The Information Content of General Price Level Adjusted Earnings: A Comment.
指出Baran等人关于一般物价水平调整后收益优于历史成本收益的统计检验无效，重新检验后发现其结论不成立，争议再起。
Abstract ABSTRACT: Baran, Lakonishok, and Ofer [1980] present some empirical evidence on the information content of general price-level adjusted (GPL) earnings relative to historical cost (HC) earnings. Their statistical tests are shown to be invalid, thus leaving unsupported their main conclusion-GPL earnings are superior. We apply an appropriate statistical test to their data and find contrasting results: GPL betas exhibit significantly better correlation with market betas than do HC betas for market value-denominated betas, but not for a non-market-denominated β. No conclusion can be rendered on the information content of GPL earnings, and the controversy over accounting β construction is rejoined.