An Investigation of Revaluations of Tangible Long-Lived Assets
基于1981年起十年间澳大利亚公司的大样本数据，通过手工收集财务报表、访谈CFO及关联测试，研究有形长期资产重估与股票市场价格和回报的关系。
This paper documents the revaluation practice over a ten-year period from 1981 of a large sample of Australian firms and examines the association between these revaluations and stock market prices and returns. The analysis uses several different approaches in order to obtain a thorough understanding of the revaluation process in Australia. We include a description of hand-collected data from published financial statements, follow-up interviews with chief financial officers of the sample firms, and association tests between hand-collected accounting data and stock market measures. The possibility of revaluing long-lived assets to reflect market prices has been, and continues to be, controversial. Historically, part of the debate revolved around the issue of accounting for changing prices. For example, in the United States (U.S.), Statement of Financial Accounting Standards (SFAS) No. 33 (FASB [1979]) required supplementary information based on current cost (constant dollar) inventory and property, plant, and equipment. In the United Kingdom (U.K.), Statement of