New Evidence on LIFO Adoptions: The Effects of More Precise Event Dates
用更精确的公告日期重新检验了企业改用后进先出法（LIFO）对股价的影响，发现平均而言股价上涨，并指出挖掘未用过的披露日期来源有助于研究自愿会计变更。
Results of recent research support conclusions of an increase, a decrease, or no change in share values for firms switching to LIFO (Biddle and Lindahl [1982], Ricks [1982], and Brown [1980]). This study supports the view that, on average, firms which adopt LIFO experience an increase in share values. Tests are based on more nearly accurate dates when the change to LIFO was announced. The results suggest that a search for voluntary accounting change disclosure dates can be productive if some previously unexploited sources are examined. A cross-sectional regression, similar to the approach taken by, for example, Biddle and Lindahl [1982], is used to explain cumulative residual stock returns at announcements of the change in accounting method. Variables representing quarterly unexpected earnings, annual unexpected earnings, systematic risk, and firm size are used to control for extraneous effects. The independent variable of interest is tax savings