation. The work extends earlier research, which has concentrated on earnings or its derivatives, and which has found that earnings numbers follow a random walk or similar stochastic process. The tests reported in this paper suggested that, during the 25 year period studied, annual changes in a wide range of accounting variables also were, for the most part, random. Significant departures from randomness occurred only in variables where there were a priori reasons for believing that serial dependence would exist.
Journal
Accounting & Finance – Wiley
Published: May 1, 1988