The Information Content of the Deferred Tax Valuation Allowance
事件研究发现，递延税款估值准备（VA）的变动披露能提供超出同期盈余报告的信息，投资者利用VA披露推断管理层对未来应税收入的预期，支持管理层判断可向投资者传递有益信息。
An event study demonstrates that disclosures of changes in deferred tax valuation allowances (VA) provide information beyond contemporaneous earnings reports. Prior research shows that, in setting VA, managers consider the extent that taxable income is available from various sources for the realization of deferred tax assets (DTA). Our evidence supports a characterization where investors use VA disclosures to infer management's expectations about DTA, its realizability, and future taxable income available for realization. These findings are more generally relevant for assessing the consequences of reporting standards that require or permit management judgment, especially about future outcomes. In particular, they support the view that discretion can be a vehicle for management to communicate expectations to the benefit of investors.