scott_7e_ism_ch06

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1、Scott,FinancialAccountingTheory,7thEditionInstructor’sSolutionsManualChapter6CHAPTER6THEMEASUREMENTAPPROACHTODECISIONUSEFULNESS6.1Overview6.2AreSecuritiesMarketsFullyEfficient?6.2.1Introduction6.2.2ProspectTheory6.2.3IsBetaDead?6.2.4ExcessStockMarketVolatility6.2.

2、5StockMarketBubbles6.2.6DiscussionofMarketEfficiencyversusBehaviouralFinance6.3EfficientSecuritiesMarketAnomalies6.4LimitstoArbitrage*6.5ADefenceofAverageInvestorRationality*6.5.1DroppingRationalExpectations6.5.2DroppingCommonKnowledge6.6SummaryreSecuritiesmarketI

3、nefficiencies6.7ConclusionsAboutSecuritiesMarketEfficiencyandInvestorRationality6.8OtherReasonsSupportingaMeasurementApproach6.9TheValueRelevanceofFinancialStatementInformation194Copyright©2015PearsonCanadaInc.Scott,FinancialAccountingTheory,7thEditionInstructor’s

4、SolutionsManualChapter66.10Ohlson’sCleanSurplusTheory6.10.1ThreeFormulaeforFirmValue6.10.2EarningsPersistence6.10.3EstimatingFirmValue6.10.4EmpiricalStudiesoftheCleanSurplusModel6.10.5Summary6.11Auditors’LegalLiability6.12AsymmetryofInvestorLosses*6.13Conclusionso

5、ntheMeasurementApproachtoDecisionUsefulnessLEARNINGOBJECTIVESANDSUGGESTEDTEACHINGAPPROACHES1.ToUnderstandtheMeasurementApproachtoFinancialReportingIbegincoverageofthischapterwithadiscussionofwhatthemeasurementapproachmeans.Inessence,itmeanstheintroductionofmorefor

6、ward-lookinginformationintothefinancialstatementsproper.PointsthatIbringoutareasfollows:(i)Reviewtheimplicationsofsecuritiesmarketefficiencyforfinancialreporting,underwhichitisassumedthatthemarketcanquicklydigestallavailableinformation.Thevaluerelevanceliteratured

7、iscussedinChapter5,byandlarge,studiedtheinformationcontentofhistoricalcost-basedfinancialstatements.Theconclusionwasthatsuchstatementswerefoundtobedecisionusefulsincesharepricesrespondedinpredictablewaystoreportednetincome.195Copyright©2015PearsonCanadaInc.Scott,F

8、inancialAccountingTheory,7thEditionInstructor’sSolutionsManualChapter6Thequestionthenis,ifhistoricalcost-basedfinancialstatementsarevaluerelevant,whyare