The demand for accounting information: young NASDAQ listings versus S&P 500 NYSE listings

The demand for accounting information: young NASDAQ listings versus S&P 500 NYSE listings The main purpose of this paper is to examine accounting information which can be of poor quality for some industries because uniform regulation applies to all. However, there is a strong demand for reliable accounting data even when the quality of the data is poor. Consistent with this premise, I show that among young NASDAQ listings the valuation coefficient on BVE is higher and that on earnings is not lower for intangible-intensive ventures than for other firms. I also show that GAAP OCF provides additional information that enhances the quality of earning information. This results in a shift in valuation weight from BVE to earnings for intangible-intensive young NASDAQ listings. However, these phenomena do not appear for intangible-intensive S&P 500 firms listed on NYSE. My results suggest that variations in the demand for reliable financial data affect the valuation coefficients on earnings and BVE. Review of Quantitative Finance and Accounting Springer Journals

The demand for accounting information: young NASDAQ listings versus S&P 500 NYSE listings

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Springer US
Copyright © 2011 by Springer Science+Business Media, LLC
Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
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