Do the financial statements of intangible-intensive companies hold less information content for investors?

Ian Fraser, Heather Tarbert and Kai Hong Tee

Applied Financial Economics, 2009, vol. 19, issue 17, 1433-1438

Abstract: This study uses the event study method to compare the information content of annual accounting releases in sectors that differ in respect of the proportion of market value that may be attributed to intangibles. The results demonstrate that there are differences between industrial sectors in the share price reaction to accounting events and that this reaction appears to be much less significant in sectors where the investment in intangible assets is relatively high.

Date: 2009
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DOI: 10.1080/09603100902902212

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