The Oil and Gas Accounting Controversy: An Analysis of Economic Consequences.
分析FASB第19号声明征求意见稿引发的石油天然气会计争议，通过理论模型和实证检验，发现激励效应和政治效应能解释全成本法公司的股价差异反应。
Abstract ABSTRACT: Diverse interpretations of the security market reaction to the Exposure Draft for FASB Statement No. 19 exist. This paper provides a detailed analysis of the oil and gas accounting controversy, First, expanded theoretical models for the potential incentive effects and political effects that have been proposed as explanations for the observed security price behavior are developed. Second, the independent variables isolated by our models are used to explore the differential security market reactions of the full cost firms to the Exposure Draft. The empirical results indicate that the variables posited by our theoretical models explain a non-trivial portion of the differential security market reaction for full cost firms. These results provide evidence which is consistent with the existence of an incentive effect.