The Value Relevance of Equity Method Fair Value Disclosures
检验了权益法核算的公开交易证券公允价值披露对投资者股票价格指标的影响，发现这些披露信息在账面价值和报告收益之外具有增量价值，对研究公允价值相关性的学者和投资者有参考意义。
We assess the valuation implications of the fair value disclosures made for publicly traded securities accounted for under the equity method. We test the association between investors' stock price metrics and fair value disclosures while controlling for book values on a sample of 172 investor firm‐years during 1993–1997. Our results indicate that the information in the fair value disclosures is incremental to the information provided by both an investment's equity method book value and equity method reported income. This suggests that there is nothing unique about investments in publicly traded common stock that involve significant influence that makes the fair value disclosures irrelevant for firm valuation.