The conservatism principle and the asymmetric timeliness of earnings
The conservatism principle and the asymmetric timeliness of earnings
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DOI：
10.1016/s0165-4101(97)00014-1
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发表时间：
1997-12-01
影响因子：
5.9
通讯作者：
Basu, S
中科院分区：
文献类型：
--
作者：
Basu, S
我将保守主义解释为导致收益反映“坏消息”的速度比“好消息”更快。这种解释意味着坏消息和好消息期间的及时性和盈利的持续性之间的系统差异。用公司股票收益率来衡量新闻，收益对负收益的同期敏感性是收益对正收益的同期敏感性的2 ~ 6倍。我还预测并发现，负的盈余变化比正的盈余变化更不持久。盈余反应系数（ERCs）是较高的积极的盈余变化比负的盈余变化，符合这种不对称的持久性。(C)1997 Elsevier Science B. V.保留所有权利。
I interpret conservatism as resulting in earnings reflecting 'bad news' more quickly than 'good news'. This interpretation implies systematic differences between bad news and good news periods in the timeliness and persistence of earnings. Using firms' stock returns to measure news, the contemporaneous sensitivity of earnings to negative returns is two to six times that of earnings to positive returns. I also predict and find that negative earnings changes are less persistent than positive earnings changes. Earnings response coefficients (ERCs) are higher for positive earnings changes than for negative earnings changes, consistent with this asymmetric persistence. (C) 1997 Elsevier Science B.V. All rights reserved.