採用財務會計準則公報第34號第二次修訂金融資產重分類規定之公司，主要是將交易目的金融資產重分類至備供出售類，且有採用重分類公司之整體揭露狀況良好，但至少有15家公司違反該公報揭露規定。其它實證結果包含：(1)金融資產重分類後之會計資訊對公司股價的解釋能力優於倘若未進行金融資產重分類之會計資訊。(2)全樣本與以異常盈餘(或稅後淨利)由負轉負組之實證結果一致。投資人對金融資產重分類損益影響數之評價不同於其他盈餘要素資訊；而金融資產重分類損益影響數資訊具價值攸關性；且投資人對於金融資產重分類損益影響數(損失)為正向評價。該結果似乎顯示投資人存在注意力有限或功能固著現象，固著於現行財務報表(重分類後)之較高盈餘的「損益表」資訊。

Most of the firms adopting the second amendment of TFAS 34 reclassify financial assets held for trading to available for sale. There are 15 firms violate the disclosure requirements regarding the reclassification of financial assets, while the rest of the sample firms are fully compliant with the requirements. In addition, our empirical results show: (1) the explanatory power of the models using accounting information as reported is greater than that of the models using accounting information assuming no-reclassification and the difference is statistically significant, and (2) the empirical results for the total sample and the negative-to-negative sub-sample, which consist of firms with negative abnormal earnings (or negative earnings after tax, or negative earnings before tax) both before as well as after the reclassification, are the same. Investors’ valuation of the income effects from reclassification is significantly different from other earnings components. Though the income effects from reclassification is value relevant, the investors’ valuation of the disclosed reclassification effects (losses) is significantly positively. Overall, the empirical results are consistent with the “limited attention” and the “functional fixation” hypotheses. Investors seem to fixate on the earnings as reported.