THE ROLE OF INFLATION‐ADJUSTED ACCOUNTING DATA IN CORPORATE RISK ANALYSIS: AN EMPIRICAL INVESTIGATION*
作者:
Mostafa M. Maksy,
期刊:
Accounting&Finance
(WILEY Available online 1984)
卷期:
Volume 24,
issue 1
页码: 33-50
ISSN:0810-5391
年代: 1984
DOI:10.1111/j.1467-629X.1984.tb00049.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
Abstract:Both in the U.S. and abroad, certain large companies are required to report accounting data adjusted for the effect of changing prices. This study investigated the role of such adjusted accounting data in corporate risk analysis. Loan decision situations were constructed for a firm whose income from continuing operations reported in accordance with Statement of Financial Accounting Standard No. 33 (SFAS 33) was drastically reduced. Questionnaires were mailed to 1,050 randomly selected bank lending officers (BLOs) in 240 banks in 40 states and the District of Columbia. A group of BLOs received no SFAS 33 data and served as a control. While most of the responding BLOs did not seem to use SFAS 33 data in making their decisions, those who reported that they used such data reached significantly different decisions from those of the control group. More specifically, the users evaluated the firm twice as risky and recommended significantly lower loans than the control group with respect to both short‐term and long‐term loans. Furthermore, the users spent significantly more time in data analysis and decision making than the control gr
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