publication . Preprint . 2003

"Relevance of Earnings Components: Evidence from Manufacturing Firms in Japan - Part II Industry-Period Analysis -" (in Japanese)

Takashi Obinata;
Open Access
  • Published: 01 Apr 2003
Abstract
This paper investigates the value relevance of components of net income by industries and periods. Net income is divided into three components, i.e. operating profits, financial income (including non-core operating profits), and other income (extraordinary items, special items and taxes), which are mandatorily disclosed in Japanese accounting system as known 'multi-step calculation of net income'. Financial income and other income are usually considered noisy. Many accountants think that they are only annexed items in measuring net income and less value-relevant than operating profits. The main purpose of this paper is to clarify the value relevance of income co...
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