本研究探討財務會計準則公報第161號「衍生工具與避險活動之揭露」對於股價資訊內涵之影響,並聚焦該公報是否協助公司特有資訊(firm-specific information)流入市場,進而提升股價資訊內涵。本研究以美國2004-2013年樣本,對公司年報進行文本分析,以辨別是否為衍生工具使用者。研究發現,在財務會計準則公報第161號實施後,使用衍生工具之企業,股價資訊內涵顯著上升,表示該公報有助提升資訊透明度,強化公司特有資訊流入市場。此外,研究亦發現,經理人過度自信將顯著降低財務會計準則公報第161號對於股價資訊內涵之影響。
This study examines the effect of SFAS No.161 on stock price informativeness. I specifically focus on whether SFAS No.161 facilitates the dissemination of firm-specific information to the market and thus increases stock price informativeness. Using U.S. sample for fiscal-years 2004-2013, this study employs a difference-in-difference research design and identifies derivative users (treatment group) by conducting a textual analysis on firm’s 10-K. The result shows that for firms that engage in derivatives activities, stock price informativeness increases after the adoption of SFAS No.161. Additionally, I also find that the positive association between SFAS No.161 adoption and stock price informativeness is significantly weakened for firms with overconfident CEO.