盈余波动、盈余持续性与盈余公告后漂移

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许多经验研究表明,盈余波动性的增大会降低盈余的持续性,进而降低盈余的可预测性。市场因不能识别盈余持续性的这种差异而发生盈余公告后漂移(post-earnings announcement drift,PEAD)异象。本文的研究表明,盈余波动性的增加确实会降低盈余的持续性;但当盈余的波动幅度处于两个极端时盈余的可预测性则处于低位,这与Dichev和Tang(2009)、Cao和Nara-yanamoorthy(2012)的结论不同。与Cao和Narayanamoorthy(2012)的结论相一致,我们也发现了基于盈余波动性的盈余公告后漂移异象。本文还发现,公允价值会计实施后盈余的持续性进一步降低,并导致更严重的盈余公告后漂移异象。 Many empirical studies show that the increase of earnings volatility will reduce the sustainability of earnings, thus reducing the predictability of earnings. The market has seen post-earnings announcement drift (PEAD) as a result of this discrepancy in earnings persistence. The research in this paper shows that the increase of earnings volatility does indeed reduce the sustainability of earnings. However, the surpluses are at a low level of predictability when the volatility of earnings is at two extreme levels. This is in line with Dichev and Tang (2009), Cao and Nara -yanamoorthy (2012) concluded differently. In line with the conclusions of Cao and Narayanamoorthy (2012), we also found a post-announcement drift drift based on earnings volatility. The paper also finds that the persistence of the surplus after the implementation of the fair value accounting is further reduced and leads to a more viscous drift after the earnings announcement.
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