The Impact of SFAS No. 131 on Information and Monitoring
研究了美国财务会计准则委员会新分部报告准则（SFAS 131）对信息环境和监督的影响，发现该准则增加了报告分部数量、提供了更细化的信息，并促使企业披露此前隐藏的多元化战略信息，从而影响市场估值和企业行为。
Abstract We investigate the effect of the Financial Accounting Standards Board's (FASB) new segment reporting standard on the information and monitoring environment. We compare hand‐collected, restated SFAS 131 segment data for the final SFAS 14 fiscal year with the historical SFAS 14 data. We find that SFAS 131 increased the number of reported segments and provided more disaggregated information. Analysts and the market had access to a portion of the new segment information before it was made public, but analyst and market expectations were still altered by the mandated release of the new data. By increasing information disaggregation, the new standard induced firms to reveal previously “hidden” information about their diversification strategies. The newly revealed information affected market valuations and lead to changes in firm behavior consistent with improved monitoring following adoption of SFAS 131.