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- Title
The Relevance of SFAS 33 Inflation Accounting Disclosures in the Adjustment of Stock Prices to Inflation.
- Authors
McDonald, Bill; Morris, Michael H.
- 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.
- Subjects
SECURITIES; ACCOUNTING; PRICE inflation; DISCLOSURE; EFFECT of inflation on accounting; STOCK prices; BUSINESS; PRICES of securities
- Publication
Accounting Review, 1984, Vol 59, Issue 3, p432
- ISSN
0001-4826
- Publication type
Article