Corporate Signaling, Asset Revaluations and the Stock Prices of British Companies.
研究1964-1973年间232家英国上市公司固定资产重估对股票价格残差的影响，发现重估公告日附近累积平均残差正向上升，但重估本身仅在伴随其他利好信号时才会带来显著正回报。
Abstract ABSTRACT: This paper examines the impact on stock price residuals of fixed asset revaluations by 232 listed British companies in the period 1964-1973, primarily using a simple CAPM test. The results show a positive upward movement in the cumulative average residuals around the announcement date. To evaluate their significance, the sample of companies was partitioned into sub-groups dependent on other signals of interest, namely stock dividends and other capitalization changes, and changes in earnings and dividends. From the analysis, it appears that revaluations were associated with unexpected positive returns when taken by the capital market as a pointer to other favorable signals from a company and to increased future benefits to stockholders. Where these expectations of associated or subsequent favorable signals were not confirmed, revaluations alone did not result in significant positive residuals.