作者：Aboody, D; Barth, ME; Kasznik, R
作者单位：Stanford University; University of California System; University of California Los Angeles
摘要：We find, as predicted, that upward revaluations of fixed assets by UK firms are significantly positively related to changes in future performance, measured by operating income and cash from operations, indicating revaluations reflect asset value changes. Current year revaluations (revaluation balances) also are significantly positively related to annual returns (prices). Relations between revaluations and future performance and prices are weaker for higher debt-to-equity ratio firms, indicatin...
作者：Beatty, A
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Guay (1998, Journal of Accounting and Economics, this issue) addresses potential endogeneity biases in cross-sectional studies of derivative use by examining derivative initiations. When derivatives are only part of a risk-management strategy, tests comparing derivative users versus non-users may be biased. One solution to this difficult problem is to examine an exogenous change in derivative use. Guay (1998) identifies a recent reduction in transactions costs as a potential exogenous shock to...
