Evidence on Income Measurement Properties of ASR No. 190 and SFAS No. 33 Data
通过横截面回归，检验历史成本净收益和持有收益与证券回报的关系，扩展了先前研究，发现现行成本数据与回报的关联性较弱或不存在。
A number of studies have tested the association between security returns or levels of market value and current cost accounting data as reported under SEC Accounting Series Release No. 190 (ASR 190) and Statement of Financial Accounting Standards No. 33 (SFAS 33). For example, Beaver, Griffin, and Landsman [1982] (henceforth BGL), Beaver and Landsman [1983] (henceforth BL), and Olsen [1985] found no association, while Bublitz, Frecka, and McKeown [1985] (henceforth BFM) and Murdoch [1986] found a weak association.1 In this paper we estimate cross-section regressions of security returns on historical cost net income and holding gains, as was done previously, but with several extensions. First, we define our variables in terms of realizations of returns, income, and holding gains rather than in terms of unexpected changes. Thus, we