The Value Relevance of Foreign Currency Translation Adjustments （FCTAs） in the Italian Stock Exchange

The main aim of this paper is to test whether the foreign currency translation adjustments （FCTAs）, the largest components of other comprehensive income （OCI） for most firms, are incrementally value-relevant for investors with respect to the net income （NI）. Previous archival research on the value relevance of FCTAs has documented a weak or non-existent link between FCTAs and firm valuation （Pinto, 2005）. The hypothesized reasons could reside in the econometric method employed, in the use of as-if numbers, and in the missing consideration of the differential effect that exchange rate changes have on firms of varying levels of capital intensiveness. This study adds to the existing literature by empirically testing the value relevance of as-reported FCTAs numbers in the earnings and book value model the Ohlson-like interacted model through panel data techniques. The main finding of this study is that as-reported FCTAs are significantly and incrementally value-relevant, when their parameter estimates are allowed to vary in the cross-section.

临江深基坑大型取水泵站施工技术应用

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