《财务会计理论》（第6版,威廉.R.斯科特）英文版教材PPT-5.ppt

Copyright ? 2012 Pearson Canada Inc 5 - * Financial Accounting TheorySixth EditionWilliam R. ScottChapter 5 The Information Approach to Decision Usefulness 5 - * Chapter 5The Information Approach to Decision Usefulness 5 - * 5.1 The Information Approach Assumes securities market efficiency Investors responsible for predicting future firm performance Role of financial reporting to provide useful information for this purpose Usefulness of financial statement information evaluated by magnitude of security price response to that information 5 - * 5.2. Outline of the Research Problem Reasons for market response An application of decision theory model Investors have prior probabilities of future firm performance Investors obtain useful information from financial statements Investors revise their probabilities Leads to buy/sell decisions Security price and share return change Continued 5 - * Outline of the Research Problem (continued) Abnormal share return Total share return = return due to market-wide factors ± abnormal share return due to firm-specific factors Only abnormal share return can be attributed to financial accounting information If good news in financial statements leads to positive abnormal share return (and vice versa), conclude financial statement information is useful. To reach such a conclusion, need to separate market-wide and firm-specific returns Continued 5 - * Outline of the Research Problem (continued) Separating market-wide and firm-specific returns Firm releases financial information Most studies look at release of earnings Use a market model to estimate market-wide return on that day (or narrow window) Assumes market efficiency Abnormal share return during narrow window = total return – market-wide return See Figure 5.2 Continued 5 - * Outline of the Research Problem (continued) 5 - * Outline of the Research Problem (continued) Unexpected earnings Investors have expectations of current earnings Investors’ expecta