A Description and Market Analysis of Write‐off Announcements
研究股票市场对注销公告的反应，发现股价反应与注销事件预期的现金流影响相关。
This paper examines the stock market reaction to write‐off announcements. The increasing prevalence of write‐offs over the last decade has lead the Financial Accounting Standards Board to issue new guidelines on the accounting for write‐offs, and there has been much discussion about the stock market reaction to these types of announcements. By focusing on the expected cash flow implications of the different types of write‐off announcements, this paper documents that the stock price reaction to write‐off announcements is associated with the expected cash flow implications of the events surrounding the write‐off.