Evidence on the Joint and Marginal Information Content of Inflation-Adjusted Accounting Income Numbers
通过实验方法检验通胀调整会计数字与历史成本会计数字的联合及边际信息含量，为会计报告是否应确认通胀影响提供新证据。
One of the major issues debated in the accounting literature over the past decade has been whether to recognize the effects of inflation (or general price-level changes) in accounting reports. Previous studies addressing this question have provided evidence on the magnitudes and on the information content of alternative inflation-accounting solutions. Those studies essentially adopted either of two approaches: (i) they compared the degree of association between abnormal security returns and (a) inflation-adjusted accounting income numbers and-(&)-currently reported accounting income numbers, respectively; or (ii) they compared the degree of association between systematic risk of securities and the two sets of accounting numbers. The objective of this paper is to provide further evidence on the information content of inflation-adjusted accounting numbers by adopting an experimental method that enables the testing of both the joint and marginal information content of inflation-adjusted and historical cost accounting numbers. The results indicate support for the joint