估价(财务)
收益
相关性(法律)
经济
会计信息系统
价值(数学)
会计
公允价值
账面价值
政治学
机器学习
计算机科学
法学
作者
Mary E. Barth,Ken Li,Charles McClure
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2023-01-01
卷期号:98 (1): 1-28
被引量:188
标识
DOI:10.2308/tar-2019-0521
摘要
ABSTRACT We address how value relevance of accounting information evolved as the new economy developed. Prior research concludes that accounting information—primarily earnings—has lost relevance. We consider more accounting items and find no decline in combined value relevance from 1962 to 2018. We assess evolution in each item’s value relevance and find increases, most notably for items related to intangible assets, growth opportunities, and alternative performance measures, which are important in the new economy. The number of relevant items also increases. We also consider separately new economy, old economy profit, and old economy loss firms. The trends are more pronounced for, but extend beyond, new economy firms. We base inferences on a nonparametric approach that does not require specifying the valuation relation. Taken together, our findings reveal an evolution to a more nuanced, but not declining, relation between accounting information and share price. JEL Classifications: C14; G10; G18; M40; M41.
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