The Contribution of Fundamental Analysis after a Currency Devaluation
研究1994年墨西哥比索贬值后，财务报表信息对投资者的价值。发现贬值当年盈余相关性下降，但基本面信号（如销售管理费用和毛利率变化）仍具解释力，分析师未充分利用这些信号，存在套利机会。
For a sample of companies traded on the Mexican Bolsa, fundamental analysis is used to investigate the value of financial statement information to investors after the December 1994 currency devaluation. Associations with contemporary returns show that earnings in the year of the devaluation lose value relevance, but fundamental signals, which incorporate the more detailed accounting information provided in financial statements, retain considerable explanatory power (R2 is 25 percent). After the devaluation, fundamental signals based on changes in selling and administrative expenses and changes in gross margin are significant in several analyses, including predictions of future earnings, analysts' forecast revisions, and analysts' forecast errors. Because analysts underutilize those signals, an opportunity exists after the devaluation for a substantial profit from a zero investment trading strategy.