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Journal of Accounting and Economics 26 (1999) 149—178
Revaluations of fixed assets and future firm performance:
Evidence from the UK
David Aboody!, Mary E. Barth"*, Ron Kasznik"
! Anderson Graduate School of Management, University of California at Los Angeles, Los Angeles,
CA 90095-1481, USA
" Graduate School of Business, Stanford University, Stanford, CA 94305-5015, USA
Received 1 September 1998
Abstract
We find, as predicted, that upward revaluations of fixed assets by UK firms are
significantly positively related to changes in future performance, measured by operating
e and cash from operations, indicating revaluations reflect asset value changes.
Current year revaluations (revaluation balances) also are significantly positively related
to annual returns (prices). Relations between revaluations and future performance and
prices are weaker for higher debt-to-equity ratio firms, indicating motivation affects how
revaluations reflect asset value changes. The relations also are weaker for cross-listed
firms and in a more volatile economic time period. Our inferences are robust to
controlling for firms’ acquisition activity. ( 1999 Elsevier Science . All rights
reserved.
JEL classification: M4; G15; G18
Keywords: Financial accounting; Asset revaluations; International; Future performance;
UK
* Corresponding author. Tel.: #1 650 723 8536; fax: #1 650 725 0468; e-mail: ******@leland.

 We appreciate ments from Greg Clinch, Ed Maydew, Sir David Tweedie, Ken
Peasnell, participants at the 1998 Journal of Accounting and Economics Conference, especially
Richard Sloan, the discussant, the 1998 American Accounting Association annual meeting, espe-
cially Elizabeth Gordon, the discussant, Ray Ball, the editor, and an anonymous reviewer. Mary
Barth and Ron Kasznik gratefully acknowledge the support of the Stanford GSB Financial
Research Initiative. David Aboody acknowledges the support of the Anderson School at UCLA.
0165-4101/99/$ — se