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Document 1 of 1

Accounting information, value relevance, and investors' behavior in the Egyptian equity market
Author: Ragab, Aiman A; Omran, Mohammad M
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Abstract (Abstract): The purpose of this paper is to examines empirically whether national and international
investors in the Egyptian stock market perceive accounting information based on the Egyptian Accounting
Standards to be useful in stock valuation. Using a sample of all available listed firms in the emerging market
data base from 1998 to 2002, evidence of the value relevance of accounting information in Egypt was obtained,
based on both return and price models. The results suggest that stock prices in Egypt are less information
about the future value of the firm than is accounting information. It is perhaps unreasonable to conclude that
accounting information has higher value relevance in Egypt because financial reporting is of higher quality. It
might, however, imply that competing information sources such as earnings forecasts, firm research by financial
analysts, management conference calls, etc. are far less relevant in Egypt. This study is of value in that it
highlights how the Egyptian stock market needs complementary information sources other than published
accounting reports, to become more informationally efficient.
Full text: 1. Introduction
Recent years have witnessed the growth of a global economy, which has been made possible by the advance
in communications technology. Financial statements, usually prepared in accordance with national accounting
standards, must be studied and interpreted if they are to be used as a basis of comparisons. Given the varied
legal, economic and political backgrounds in countries around the world, it is not surprising that national
accounting standards vary among countries.
It is argued that the growth of international capital markets has focused attention on accounting information as
an important source of credibility for national corporations with foreign investors, and as a factor assisting such
investors in making international financial comparisons and in the flow of foreign investments, especially to
underdeveloped countries. Consequently, a framework of International Accounting Standards was developed by
the International Accounting Standards Committee, ([15] Cooper and Lybrand, 1993). Due to the vital role
published financial information plays in capital market, Egypt like many other countries has enacted a law
enforcing implementation of these accounting standards by all entities doing business in Egypt ([18] Egyptian
Wakayeh, 1997).
The primary purpose of all accounting standards is to meet the needs of capital market ([19] FASB, 1978; [22]
IASC, 1994). Consequently, it is an empirical question whether accounting information is useful to domestic and
foreign investors in the Egyptian market. This can be measured by the contemporaneous association between
accounting information, stock returns and market value, in which valuation models link market prices and
returns to different accounting measures of financial position and performance.
Since [2] Ball and Brown (1968), the interest of researchers have been attracted to assessing the usefulness of
accounting information, and the relation between accounting earnings and stock returns. Equity value of firms is
linearly related to these accounting measures without any differentiation among these firms ([28] Riahi-Belkaoui,
1994). Valuation models based on accounting information show that equity value is related to accounting
earnings (e.g. [2] Ball and Brown, 1968; [14] Collins et al. , 1989), and balance sheet measurements or both
book value (BV) and earnings (e.g. [25] Landsman, 1986; [4] Barth, 1991; [29] Shevlin, 1991). [27] Ohlson
model (1995) led to an expansion of research studies on value relevance of accounting information to include
both balance sheet measures of assets and liabilities and income statement measurements. In this context, [12]
Chen et al. (1999) empirically examine whether domestic investors in the Chinese stock market perceive
accounting information to be useful in stock valuation. Their results confirm that accounting information is value
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relevant in the Chinese market despite the age of the market and the perception of inadequate accounting and
financial reporting in china. Also [6] Babalyan (2001) proves that Swiss companies who reported their earnings
under USA accounting standards provide more informative earning numbers.
In view of the recent emphasis of researchers to study the usefulness of accounting information of non-US
markets ([1] Amir et al. , 1993; [21] Harris et al. , 1994; [5] Barth and Clinh, 1996; [11] Chan and Seow, 1996;
[20] Graham and King, 1998), this study aims at extending such work by investigating the value relevance of
accounting information in the Egyptian equity market. The importance of this study stems from the lack of
alternative information sources in Egypt, such as earnings forecast, firm research by financial analysts,
management conference calls, etc. Given that most transactions in Egypt are executed by individual investors
with somewhat limited access to information, reliance on the published accounting numbers. To the best of our
knowledge, there is no empirical evidence on the informational efficiency of the Egyptian equity market, so this
study adds additional empirical evidence to the literature by examining another part of the world (Middle East
and North Africa region). As such, this presents novel evidence on this important issue in Egypt.
