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- Title
ASSET PRICING AND FINANCIAL REPORTING WITH CHANGING PRICES.
- Authors
Morris, Michael H.; McDonald, Bill
- Abstract
This study empirically investigates the recent SFAS No. 33 requirements to determine if the inflation disclosures, or information similar to it, are impounded in security returns. An attempt is also made to determine which of the two diverse disclosures best represent the information impounded by the market. The investigation utilizes a methodological framework arising out of currently accepted asset pricing theory. The results suggest that the current cost data parallels the information impounded in security returns and that it provides risk information not included in the commonly employed systematic risk factor, beta.
- Subjects
PRICE inflation; FINANCIAL performance; FINANCIAL statements; RISK; ECONOMIC policy
- Publication
Journal of Business Finance & Accounting, 1982, Vol 9, Issue 3, p383
- ISSN
0306-686X
- Publication type
Article
- DOI
10.1111/j.1468-5957.1982.tb01002.x