A Conceptual Framework for the Stock Price Effects of LIFO Tax Benefits
从概念上评估后进先出法（LIFO）税收节省对股票价格的影响，指出尽管LIFO在通胀期能通过递延税款带来现金流好处，但现有实证证据并未显示LIFO采用公告时的异常回报与预期税收节省规模正相关。
This paper presents a conceptual evaluation of the stock price effects of LIFO tax savings. In periods of inflation, adopting LIFO can create cash-flow benefits by deferring tax payments. Whether LIFO tax savings are valued by investors has been extensively investigated through examinations of the stock price reaction to initial announcements of LIFO adoptions.1 While evidence of positive abnormal returns at announcements of LIFO adoptions proportional to the projected nominal LIFO tax savings would be viewed as consistent with investors recognizing the expected tax benefits of LIFO, overall empirical evidence available to date does not indicate that LIFO-adoption-related abnormal returns are positively associated with the size of potential nominal LIFO tax savings.2