Using a sample of all Egyptian firms listed in the IFC global index over the period 1998-2002, our empirical
findings show that both return and price suggest accounting information is value relevant in the Egyptian equity
market. However, our models contradict other previous studies, in that we failed to find any significant
relationship between earnings changes and stock returns. The empirical findings provide evidence that both
current earnings levels and earnings changes are not simply substitutes, since significantly more of the crosssectional variation in returns is explained by earnings levels and earnings changes than is explained by either
variable considered alone. The price model, on the other hand, incorporates both income statement and
balance sheet measurements and its empirical findings produce similar results. More precisely, we find that
both earnings levels and the market value of the firm are positive and significant. In sum, the empirical findings
are consistent between the return and price models, where both provide strong evidence that accounting
information is value relevant in the Egyptian stock market.
Comparing our results to more sophisticated markets accounting information has relatively more value
relevance, this might be due to the fact that competing information sources such as earnings forecast, firm
research by financial analysts, management conference calls, etc. are far less prevalent in Egypt. A potential
policy implication is that the stock market Egypt needs complementary information sources other than published
accounting reports, to become more efficient.
2. A brief review of stock market development and accounting practices in Egypt
Capital market activity in Egypt goes as far back as 1888, and during its heyday the Cairo stock exchange was
ranked as the fifth most active exchange world-wide. However, as a result of waves of nationalization policy that
started in late 1950s, the 93 most active listed firms had their stocks transferred to government bonds at 4 per
cent annual interest rate for 15 years. Thus, the stock market remained dormant for the following 20 years.
The adoption of the 1974 "open-door" policy was meant to change things, and included reforms aimed at
mobilizing domestic investment through the capital market. As such, the Egyptian capital market authority
(CMA) was established in the mid-1970s in order to manage the stock market. Nevertheless, due to a host of
reasons - including biases in the tax code against investment in securities, absence of a governing securities
law, inadequacy of financial disclosure, lack of protection of small investors, and adverse economic conditions
stock market activity remained insignificant until the early 1990s.
However, renaissance of capital market was an essential of the economic reform program introduced in 1991.
In order to simplify the regulatory environment, a new capital market law was enacted in 1992 which aimed at
encouraging private investment, increasing investor protection, and enhancing banks" role in stimulating capital
markets through the establishment of mutual funds.
By and large, such developments in the stock market had their impact on accounting practices in Egypt by the
mid 1990s. The Minister of Economy issued Decree No. 323 in 1996 concerning the formation of a permanent
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committee to issue accounting and auditing standards. The committee suggested accounting standards and
exposed drafts to open debate among interested parties to be approved. This resulted in creating an initial set
of comprehensive accounting standards. By 1997 the Minister of Economy issued another Decree No. 503
which resulted in imposing international accounting standards on all firms listed in the Egyptian stock market
([18] Egyptian Wakayeh, 1997).
3. Data selection
Sample firms are selected for a pooled cross-sectional, time series model estimated for the period 1998-2002.
We restrict the time series to five years because Egyptian accounting standards were continually revised until
1997, when the Egyptian government implemented its new accounting standards based on the International
Accounting Standards. Accordingly, our sample starts from the year 1998 to mitigate the misleading effect of
changes in accounting rules on reported numbers.
To select the most active firms in the Egyptian stock market, all firms listed in the IFC global index from 1998 to
2002 were targeted. We use monthly stock prices listed in the emerging market data base (EMDB) of the IFC.
The total number of firms listed in EMDB is 66 firms. However, no complete data were available for three firms,
and several other firms exhibit potential outlier values[1]. Hence, we believe it appropriate to exclude them from
the analysis. Thus, the maximum sample in 2002 contains 59 firms, and the minimum number is 56 firms (1998
and 2001)[2]. The IFC indices are widely accepted in the international investment industry, forming the basis for
index funds and structured financial instruments. Additionally, stocks included in the IFC indices were selected
on the basis of market size, trading activity, and sector representation. For these reasons, we believe they give
a better representation of the market, whereas local emerging markets might not be representative since they
include a large number of stocks that might be traded infrequently.
4. Methodology and empirical models
We employ two models to measure the value relevance of accounting information. The first model is the return
model introduced by [16] Easton and Harris (1991), which includes both earnings levels and earnings changes
as explanatory variables to assess their usefulness in determining stock returns (see for example, [1] Amir et al.
, 1993; Cheng et al. , 1993). Current earnings can be decomposed as follows: (see equation 1) [Figure omitted.
