Value Relevance of Financial and Non-Financial Information: Evidence from the Gaming Industry

Using financial and non-financial data from casino gaming firms listed in the United States from 1999–2017, we explore two research questions: (1) Is financial information value relevant to financial markets in the casino gaming industry? (2) Does non-financial information have incremental explanatory power over financial information? In general, we find that accounting numbers can explain a firm’s market value and stock returns in the casino gaming industry, except for accounting accruals, which may behave differently compared to other industries. We also find that non-financial information, such as the number of table games, number of slot machines, and their relative proportion, have significant value relevance in explaining market valuation. Our findings contribute to a better understanding of the value relevance of financial and non-financial information in the casino gaming industry. We also provide analysis of firms characterized by these non-financial attributes. Keywords: hospitality, casino, gaming, value relevance, table games, slot machines JEL Code: L83, M19, M4

Temporal Stability of Repeated Assessments of Problematic Internet Use Among Adolescents: A Prospective Cohort Study

The growth of Internet usage has been phenomenal in the last decade. According to the latest statistics on worldwide usage of the Internet, there has been a 4-times increase in the number of users.1 In terms of regional distributions by geographic locations, Asia is the area with the highest number of Internet users in the world in 2009 with more than 764.4 millions.1 With such a large population of Internet users, misuse and loss of control in the use of the Internet should not be expected rare events