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Using a large sample of Swedish quoted companies the authors explain share prices and returns using accounting information and compare its value relevance for companies located in traditional and non-traditional industries. Using both 'Price level' and 'Return' models the authors find no significant differences between their two industry sectors in terms of the mean explanatory power of accounting information. While 'Price level' models reveal a low variance in value relevance over time for traditional industries, there is a substantial variation for non-traditional industries.
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