See Article Image.] where EPSit is earnings for firm, i period t , EPSt -1 is earnings for firm i , period t -1, and
EPS is the change in earnings from period t to t -1. [16] Easton and Harris (1991), however, note that all three
variables cannot be included in one regression model, since the inclusion of two of the variables preclude the
inclusion of the third. Therefore, we consider each variable on its own to examine its impact on stock returns as
follows: (see equation 2 to 4) [Figure omitted. See Article Image.] where EPS it is level of annual earnings per
share for firm i , period t and EPSit is the change of annual earning per share (EPS), EPSit -EPSit -1 .
Since there is no theoretical argument that supports the inclusion of EPSit -1 with either EPSit or EPSit in one
model, we regress the annual stock returns in the current period on both the EPS in the same period relative to
the share price in the previous period and changes in the EPS relative to share price in the previous period.
This allows us to compare results of the multivariate model with the aforementioned univariate models
(equations (2) and (3)). (see equation 5) [Figure omitted. See Article Image.] where Ri ,t is the annual return of
firm i , period t , and is computed as follows: (see equation 6) [Figure omitted. See Article Image.] where, Pi ,t
refers to the closing price of firm i at time t , Pi ,t -1 is the price of firm i at the end time t -1 and divi ,t -1 is the
dividend received for period t -1.
There is no consensus on the appropriate methodology for calculating the annual stock returns (see among
other, [3] Baraber and Lyon, 1997; [24] Kothari and Warner 1997; [8] Brav and Gompers, 1997; [26] Lyon et al. ,
1999). In general, researchers utilize two methods to calculate annual stock returns: cumulative return (CR) and
buy-and-hold return (BHR). Given the fact that each method answers a different question, and thus yields
different results, it would be appropriate to consider both methods in calculating annual returns. The CR for
each individual firm is calculated as: (see equation 7) [Figure omitted. See Article Image.] where CR i ,s ,e is the
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cumulative return for firm i from the event month s to the event month e , where s is the start month, which
refers to the month of December or the month of June prior to the end of the fiscal year and e refers to the
month of December or the month of June after the fiscal year[3].
Stock returns using the BHR method is calculated as follows: (see equation 8) [Figure omitted. See Article
Image.] where BHRi ,T is buy-and-hold return for firm i in period T , where T is the trading month number 12, and

t =1 indicates the first event month of calculating the return.

Since returns on stocks might be affected by general economic factors, which might lead stock market indices
to move up or down, we also estimate the earnings model using abnormal returns as follows: (see equation)
[Figure omitted. See Article Image.] where AR i ,t is the annual abnormal return of firm i for period t , calculated
as the raw return for a given firm minus the IFC global index benchmark return (see equation 9) [Figure omitted.
See Article Image.] where RIFC,t is the raw return on the IFC global index portfolio for period t .
To calculate the CAR and BHAR for each individual firm, we utilize the following equations: (see equation 10
and 11) [Figure omitted. See Article Image.]
However, since the rate of return using the above equations (10) and (11) is calculated without explicitly
adjusting for risk (beta), we utilize the Sharp-Lintner CAPM to calculate the rate of return, to take the risk factor
into consideration: (see equation 12) [Figure omitted. See Article Image.] where CAPMR i ,t is the annual return
for firm i , time t using the CAPM, Rf ,t is the risk-free rate proxied as a short-term one-month rate for bank
deposits, i is the risk of security i compared with the corresponding reference portfolio, and it is calculated from
the CAPM regression, which is the slope obtained from regressing [Ri ,t -Rf ,t ] on [RIFC,t - Rf ,t ] for the estimated
period.
With the CAPMR calculated, we apply the same two methods, CRs and BHRs, mentioned previously.
Therefore, the abnormal return using the CAPM is calculated as follows: (see equation 13) [Figure omitted. See
Article Image.] where CAPMARi ,t is the CAPM abnormal return for firm i in time t .
The other model used in this study is the price model by [27] Ohlson (1995), which has been extensively used
by researchers in examining the value relevance of accounting information (see for example, [25] Landsman,
1986; [4] Barth, 1991; [5] Barth and Clinch, 1996; [17] Eccher et al. , 1996; [10] Burgstahler and Dichev, 1997;
Collins et al. , 1997). The reason for such extensive use of the price model is that it yields an unbiased earnings
coefficient, since the stock price reflects the cumulative effects of earnings information ([23] Kothari and
Zimmerman, 1995). In addition, the market value is related to both the BV and the accounting earnings.
