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Discussion of intangible assets and stock prices in the pre-SEC era

Article Abstract:

A discussion and summary of findings in a study of intangible assets and stock prices before the establishment of the SEC is presented. Asset data from 405 balance sheets dated 1927 is divided according to company into three groups: MD firms, or those disclosing material amounts of intangibles; ND firms, disclosing immaterial or nominal amounts; and AD firms, those with no separate disclosure of intangibles. The study concludes that value relevance of book value for MD firms does depend on its decomposition into tangible and intangible assets but finds no evidence of positive relation between capitalized intangibles and share price.

Author: Zarowin, Paul
Publisher: Blackwell Publishers Ltd.
Publication Name: Journal of Accounting Research
Subject: Business
ISSN: 0021-8456
Year: 1999
Science & research, Services development, History, Securities industry

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The boundaries of financial reporting and how to extend them

Article Abstract:

The authors discuss the usefulness of financial statements to corporate investors, focusing on the relationship between cash flow and returns. Suggestions for improving the worth of financial information include management of intangible investments, and restatement of financial accounts.

Author: Lev, Baruch, Zarowin, Paul
Publisher: Blackwell Publishers Ltd.
Publication Name: Journal of Accounting Research
Subject: Business
ISSN: 0021-8456
Year: 1999
Statistical Data Included, Methods, Models, Usage, Economic aspects, Accounting and auditing, Corporations, Financial analysis, Financial management, Financial statements, Cash flow

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