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Relationship between Abnormal Earnings Persistence, Industry Structure, and Market Share in Brazilian Public Firms

This study analyzes Ohlson's Linear Information Dynamic (LID) and evaluates the effect of other information on the abnormal earnings series. It is tested the hypotheses that industry structure and market share have significant effects on abnormal earnings of the following period, with Ohlson's LID persistence maintained. The results confirm the premise of LID in a sample of Brazilian public firms, considering all the statistical models; the hypothesis regarding market share is rejected as its effect on the degree of abnormal earnings persistence has no informational content, either directly or jointly; finally, the results confirm that different industries differently affect abnormal earnings persistence. In view of these results, the research hypotheses are partially rejected. It is concluded that (i) industry contains other information that can impact abnormal earnings of the following period and (ii) market share (in isolation and together with industry concentration) does not imply differentiated impacts on firms' abnormal earnings of the following period; they do not reflect, therefore, the presence of other information in the Ohlson's Model (1995).