The Information Content of Just‐in‐Time Inventory System Adoption Announcement
研究股票市场和分析师对JIT库存系统采用公告的反应，发现市场反应积极但分析师未调整盈利预测，为JIT是资本支出还是会计变更提供了混合证据。
This paper examines the stock market reaction and analysts’ earnings forecast revisions associated with just‐in‐time (JIT) inventory system adoption announcements. The stock market reaction is positive, however, analysts do not revise their earnings forecasts when firms announce a JIT adoption. The results of the paper show mixed support for the hypothesis that JIT is viewed by markets as a costly capital expenditure intended to increase the net cash flows of the firm and mixed support for the hypothesis that JIT is viewed by markets only as an accounting change.