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This research verifies if the net profit per share (LPA) and the operational cash flow per share (FCO_A) have different capacities to explain the behavior of the prices of common and preferred shares. The formed three groups: the first with both share classes; the second, only with common shares; and the third, only with preferred shares. For each group, two regressions were applied, one using the LPA and the other using the FCO_A, both with the stockholders' equity, QTobin, and size as control variables. Models were estimated using OLS and later GMM as robustness analysis. The results suggest that FCO is most relevant for the common shares than for the preferred shares. Also, it is observed that in the second analysis only the LPA was significant, and its models presented greater explanatory capacity for the preferred shares. There is evidence that LL is most relevant to preferred than to common shares.

Relevância da Informação Contábil de Lucro e Fluxo de Caixa: um Estudo com Foco em Ações Ordinárias e Preferenciais