The Impact of SFAS No. 14 Segment Information on Price Variability and Earnings Forecast Accuracy
实证检验了SFAS第14号分部披露要求的经济后果，发现该披露增加了股价波动并提高了分析师盈利预测的准确性，表明其提供了增量信息。
This study provides empirical evidence on the economic effects of Statement of Financial Accounting Standards (SFAS) No. 14 segment disclosures. Required disclosures under this standard subsume those of the Securities and Exchange Commission' (SEC) 1970 line‐of‐business disclosure rule both in terms of the variables to be disclosed and the degree of decomposition of the consolidated information. Consequently, this study hypothesizes that stock price variability will be greater at the time of, and security analysts' earnings forecasts more accurate following, release of these disclosures. The results of the empirical analysis support these hypotheses. They indicate that SFAS No. 14 segment disclosures convey incremental information over previously reported SEC line‐of‐business information that is relevant to stockholders and to security analysts.