We utilize the price model to assess the usefulness of accounting information in valuing the stock prices, which
shows how a firms market value is related to both BV and accounting earnings. The modified Ohlson model is
as follows: (see equation 14) [Figure omitted. See Article Image.] where MV it is the market value per share of
firm i at time t , and BVit is the book value per share of equity of firm i at year t .
5. Descriptive statistics and results
5.1. Descriptive statistics
Table I [Figure omitted. See Article Image.] presents descriptive statistics for different variables based on the
price and return models. All accounting data are based on the Egyptian generally accepted accounting
principles and are subtracted - along with stock prices - from the EMDB.
The average stock returns over a five-year period from 1998 to 2002 is a negative 30-34 per cent depending on
the method of calculation. The median stock return tends to be similar to the mean. Abnormal returns, however,
seem to differ significantly according to whether these returns are adjusted for risk. The abnormal returns
calculated from the market-adjusted model, whether based on CR or BHR are always higher (less negative)
than those calculated from the CAPM. Consequently, this indicates in all likelihood a negative risk premium[4]
and an average beta is likely to be less than one. There does not, however, seem to be any significant
difference in stock returns based on the calculation method (CR and BHR). Nevertheless, the standard
deviations of the three calculated stock returns based on CR are higher compared with the BHR method, in
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which this reflects that the former method appears to have more volatile return than the latter one[5].
Furthermore, the current earnings, the previous earnings, and the earning changes variables, all exhibit similar
trends as the differences between the mean and the median of each variable are very low and, hence the
standard deviations are very low as well. Moving to the price model variables, the data show some dispersion
among firms. Our sample firms are diversified in terms of size (market value and BV), and profitability EPS.
Notwithstanding the above-mentioned differences, from the relationship between the mean and the median of
each variable, we conclude that most variables skewed toward the right.
5.2. Results
All regression models are estimated for the pooled cross-section and time-series sample as well as for each
year of available data.
The results from the return model (level model; equation (2)), which incorporates the deflated EPS as
explanatory variable, are reported in Table II [Figure omitted. See Article Image.]. For pooled data, the results
show that the deflated EPS has a positive and significant impact on stock returns at the 1 per cent level;
whether we employ CR (Panel A) or BHR (Panel B). The F -ratios are highly significant at the 1 per cent level in
both panels. The results obtained from the year-by-year regressions are pervasive and corroborate our previous
findings of the pooled data. In each year, the coefficients of the deflated EPS are positive and significant at the
1 per cent and the 5 per cent levels, except for the year 2001 in Panel B, in which the coefficient is significant at
the 10 per cent level.
As for the changes model, the reported results given in Table III [Figure omitted. See Article Image.] indicate
that none of the coefficients of the changes in EPS is significant at any level. Furthermore, F -statistics are not
significant and the values of the R2 are very low. These results are applied to both year-by-year and pooled
data, using both CR and BHR methods. Although our first findings (the positive and significant coefficients of the
deflated EPS) are consistent with previous research studies, the insignificant coefficients of the changes in EPS
are inconsistent with the literature (see e.g. [16] Easton and Harris, 1991, [13] Chen et al. , 2001). This might be
because investors in the Egyptian stock market might have a very short-term horizon. Consequently, investors
might be more concerned with earnings levels in valuing stocks (rather than earnings), changes, which leads
them to concentrate on the contemporaneous earnings. In sum, the association between stock returns and
earnings levels is significant, while it is not with changes in earnings.
Recall from equation (1), that the current earnings levels equal to previous period levels plus changes in
earnings, we also consider the association between deflated prior EPS and stock returns.
We regress the stock returns on the deflated earnings in the previous period and report the results in Table IV
[Figure omitted. See Article Image.], in which Panel A considers CR method and Panel B considers BHR
method. The results show that prior EPS is positive and significant, both for the pooled and year-by-year
regressions and regardless of the return method of calculation. To a large extent, these findings are qualitatively
similar to our previous findings on the association between current EPS and stock returns. Also, the values of R
2

in any year are higher than the reported results for the pooled data; just as similar to the results on current

EPS. We conclude that deflated EPS, whether current or previous period, is correlated with stock returns, while
earnings changes have no significant relationship with stock returns.
Here we empirically examine a multivariate return model that incorporates both the earnings levels and earnings
changes as previously stated is equation (5). In our multivariate model, we regress the annual stock returns in
the current period on both EPS in the same period relative to share price in the previous period and changes in
EPS relative to share price in the previous period. This allows us to compare the results of the multivariate
model with the aforementioned univariate models (equations (2) and (3)).
