Evidence on Auditor and Investor Materiality Thresholds Resulting From Equity-For-Debt Swaps.
研究了1980年代债转股交易中，收益在利润表中归类为经常性或非经常性损益时，审计师与投资者对重要性判断的一致性，发现归类与市场反应正相关，且遵循传统的收入百分比重要性规则。
Abstract Despite the user-oriented nature of the concept of materiality, little research addresses how financial statement users' implied materiality judgments correspond with auditors' implied materiality judgments. We descriptively investigate this issue using archival data from equity-for-debt swap transactions that occurred during the 1980s. The income statement classifications of gains that arose from swaps as either ordinary or extraordinary income were a function of the materiality of the gain. We document a positive association between firms' income statement classifications of these gains and the strength of the capital market's reaction to the announcement of the equity-for-debt swaps. Also, contrary to the evidence from other materiality studies employing archival research methods, our evidence indicates that the income statement classification of these gains, as ordinary or extraordinary income, follows closely a conventional percentage-of-income, materiality rule-of-thumb.