The Relevance of SFAS 33 Inflation Accounting Disclosures in the Adjustment of Stock Prices to Inflation.
利用SFAS 33数据按通货膨胀敏感性对公司进行横截面分层，检验证券收益对预期和未预期通货膨胀的反应，发现未预期通货膨胀对1980-82年证券收益有显著负面影响，但市场通胀敏感性与会计通胀敏感性无关。
Abstract ABSTRACT: This study tests the reaction of security returns to anticipated and unanticipated inflation using SFAS 33 data to stratify firms cross-sectionally by inflation sensitivity. The cross-sectional stratification allows for the distributive effects of inflation and provides a unique means of assaying the accounting disclosures. The results confirm the significant negative impact of unanticipated inflation on security returns for the 1980-82 period. The market measure of inflation sensitivity, however, does not appear to be related in any way to accounting measures of inflation sensitivity based on SFAS 33 data.