مقاله انگلیسی اطلاعات آتی و افشا

3,000 تومان

قوانین ارسال دیدگاه

  • دیدگاه های فینگلیش تایید نخواهند شد.
  • دیدگاه های نامرتبط به مطلب تایید نخواهد شد.
  • از درج دیدگاه های تکراری پرهیز نمایید.

توضیحات

Synergy between Accounting Disclosures and Forward- Looking Information in Stock Prices

مقاله انگلیسی اطلاعات آتی و افشا

هم افزایی (اشتراک) بین افشای حسابداری و اطلاعات آتی در قیمت سهام

THE ACCOUNTING REVIEW 
Vol. 92, No. 2
March 2017
pp. 1–۱۷

American Accounting Association

DOI: 10.2308/accr-51527

Anil Arya
Brian Mittendorf
The Ohio State University
Ram N. V. Ramanan
Binghamton University, SUNY

ABSTRACT:

It is well recognized that stock prices provide relevant feedback that can guide future firm decisions.
This paper develops a model to examine how accounting disclosures affect the decision-usefulness of such stock market reactions.

We demonstrate that information in accounting reports can prove useful because it helps observers better interpret

and isolate the decision-relevant information embedded in the ensuing stock price reaction.

This leads to natural synergies between accounting reports and stock prices in directing firm strategies—the more forward-looking information that can potentially be gleaned from stock prices,

the more the firm will invest in improving precision of accounting disclosures even when such disclosures pertain to unrelated current activities.

Keywords:

disclosure;

reporting quality;

stock market feedback.

I. INTRODUCTION

An emerging body of work provides evidence that information contained in stock prices can guide decision making in firms.

In particular, studies consistently show that timely forward-looking information in stock prices provides feedback for managerial actions ranging from mergers and acquisitions to marketing strategies to project selection to day-to-day investment choices (e.g., Dye and Sridhar 2002; Luo 2005; Markovitch, Steckel, and Yeung 2005).

Although the importance of such stock market feedback is well recognized,

not enough is understood in terms of the firm’s own role in facilitating this process.

In this paper, we consider the role of the firm’s accounting disclosure policy in promoting stock price guidance.

Specifically, we examine the impact of accounting reports on the usefulness of stock market feedback in light of the fact that accounting reports typically provide public information only about profits from existing operations.

Our study shows that even if accounting reports of current ventures have no predictive power for future decisions,

such reports can prove critical because they help observers better interpret and isolate the decision-relevant information embedded in the ensuing stock price reaction.

This ability to promote learning from stock prices impacts the firm’s preferred accounting system choice in the first place.

دیدگاهها

هیچ دیدگاهی برای این محصول نوشته نشده است.

اولین نفری باشید که دیدگاهی را ارسال می کنید برای “مقاله انگلیسی اطلاعات آتی و افشا”

شما شاید این را هم دوست داشته باشید