ABSTRACTWe address how value relevance of accounting information evolved as the new economy developed. Prior research concludes that accounting information—primarily earnings—has lost relevance. We consider more accounting items and find no decline in combined value relevance from 1962 to 2018. We assess evolution in each item’s value relevance and find increases, most notably for items related to intangible assets, growth opportunities, and alternative performance measures, which are important in the new economy. The number of relevant items also increases. We also consider separately new economy, old economy profit, and old economy loss firms. The trends are more pronounced for, but extend beyond, new economy firms. We base inferences on a nonparametric approach that does not require specifying the valuation relation. Taken together, our findings reveal an evolution to a more nuanced, but not declining, relation between accounting information and share price.JEL Classifications: C14; G10; G18; M40; M41.

中文翻译：

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会计信息价值相关性的演变


摘要我们探讨会计信息的价值相关性如何随着新经济的发展而演变。先前的研究得出结论，会计信息（主要是收益）已经失去了相关性。我们考虑了更多的会计项目，发现从 1962 年到 2018 年，综合价值相关性没有下降。我们评估了每个项目的价值相关性的演变，发现有所增加，尤其是与无形资产、增长机会和替代绩效指标相关的项目，这些都很重要在新经济中。相关项目的数量也增加了。我们还分别考虑新经济、旧经济盈利和旧经济亏损企业。对于新经济公司来说，这种趋势更为明显，但也超出了新经济公司的范围。我们基于不需要指定估值关系的非参数方法进行推论。总而言之，我们的研究结果揭示了会计信息与股价之间的关系正在演变为更加微妙但并未下降的关系。JEL 分类：C14；C14； G10； G18； M40； M41。