The FASB changed the reporting policy for comprehensive income (CI) by issuing ASU No. 2011‐05, which requires CI be reported in performance statements (i.e., either a single income statement with net income or a separate statement of CI following the income statement) rather than the previously allowed equity statements. We examine whether the change in reporting position of CI led to higher market pricing of CI volatility incremental to NI volatility (“incremental CI volatility”), as measured by the price‐earnings relationship. We find that the market pricing of incremental CI volatility increased from the pre‐ to the post‐ASU period for non‐financial firms forced to change the reporting position of CI from equity to performance statements. The increase is more prominent for firms that switched to the income statement than for firms that switched to a separate statement of CI. Further, we find that the increased market pricing of incremental CI volatility translates into lower valuation weights on other comprehensive income.

中文翻译：

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报告头寸是否会影响综合收益波动的定价？

FASB 通过发布 ASU 第 2011-05 号更改了综合收益 (CI) 的报告政策，该政策要求在绩效报表中报告 CI（即，带有净收入的单个损益表或损益表之后的单独 CI 报表) 而不是之前允许的权益报表。我们研究了 CI 报告头寸的变化是否会导致 CI​​ 波动性的市场定价高于 NI 波动性（“增量 CI 波动性”），以市盈率关系衡量。我们发现，对于被迫将 CI 的报告位置从权益报表更改为绩效报表的非金融公司，增量 CI 波动的市场定价从 ASU 前到后期间有所增加。与转向单独的 CI 报表的公司相比，转向损益表的公司的增长更为显着。此外，我们发现增量 CI 波动的市场定价上升转化为其他综合收益的估值权重降低。