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Relevance of inflation-adjusted earnings measures in the security-valuation process

Morris, Michael H; Mcdonald, Bill

Journal of business research : JBR, 1986, Vol.14(5), pp.411-422 [Tạp chí có phản biện]

ISSN: 0148-2963

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  • Nhan đề:
    Relevance of inflation-adjusted earnings measures in the security-valuation process
  • Tác giả: Morris, Michael H
  • Mcdonald, Bill
  • Chủ đề: Usa ; Bilanz ; Usa
  • Là 1 phần của: Journal of business research : JBR, 1986, Vol.14(5), pp.411-422
  • Mô tả: This study is an extension of several recent studies that have found inflation-adjusted disclosures to have no announcement impact in the stock market. A traditional share-price model is employed in a cross-sectional framework to test whether the information required by SFAS No. 33 is impounded in the valuation process prior to disclosure or whether the inflation data offer no significant contribution to the valuation process. The results suggest that neither current-cost earnings nor constant- dollar earnings provide incremental information in the share-price specification, although the inflation data are related to other variables appearing in the model. Thus, the inflation data may provide information important in ascertaining the variables explicitly appearing in the valuation model. This rather weak relationship, however, in combination with previous findings of no announcement effect, suggests that the contribution of inflation reporting to shareholders in valuing securities is, at best, marginal.
  • Ngôn ngữ: English
  • Số nhận dạng: ISSN: 0148-2963

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