【正文】 tements more useful information than other measures, such as depreciated cost, and changes in fair value are inextricably linked as integral ponents of the financial performance of an investment property and are therefore presented in the ine statements (IASCF, 2020c). Although IAS 40 (2020) permits entities to choose between a fair value model or a cost model, the Basis for Conclusions on IAS 40 (2020) states clearly that it is highly unlikely that a subsequent change from the fair value model to the cost model can be made on the grounds of more appropriate presentation (IASCF, 2020c). However, Penman (2020) does not entirely agree。公允價(jià)值收益和證券投資損失（其結(jié)構(gòu)來(lái)自于每年兩次的公允價(jià)值評(píng)估） ,然而 ,發(fā)現(xiàn)解釋力增量對(duì)于一年一度的收益率 (股價(jià) )卻并沒(méi)有顯著的變化，由于增加了測(cè)量誤差。他們的研究結(jié)9 果表明，在損益表確認(rèn)未實(shí)現(xiàn)的收益并不在他們的價(jià)值的相關(guān)條款中。中原指數(shù)在采樣周期的確一直在增加 ,盡管是以較低的比率在增加，那時(shí) 香港會(huì)計(jì)準(zhǔn)則第 40 號(hào)（ 2020）是第一次應(yīng)用 。 出處 :斯特拉，史密斯 .收入報(bào)表中的投資性房地產(chǎn)在公允價(jià)值模式下的變化：證 據(jù)來(lái)自于 香港 [J].會(huì)計(jì)和商業(yè)研究 ,2020(39):103118. 。本研究中的所有自變量也按公司的開(kāi)始的市場(chǎng)價(jià)值在增加。 綜合起來(lái)看 ,公司在此之前的研究發(fā)現(xiàn)，在美國(guó)、英國(guó)和澳大利亞的資本市場(chǎng)在 20 世紀(jì) 90 年代 就 建議 ， 投資者一直 被 提供公允價(jià)值 信息（無(wú)論是被 確認(rèn) 的或 被 披露 的 ),這些信息一 般 都具有 可靠 性和 相關(guān) 性 (無(wú)論 是被管理層還是獨(dú)立評(píng)估師評(píng)估的公允價(jià)值 )。與卡魯而的結(jié)果 (2020)等不同 。 (2) costly information, especially for smaller panies。本研究集中在第三期 ,投資性房地產(chǎn)的公允價(jià)值變動(dòng) ,在利潤(rùn)表和估價(jià)準(zhǔn)備金。迪特里希孫俐 (2020)等人還發(fā)現(xiàn)了考核信度 在由部監(jiān)測(cè)評(píng)估師和六大核數(shù)師的監(jiān)控下，在不斷上升 。 表 2A 和 2B 包含研究中的 92 家樣本公司在與最后一次采用會(huì)計(jì)實(shí)務(wù)準(zhǔn)則 13號(hào)（ 2020）那年相比，第一次采用香港會(huì)計(jì)準(zhǔn)則第 40 號(hào)（ 2020）那年期間的描述性統(tǒng)計(jì)分析。雖然整體 R2 只是 %,這是符合原有較短的研究的結(jié)果。在投資性質(zhì)的公允價(jià)值中的 平均利潤(rùn)和損失為 827m 港元 ,幾乎相當(dāng)于在 848m 港元損益下收益。 實(shí)證結(jié)果 雖然 HKAS 40期 (2020年 )允許在成本與公允價(jià)值模式之間自由選擇 ,92家公司在首次樣品中選擇采用公允價(jià)值模式。 股票價(jià)格和投資證券的公允價(jià)值之間的關(guān)聯(lián) ,以及分享收益和公允價(jià)值之間證券的利得和損失，這些都被發(fā)現(xiàn)了。 this may be attributable to the strong economy in Hong Kong in 2020 and 2020. The CentaCity Index has indeed been increasing during the sample period, although at a significantly lower rate when HKAS 40 (2020) is applied for the first time. Firm size and CentaCity index changes are both controlled for in this study. Also all independent variables in this study are scaled by the pany’s beginning market value. Results show a significant increase in the proportion of investment properties relative to total assets, from when SSAP 13(2020) is applied to when HKAS 40 (2020) is applied. There is also an indication of higher earnings volatility14 as a result of applying HKAS 40 (2020). The mean gains and losses in fair value of investment properties are HK$827m which is almost equal to the earnings before such gains and losses of HK$848m. In contrast, the mean investment properties open market value excess deficits or surpluses of HK$24m amounts to only 3% of the earnings before such excess deficits or surpluses of HK$757m. Further indication of higher earnings volatility15 is available in Table 3 showing 6 the results of a pairedsample ttest performed to pare the earnings volatility before and after the application of HKAS 40 (2020). Earnings volatility is expressed as the number of standard deviations from a fiveyear mean (mean of the earnings of the five years ending on the year of HKAS 40 (2020) application). Earnings volatility is significantly higher after the adoption of HKAS 40 (2020) (t = , p = ). . Short window event study Table 4 reports the regression results from the estimation of equation (1). Results for the shortwindow event study provide evidence that the presentation of changes in fair value of investment properties in the ine statements as required by HKAS 40 (2020) is more informative to investors than the presentation required by SSAP 13 (2020).Investors res