Abstract

SAMANIEGO ALCANTAR, Ángel; REYES RUIZ, Gerardo  and  BACHS FERRER, Jordi. Relative pessimism coefficient. Contad. Adm [online]. 2008, n.226, pp.59-72. ISSN 0186-1042.

The investor makes decisions based not only on financial statements, but also taking into account external factors, macroeconomic variables and economy expectations among others. Then he acts upon these views by selling or buying assets. This reaction may be either an optimistic or a pessimistic one, and may cause a variance in the investor's strategy. This works aims to adjust the financial ratios by means of the relative pessimism coefficient (RPC) which considers the risk-return ratio. It also proposes a methodology for the calculation of a relative indicator of this coefficient in investors who participate in a financial market sector, taking into account the risk assumed by these companies in the 2000-2004 period. This indicator adjusted the financial valuation through financial ratios so that it would converge with the financial markets valuation (stock performance) with an 84% effectiveness (times when the valuation through financial ratios equaled the stock performance, divided by total companies analyzed). In addition, this coefficient turned out to be a short-term tendency indicator of the financial market in the years analyzed.

Keywords : event studies; fundamental analysis; Hurwicz's criterion; Hamming's distance.

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