Strategic Entry Decisions, Accounting Signals, and Risk Management Disclosure*
研究发现，美国航空业中，企业是否进入新航线与在位企业的对冲会计信息有关，该信息暗示未来运营成本高低，且2008年加强披露要求后这种关系更明显。
ABSTRACT This study provides evidence that hedge accounting information under Statement of Financial Accounting Standards (SFAS) 133, Accounting for Derivative Instruments and Hedging Activities , is related to rivals' market entry decisions. Documenting accounting information's relevance to competition decisions requires context‐specific settings. Using data for the airline industry in the United States, I predict and find that entrants are less likely to enter routes in which incumbents report higher accumulated other comprehensive income from fuel hedging, an indication of lower future operating costs. As predicted, this relation is stronger after the adoption of SFAS 161, Disclosure about Derivative Instruments and Hedging Activities , in 2008, a systemic shock that significantly increases risk management disclosure requirements. The findings illustrate the product market relevance of hedge accounting signals and disclosure in the US airline industry and extend the understanding of SFAS 133 and SFAS 161 beyond the capital markets.