Resolving LIFO Uncertainty: A Theoretical and Empirical Reexamination of 1974-75 LIFO Adoptions and Nonadoptions
通过分析LIFO采纳决策不确定性公开解决时对股价的影响，检验了三种决策模型（传统税收收益模型、Kang实际价值模型和功能固着模型），以推断管理者和投资者的决策成熟度。
This study reexamines the LIFO adoption decision by focusing on what can be inferred about the sophistication of managers' and investors' decision making through analyzing the effect on stock prices of the resolution of publicly disclosed uncertainty about the LIFO adoption/nonadoption decision. I establish and test implications of three models of the LIFO adoption/nonadoption decision: the traditional tax benefit model; an extension of Kang's [1988] real value model; and a functional fixation model. Each model yields distinct predictions about the mean excess stock return when uncertainty about the LIFO adoption/nonadoption decision is resolved, and about the cross-sectional relations between individual excess stock returns and several explanatory