The multivariate regression estimates are reported in Table V [Figure omitted. See Article Image.], Panels A
and B. The results, we find mirror those obtained in Table II [Figure omitted. See Article Image.] and Table III
[Figure omitted. See Article Image.]. Qualitatively, the results are substantially identical. More precisely, the
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empirical findings suggest that EPS is positive and significantly associated with stock returns, while the earnings
changes have no relationship with stock returns. In all years, as well as the pooled data, when we add changes
in earnings to the regression model (equation (2)) the changes in R2 are not significant[6].
Overall, the empirical findings so far provides us with evidence that only earnings levels are relevant in
explaining stock returns, while earnings changes are independent of stock returns. Notwithstanding these
findings, the results suggest that both current earnings levels and earnings changes are not just substitutes.
They rather complement each other in the sense that for the pooled, as well as year-by-year results,
significantly more of the cross-sectional variation in returns is explained by earnings levels and earnings
changes than is explained by either variable considered alone.
In our multivariate model, however, we do not consider only stock returns as dependent variables; we extend
that by looking at the abnormal returns using CAR and BAHR, based on the market-adjusted returns and the
CAPM. Employing abnormal returns is based on the idea that much of the literature on the relationship between
earnings and returns has focused on unexpected earnings and unexpected or abnormal returns. Consequently,
we repeat equation (5) by replacing abnormal returns instead of stock returns and regress that on both earnings
levels and earnings changes[7].
The results presented in Table VI [Figure omitted. See Article Image.] and Table VII [Figure omitted. See Article
Image.] support our previous findings, in which only earnings levels are positive and significant. However,
comparing the values of R2 in reported in both A Panels of Table VI [Figure omitted. See Article Image.] and
Table VII [Figure omitted. See Article Image.] (market-adjusted model) with those reported in B Panels of Table
VI [Figure omitted. See Article Image.] and Table VII [Figure omitted. See Article Image.] (CAPM) we notice that
the latter explains more of the cross-sectional variation in abnormal returns. This might indicate adjusting
abnormal returns for risk provides a more accurate measure than market-adjusted returns.
The return models discussed above allows us to assess the value relevance of accounting information. There
are, however, the price models that can show us how a firm's market value is related to both BVs and
accounting earnings EPS. The advantage of price models is that the two accounting information they
incorporate play different roles in stock pricing, hence the use of these models expands the scope of assessing
value relevance into both balance sheet and income statement.
Table VIII [Figure omitted. See Article Image.] shows the multiple regression results of the relationship between
market value and both earnings levels and BV. The pooled cross-section and time-series regression, as well as,
the year-by-year regressions produce similar results. Both EPS and BV are positive and significant at the 1 per
cent level in most cases. In any event, the empirical findings are consistent between the return and price
models, in which we have a strong evidence that accounting information is value relevant in the Egyptian stock
market. However, when we compare our results with the literature, we observe that the accounting information
in Egypt has relatively more value relevance with those reported in sophisticated and large emerging markets
(see for example, [25] Landsman, 1986; [4] Barth, 1991; [29] Shevlin, 1991; [1] Amir et al. , 1993; [21] Harris et

al. , 1994; [5] Barth and Clinh, 1996; [11] Chan and Seow, 1996; [20] Graham and King, 1998; [12] Chen et al. ,
1999; [6] Babalyan, 2001). This might be due to the fact that competing information sources such as earnings
forecast, firm research by financial analysts, management conference calls, etc. are far less prevalent in Egypt.
6. Conclusion
This study presents an empirical examination of whether financial statements in the Egyptian equity market
prepared according to the Egyptian accounting standards, are useful for stock valuation.
We employ commonly used models in the value relevance literature, the Easton and Harris return model and
the Ohlson price model. Using a sample of all Egyptian firms listed in the IFC global index over the period 19982002, we obtained evidence of the value relevance of the accounting information in the Egyptian market. More
precisely, based on both pooled cross-section and time-series regressions and the year-by-year regressions,
the return models indicate that earnings levels are significantly associated with stock returns, which is
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consistent with the literature. However, our results contradict other previous studies, in that no significant
relationship between earnings changes and stock returns was found. This might imply that investors in the
Egyptian stock market have a very short-term horizon, hence, they concentrate on earnings levels
(contemporaneous earnings) in valuing stocks; not earnings changes. Despite these results, the empirical
findings provide evidence that both current earnings levels and earnings changes are not just substitutes
because significantly more of the cross-sectional variation in returns is explained by earnings levels and
earnings changes than is explained by either variable considered alone. The price model, on the other hand,
incorporates both income statement and balance sheet measurements, and its empirical findings produce
similar results, where we find that both earnings levels and the market value of the firm are positive and
significant.
