Accounting Adjustments and the Valuation of Financial Statement Note Information in 10-K Filings
Accounting Adjustments and the Valuation of Financial Statement Note Information in 10-K Filings
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会计调整和 10-K 申报中财务报表附注信息的估值
DOI：
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发表时间：
2010
期刊：
影响因子：
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通讯作者：
Yibin Zhou
中科院分区：
文献类型：
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作者：
Gus De Franco;M. Wong;Yibin Zhou
我们检查财务报表附注信息在10-K申报时的估值。我们发现，10-K备案前后的股票收益与根据财务报表附注信息计算的会计调整呈正相关。我们进一步证明，股票分析师在10-K日期发布报告并更新其目标价格估计的可能性正在增加。那些在这个时候更新目标价格的分析师会根据调整的幅度和幅度修改他们的预测。这些发现与财务报表使用者利用财务报表附注信息进行会计调整，从而将这些信息纳入股票价格的情况一致。
We examine the valuation of financial statement note information at the time of 10-K filings. We find that stock returns around 10-K filings are positively related to accounting adjustments calculated from financial statement note information. We further document that the likelihood of equity analysts issuing a report and updating their target price estimates at the 10-K dates is increasing in the magnitude of the adjustments. Those analysts who do update their target prices at this time revise their estimates consistent with the sign and magnitude of the adjustments. These findings are consistent with financial statement users utilizing financial statement note information to make accounting adjustments, thereby incorporating this information into stock prices.