The Effects of the Reporting of Off‐Balance‐Sheet Investments on EPS Uncertainty, Leverage and Shareholders’ Wealth
研究了首次采用权益法报告表外投资对每股收益不确定性和杠杆的影响，发现仅对合资企业有显著效果，且长期股票回报正常。
The degree of control over operations affects the quality of information provided to investors. Uncertainty about operating performance increases following the first equity method (EM) reporting of off‐balance‐sheet investments, but only when the investments are joint ventures (JVs). Partners in JVs report lower levels of debt. These results are not due to informational deficiencies of the EM, but to the riskier nature of JVs. Long‐run stock performance analysis indicates that investors experience normal risk‐adjusted returns when investing in firms with economically significant off‐balance sheet investments.