In sum, both the return and the price models provide consistent evidence and the results are in general are
consistent with the literature, in that we can confirm that accounting information is value relevant in the Egyptian
equity market. An important result in this study is that the accounting information has relatively more value
relevance in Egypt compared to more mature markets, which might reflect that competing information sources
such as earnings forecast, firm research by financial analysts, management conference calls, etc. are far less
prevalent in Egypt. A potential policy implication is that stock market in Egypt needs complementary information
sources other than published accounting reports to become more informationally efficient.
Notes
1.] It is possible, however, that results could be influenced by outliers. There is a choice of outlier trapping
criteria, such as removing firms whose returns' values are greater than a certain percentage or are in excess of
a certain number of standard deviations from the mean. Due to the small number of firms, we limited our rule to
those firms with CR or BHR in excess of 70 per cent in either signs.
2.] The number of firms in each year is not similar across years because of outliers.
3.] Since the return of a given stock is based on a period extending from nine months prior to the fiscal-year end
and three months after the fiscal year-end, corresponding roughly with the period between announcing the
financial statement, the starting month would be September for firms whose fiscal years end on 30 June and
March for firms whose fiscal years end on 31 December.
4.] Risk premium is the difference between market rate of returns and the risk-free rate. The Egyptian stock
market returns (at close to 6 per cent) over 1998-2002 performed less than returns on treasury bills and saving
deposits (at close to 10 per cent); see [7] Bolbol and Omran (2005).
5.] CRs have larger difference between the mean and median and between the minimum and maximum returns
compared with BHRs, so that they are more volatile.
6.] This means that the addition of changes in earnings to equation (2) yields insignificant partial F -statistics.
7.] [9] Brown et al. (1987) and [16] Easton and Harris (1991) suggest that given that the change in earnings is a
dominant measure of unexpected earnings, it is better to incorporate both earnings changes and earnings levels
as measures of unexpected earnings.
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Appendix
Corresponding author
Mohammad M. Omran can be contacted at: momran@aart.edu
AuthorAffiliation
Aiman A. Ragab, College of Management &Technology, Arab Academy for Science &Technology, Alexandria,
Egypt
Mohammad M. Omran, International Monetary Fund, Middle East and Central Asia Department, Washington,
DC, USA
Illustration
Table I: Descriptive statistics
Table II: Simple regressions of annual stock returns on deflated earnings levels
Table III: Simple regressions of annual stock returns on deflated earnings changes
Table IV: Simple regressions of annual stock returns on deflated prior-period earnings
Table V: Multiple regressions of annual stock returns on deflated earnings levels and earnings changes
Table VI: Multiple regressions of cumulative abnormal returns on deflated earnings levels and earnings changes
Table VII: Multiple regressions of buy-and-hold abnormal returns on deflated earnings levels and earnings
changes
Table VIII: Multiple regressions of annual market values on earnings BV
Equation 1
Equation 2 to 4
Equation 5
Equation 6
Equation 7
Equation 8
Equation
Equation 9
Equation 10 and 11
Equation 12
Equation 13
Equation 14
Classification: 9130: Experimental/theoretical; 3400: Investment analysis & personal finance; 4120: Accounting
policies & procedures; 9177: Africa
Copyright: Copyright Emerald Group Publishing Limited 2006
Country of publication: United Kingdom
DOI: http://dx.doi.org/10.1108/14757700610686444
Database: ProQuest Central
Document feature: Equations References Tables
Document type: Feature

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ISSN: 14757702
Issue: 3
Language of publication: English
Last updated: 2010-06-09
Location: Egypt
Pages: 279-297
Place of publication: Patrington
Publication date: 2006
Publication subject: Business And Economics--Accounting
Publication title: Review of Accounting & Finance
Publication year: 2006
Publisher: Emerald Group Publishing, Limited
Source type: Scholarly Journals
Subject: Studies; Securities markets; Financial statements; Investors; Valuation; Stock prices; Accounting;
Volume: 5

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Bibliography
Citation style: APA 6th - American Psychological Association, 6th Edition
Ragab, A. A., & Omran, M. M. (2006). Accounting information, value relevance, and investors' behavior in the
egyptian equity market. Review of Accounting & Finance, 5(3), 279-297.
doi:http://dx.doi.org/10.1108/14757700610686444

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