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RESEARCH IN ACCOUNTING REGULATION

GARY J. PREVITS - Personal Name;

This paper examines the economic substance of a broad range of securities by investigating their association with systematic risk and prices. The analysis is motivated by continuing security innovation and its impact on hybrid security reporting. Based on a sample of 2,617 firms that reported minority interests or preferred stock during 1993–1997, the results indicate that redeemable preferred securities (including trust preferred stock) are not viewed by the market as either debt or equity, suggesting dichotomous secu- rity classification may lack representational faithfulness. Inconsistent with their treatment in the financial statements, non-redeemable preferred stock and minority interests are viewed as debt-like and equity-like respectively. Additional analyses document that the systematic risk and pricing results vary based on firm size, performance, and bond rating.

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Series Title: RESEARCH IN ACCOUNTING REGULATION
Call Number: -
Publisher: : ., 2003
Collation: -
Language: English
ISBN/ISSN: 0-7623-1022-7
Classification: NONE
Content Type: -
Media Type: -
Carrier Type: -
Edition: First Edition
Subject(s): Accounting
Specific Detail Info: -
Statement of Responsibility: -

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