Valuation Implications of SFAS No. 33 Data for Electric Utility Investors
检验SFAS第33号规定的补充价格水平和当前成本调整财务数据与电力公用事业公司股票价格之间的关联，发现这些披露可能传递关于不可回收生产成本的信息。
This study examines the association between supplemental general price-leveland current cost-adjusted financial data, as prescribed by SFAS No. 33, and the equity security prices of electric utilities. The restriction to electric utilities occurs for two reasons. The first arises from the role that the rate regulation process plays in this industry. The regulatory process has not recognized explicitly SFAS No. 33-based asset values for rate-making purposes, and electric utilities have reported the effects of this nonrecognition on net income. To the extent that these disclosures convey information about additional production costs that are unrecoverable in the electric rates charged to customers, one would expect an association between the SFAS No. 33 disclosures and share prices. Thus, institutional issues regarding rate-setting, such as the perceived response of regulatory commissions to inflation, make the electric utility industry a candidate for specific investigation. The second reason for the choice is the focus of prior inflation accounting research on broad samples of firms rather than on one specific industry (e.g., Beaver and Landsman [1983] and articles published in the August 1980 issue of the Journal of Accounting and Economics). The finding of no