Of course, the issue of whether accounting choices affect stock prices is ultimately an empirical matter. A number of academic papers have addressed this issue. Kaplan and Roll found that the switch from accelerated to straight-line depreciation did not affect stock prices.21 Kaplan and Roll also looked at changes from the deferral method of accounting for the investment tax credit to the flow-through method.22 They found that a switch would increase accounting earnings but had no effect on stock prices.
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