A Further Examination of the Economic Consequences of SFAS No. 2
重新检验SFAS第2号准则的经济后果，发现此前研究显示的研发支出下降可能源于经济衰退而非会计准则本身，并利用股票回报数据进行分析。
Previous research assessing the economic consequences of Statement of Financial Accounting Standards No. 2 (SFAS 2) (Horwitz and Kolodny [1980], Dukes, Dyckman, and Elliott [1980], and Elliott et al. [1984]) provides evidence of a decline in research and development expenditures (R&D) subsequent to SFAS 2 which appears limited to over-the-counter (OTC) firms. However, Ball [1980] and Elliott et al. [1984] point out that such declines may be due to other economic factors. For example, in recessions firms might reduce discretionary spending, including R&D. Thus, because SFAS 2 was issued during a recession, the declines in R&D documented in prior research may be attributable to poor macroeconomic conditions or financial difficulty rather than to the accounting change. This study's objective is to use security price evidence to reexamine the economic effects of SFAS 2. The research is organized in two phases. First, we use daily stock returns for exchange-listed and OTC