Value-relevance of nonfinancial information: The wireless communications industry

被引：509
|
作者：
Amir, E
Lev, B
机构：
[1] UNIV CALIF BERKELEY, HAAS SCH BUSINESS, BERKELEY, CA 94720 USA
[2] COLUMBIA UNIV, GRAD SCH BUSINESS, NEW YORK, NY 10027 USA
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 1996年 / 22卷 / 1-3期
关键词：
valuation-relevance; industry analysis; nonfinancial information; cellular communication; POPS;
D O I：
10.1016/S0165-4101(96)00430-2
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the value-relevance to investors of financial (accounting) and nonfinancial information of independent cellular companies and find that, on a stand-alone basis, financial information (earnings, book values, and cash flows) are largely irrelevant for security valuation. Nonfinancial indicators, such as POPS (a growth proxy) and Market Penetration (an operating performance measure), are highly value-relevant. However, combined with nonfinancial information, earnings do contribute to the explanation of prices. The complementarity between financial and nonfinancial data is highlighted in this study.
引用
收藏
页码：3 / 30
页数：28
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