Information content of Canadian oil and gas companies' historic cost earnings and reserves disclosures*
研究加拿大油气公司年报中三种储量披露（历史资本化成本、储量数量、折现现金流）是否在每股收益之外对股价有额外解释力，基于67家公司1983-1987年数据。
Abstract. The purpose of this paper is to determine which of three alternative annual report disclosures of oil and gas reserves, namely historic capitalized costs, quantities, or discounted cash flows, contributes information content incremental to that provided by earnings per share. Information content is defined as the ability of a reserves disclosure to account for changes in common stock prices. Multiple regression analysis was used to evaluate the extent to which each of the three alternative reserves disclosures account for common stock returns after first recognizing the information provided by an earnings per share variable. The annual reports of 67 Canadian oil and gas exploration and development corporations were used to gather the data for each of the years 1983 to 1987. The results indicate that the earnings per share provides some significant evidence of information content. The capitalized costs disclosure, the quantities disclosure, and the discounted cash flows disclosure provide significant evidence of incremental information content in a pooled analysis of the five‐year period; however, the results for any one disclosure method are not consistent throughout the analyses of each of the five years.