Intangible assets and the book‐to‐market effect
研究了2001年发布的SFAS 142会计准则对账面市值比效应的影响，发现该效应在准则实施后减弱，尤其在有商誉、减值损失或风险的公司中，而在无商誉的公司中则更强。
Abstract The book‐to‐market effect is well known but prior research does not analyze the impact of goodwill and related transformations in accounting rules that may bring significant changes to the effect. This paper analyzes the impact of SFAS 142, Goodwill and Other Intangible Assets, issued in 2001. I find that the book‐to‐market effect is weaker in the post‐SFAS 142 period, especially in firms that have goodwill, impairment loss, or risk. The book‐to‐market effect is stronger for subsamples of firms that do not have goodwill. These findings are robust to size groups, different factor models, and test methods.