The SEC's Rejection of SFAS No. 19: Tests of Market Price Reversal.
利用美国证券交易委员会推翻财务会计准则委员会关于取消完全成本会计提案的机会，检验了会计政策决策对完全成本公司市场估值的影响，发现SEC提案期间完全成本公司获得了显著更高的回报，且与FASB提案期间的异常回报呈负相关。
Abstract ABSTRACT: Two essentially opposite accounting policy decisions were the FASB proposal to eliminate full cost (FC) accounting and the SEC proposal 13 months later to allow FC accounting while reserve recognition accounting was developed. The SEC's reversal of the FASB decision provides an opportunity to develop additional evidence concerning the market consequences of accounting policy decisions. The authors test whether the SEC proposal had a significant effect on the valuation of FC firms and whether its pricing effect was opposite to that observed at the time of the FASB proposal. A generalized least-squares procedure that takes account of contemporaneous correlation in abnormal return data is employed. The procedure and tests are completely general and appropriate for investigating the market effects of a variety of accounting policy decisions in which cross-sectional correlation of the data is a problem. Evidence is presented that the FC firms had significantly higher returns in the SEC period than the successful efforts firms. Furthermore, within the FC sample, a negative relationship is found between the abnormal returns of individual firms at the times of the FASB and SEC proposals.