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The change in the value relevance of accounting information after mergers and acquisitions: evidence from the adoption of SFAS 141(R)

Title
The change in the value relevance of accounting information after mergers and acquisitions: evidence from the adoption of SFAS 141(R)
Author
권신형
Issue Date
2018-10
Publisher
WILEY
Citation
ACCOUNTING AND FINANCE, upcoming paper
Abstract
This study examines how and why investors change the use of their information sources in valuation between book value and earnings after mergers and acquisitions (M&A) in both pre‐ and post‐SFAS 141(R) periods. We find that investors generally put less weight on earnings but more weight on book value after M&A than before M&A, and that such a change is particularly strong after the adoption of SFAS 141(R). By looking at goodwill, other intangible assets and other balance sheet accounts that SFAS 141(R) amended, we further find that SFAS 141(R) improves the value relevance of book value components after M&A.
URI
https://onlinelibrary.wiley.com/doi/full/10.1111/acfi.12411https://repository.hanyang.ac.kr/handle/20.500.11754/121549
ISSN
0810-5391; 1467-629X
Appears in Collections:
COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > ACCOUNTING AND TAX(회계세무학과) > Articles
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