摘要：
Value relevance research empirically investigates the usefulness
of accounting information to stock investors. Accounting information
is denoted as value relevant if there is a statistical association
between the accounting numbers and market values of equity. This
review provides a comprehensive study of the value relevance literature.
The review focuses mainly on high-quality value relevance research
from the last two decades, but it also covers seminal studies from
the late 1960s. The primary focus is on research on U.S. financial
data, but some international evidence is also presented. The articles
are generally selected from top accounting journals. The review
offers an introduction to the methodology employed within this research
tradition and presents the main results from studies regarding the
value relevance of the two summary measures used in financial reports,
namely, earnings and book equity. Furthermore, the review describes
studies on the development in value relevance over time and shows
how value relevance from different accounting methods can be compared.
Overall, the review provides in-depth information on the value relevance
literature to readers who wish to familiarise themselves with this
line of empirical accounting research.
