Market valuation and deregulation of electric utilities

被引：9

作者：

Blacconiere, WG ^{[1
]}

Johnson, MF

Johnson, MS

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[2] Michigan State Univ, Eli Broad Coll Business, E Lansing, MI 48824 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 2000年 / 29卷 / 02期

关键词：

market valuation; electric utilities; deregulation;

D O I：

10.1016/S0165-4101(00)00021-5

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the effect of ongoing deregulation in the electric utility industry on the relation between market value, book value, and earnings. We predict that deregulation decreases (increases) the relative importance of book value (earnings) in explaining price. We test this prediction by examining changes in the value relevance of book value and earnings during the 1988-1996 rime period for a sample of large, investor-owned electric utilities. We find that the regression coefficients and incremental explanatory power related to book value (earnings) have decreased (increased) over this time period. These results are generally robust in sensitivity analysis. (C) 2000 Elsevier Science B.V. All rights reserved.

引用

页码：231 / 260

页数：30

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