The demand for accounting information: young NASDAQ listings versus S&P 500 NYSE listings |
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Authors: | Yoshie Saito |
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Institution: | (1) Lumpkin College of Business and Applied Sciences, Eastern Illinois University, Charleston, IL, USA |
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Abstract: | 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. |
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Keywords: | |
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