Recognition versus Disclosure in the Oil and Gas Industry
研究油气行业中，会计确认与脚注披露对股票价格的影响是否不同，利用SEC法规对采用不同会计方法的公司要求差异进行实证检验。
I investigate whether recognition and disclosure have equivalent pricing consequences in the oil and gas industry. I concentrate on the oil and gas industry because Securities and Exchange Commission (SEC)Regulation SX [1978, sec. 210, para. 4-10] provides a unique opportunity for testing the stock price consequences of recognition versus disclosure. The SEC regulation requires the firm-specific effect of a macroeconomic event such as a major change in oil prices to be formally recognized in the financial statements for oil and gas firms adopting the full cost method but only disclosed in footnotes for firms following the successful efforts method. My results indicate that the effect of footnote disclosure on price differs from the effect of recognition. Whether users of financial statements distinguish between recognition and disclosure is often an important question in the debate over accounting standards. However, this question was never explicitly empirically tested (for a literature review, see Bernard and Schipper [1994]). The experimental literature (Harper, Mister, and Strawser [1987; 1991]) suggests that whether an item is recognized or disclosed influences financial statements users' perceptions. However, the experimental studies do