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We develop an investigation regarding the determinants of the stock prices listed in the Mexican Stock Exchange (BMV). We use the valuation Ohlson model and an extension of it. The Ohlson-Beta model includes the Beta elasticity as an additional explanatory variable. We use time-series and panel-data cointegration methodologies to assess the existence of meaningful long-run relationships among the variables postulated by both models. The main results suggest that the use of panel-data techniques may be more adequate than time-series ones. They also show that both Ohlson models are useful to describe stock prices. The traditional Ohlson variables are significant and have the postulated signs. The Beta variable is also significant. These results hold when the firms are considered as a whole and for the firms with long cycles. Thus the results may support the hypothesis that the information content of accounting and financial variables depends on the length of the cycles.

We develop an investigation regarding the determinants of the stock prices in six Latin American emerging markets (Argentina, Brazil, Chile, Colombia, Mexico and Peru). We test the traditional Ohlson model and an international version of it. The international model includes the Dow Jones index as an additional explanatory variable. We use time-series and panel-data cointegration methodologies to assess the long-run relationships among the variables postulated by both models. We use quarterly data for the period 2000:01-2010:03. The results suggest that panel-data techniques may be better than time-series ones for the assessments. They support the use of the Ohlson models and, specially, the international one. The variables are significant and have the postulated signs. These results hold when the firms are considered as a whole and for the commercial and construction firms. Furthermore, the results also suggest that the Latin American asset prices are complementary to the US ones in the long run.