Measuring Accounting Asset Informativeness
开发并验证了一个衡量会计资产在反映企业经济资本方面信息含量的指标，发现该指标能捕捉会计方法和实施决策的差异，且与权益投资者使用资产信息的方式一致。
ABSTRACT We develop and validate an empirical measure of the informativeness of accounting assets in measuring firm-specific economic capital, an important determinant of both cash flows and intrinsic values. Our validation tests show that the asset informativeness measure is sensitive to differences in both accounting methods and implementation decisions at the firm level and corresponds to the way equity investors use the information in accounting assets. We find that accounting assets contain substantial information about firms' productive capacity (economic capital) and the information is not summarized in several earnings attributes often associated with earnings quality. JEL Classifications: M41; G14; G32.