Stock Market Valuation of Deferred Tax Assets: Evidence from Internet Firms
利用SFAS第109号准则，研究互联网企业股票价格在2000年初市场修正前后与未来盈利预期的关联，发现依赖网站流量的企业递延所得税资产估值在修正后显著更高，支持修正前存在错误定价。
Abstract: We use the provisions of SFAS No. 109 , Accounting for Income Taxes , to examine the extent to which stock prices of Internet firms were associated with expectations of future profitability before versus after the ‘market correction’ in early 2000. We find that the valuation of deferred tax assets of firms with business models reliant on the level of web site traffic was significantly greater after the market correction. In our view, this evidence is consistent with pre‐correction mispricing.