Value-relevance of nonfinancial information: The wireless communications industry
研究无线通信行业中财务与非财务信息对投资者估值的价值相关性，发现非财务指标（如用户数、市场渗透率）单独解释股价能力强，但财务信息（如盈利）在结合非财务信息后也有贡献。
We examine the value-relevance to investors of financial (accounting) and nonfinancial information of independent cellular companies and find that, on a stand-alone basis, financial information (earnings, book values, and cash flows) are largely irrelevant for security valuation. Nonfinancial indicators, such as POPS (a growth proxy) and Market Penetration (an operating performance measure), are highly value-relevant. However, combined with nonfinancial information, earnings do contribute to the explanation of prices. The complementarity between financial and nonfinancial data is highlighted in this study.