El Impacto de la Relación Negativa entre Rentabilidad y Riesgo Medidos Contablemente en la Rentabilidad de Mercado

The Impact of the Negative Relation between Accounting Measures of Risk and Return on the Expected Market Return


  • Manuel Cano Rodríguez Escuela Universitaria de Jaén
  • Manuel Núñez Nickel Universidad Carlos III de Madrid
Palabras clave: Paradoja de Bowman, relación rentabilidad-riesgo, modelo de valoración del resultado residual


En los últimos años ha cobrado importancia el estudio de la “Paradoja de Bowman”, es decir, la correlación negativa existente entre las medidas de rentabilidad y riesgo obtenidas a partir de las cifras contables. No obstante, la investigación se ha centrado más en analizar las causas de esta relación que en explicar cómo pueden coexistir dos tipos distintos de relación rentabilidad-riesgo: negativa para los indicadores contables y positiva para los indicadores de mercado. En este trabajo desarrollamos un modelo matemático que compatibiliza ambas relaciones. Las conclusiones obtenidas en el modelo señalan hacia una relación positiva entre las medidas obtenidas en el mercado de capitales y el riesgo medido con cifras contables, así como una relación negativa entre las primeras y la rentabilidad calculada contablemente.


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Cómo citar
Cano Rodríguez, M., & Núñez Nickel, M. (2004). El Impacto de la Relación Negativa entre Rentabilidad y Riesgo Medidos Contablemente en la Rentabilidad de Mercado: The Impact of the Negative Relation between Accounting Measures of Risk and Return on the Expected Market Return. Revista de Contabilidad - Spanish Accounting Review, 7(13), 113–136. Recuperado a partir de https://revistas.um.es/rcsar/article/view/387281