Market Reaction to Reserve Recognition Accounting
研究1978年美国证券交易委员会要求油气公司披露储备确认会计信息后，股票市场是否出现显著反应，发现披露日期附近存在异常回报。
On August 31, 1978, the Securities and Exchange Commission issued ASR No. 253, dealing with Reserve Recognition Accounting, or RRA.1 The integrity of the estimates required by RRA in computing discounted future net cash flows from oil and gas production has since been seriously challenged by the practicing accounting profession. More recently, the SEC has announced that the requirement will be discontinued for this reason. The objective of this study was to ascertain the degree of stock market reaction to the initial disclosure of RRA information.2 Evidence of widespread stock price reaction to RRA disclosures would indicate that the data are useful, even though they may be imprecise. The daily stock returns of a sample of oil and gas companies that filed RRA data with the SEC for the year 1978 were subjected to several empirical tests. Consistent results were obtained across all tests, indicating significant abnormal return behavior near the RRA disclosure dates. The particular model employed to predict firm-specific abnormal returns