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Value relevance and the dot-com bubble of the 1990s

机译：价值相关性与1990年代的互联网泡沫

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During the dot-com bubble of the 1990s, equity market valuation was a popular topic for investors, financial analysts and academics. Some questioned whether traditional accounting and financial information had lost its value relevance, as stocks traded at multiples of earnings well in excess of historic levels, leading Alan Greenspan to caution against "irrational exuberance." This study examines the relation between market valuation and traditional accounting/financial information before, during and after the bubble. We confirm previous research that documents a decline in the relation between market value and traditional accounting information leading up to the bubble period. However, we also document that after the collapse of the bubble in 2000 this trend reverses. We also examine two related metrics that may provide a rational explanation for this phenomenon, including the quality of earnings, and the aggressiveness of financial analysts' forecasts, finding some support that earnings quality may contribute to the changes in value relevance, but not the aggressiveness of analyst forecasts.
机译：在1990年代的互联网泡沫时期，股票市场估值一直是投资者，金融分析师和学者的热门话题。一些人质疑传统会计和财务信息是否失去了价值的意义，因为股票的市盈率远超过历史水平，导致艾伦·格林斯潘警告“非理性繁荣”。这项研究考察了泡沫之前，期间和之后市场估值与传统会计/财务信息之间的关系。我们确认先前的研究表明，在泡沫时期之前，市场价值与传统会计信息之间的关系有所下降。但是，我们也证明，在2000年泡沫破裂之后，这种趋势发生了逆转。我们还研究了两个相关的指标，可以为这种现象提供合理的解释，包括盈余质量和财务分析师的预测的积极性，找到了一些支持，即盈余质量可能会导致价值相关性的变化，但不能证明其积极性分析师预测。

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