Evolution in Value Relevance of Accounting Information
研究了1962年至2018年间会计信息价值相关性的演变，发现整体并未下降，而是变得更加细致，尤其是无形资产、增长机会和替代绩效指标的相关性增强。
ABSTRACT We address how value relevance of accounting information evolved as the new economy developed. Prior research concludes that accounting information—primarily earnings—has lost relevance. We consider more accounting items and find no decline in combined value relevance from 1962 to 2018. We assess evolution in each item’s value relevance and find increases, most notably for items related to intangible assets, growth opportunities, and alternative performance measures, which are important in the new economy. The number of relevant items also increases. We also consider separately new economy, old economy profit, and old economy loss firms. The trends are more pronounced for, but extend beyond, new economy firms. We base inferences on a nonparametric approach that does not require specifying the valuation relation. Taken together, our findings reveal an evolution to a more nuanced, but not declining, relation between accounting information and share price. JEL Classifications: C14; G10; G18; M40; M41.