Market rewards associated with patterns of increasing earnings
Market rewards associated with patterns of increasing earnings
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DOI：
10.2307/2491414
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发表时间：
1999
影响因子：
4.4
通讯作者：
Mary E. Barth;John A. Elliott;Mark W. Finn
中科院分区：
文献类型：
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作者：
Mary E. Barth;John A. Elliott;Mark W. Finn
* 斯坦福大学;康奈尔大学;西北大学。我们感谢来自巴鲁克学院、康奈尔大学、哈佛商学院、爱荷华州大学、北卡罗来纳州大学、俄亥俄州圣母大学、宾夕法尼亚州州立大学、州立大学、罗切斯特大学、坦普尔大学、滑铁卢大学、纽约州立大学布法罗金融经济学会议、美国会计协会年会、和哈佛商学院的财务决策与控制研讨会，以及四位匿名评论者，丹柯林斯，桑杰卡拉普尔，韦恩兰德斯曼，查尔斯李，芭芭拉洛吉和克里希纳帕莱普。我们也感谢Don Cram，Philip Joos和Peter Joos的研究协助。感谢金融研究计划、斯坦福大学商学院、斯坦福大学商学院1969年教师奖学金、康奈尔大学会计学院、芝加哥大学专业会计学院、西北大学会计研究中心和哈佛商学院研究部的资助。我们感谢IIBIEIS使用分析师预测数据。[1]“收益倍数”是指价格回归中的收益系数或收益回归中的收益变化系数。我们把盈利模式非递减的公司称为盈利模式递增的公司。只有不到1%的公司年度观察结果显示，作为收益增长模式的一部分，年度变化为零。
*Stanford University; tCornell University; +Northwestern University. We appreciate comments from workshop participants at Baruch College, Cornell University, Harvard Business School, the University of Iowa, the University of North Carolina, the University of Notre Dame, Ohio State University, Pennsylvania State University, the University of Rochester, Temple University, the University of Waterloo, the Financial Economics Conference at SUNY Buffalo, the American Accounting Association Annual Meeting, and the Financial Decisions and Control Seminar at Harvard Business School, and from four anonymous reviewers, Dan Collins, Sanjay Kallapur, Wayne Landsman, Charles Lee, Barbara Lougee, and Krishna Palepu. We also appreciate the research assistance of Don Cram, Philip Joos, and Peter Joos. Funding from the Financial Research Initiative, Stanford University Graduate School of Business, the Stanford Business School Class of 1969 Faculty Fellowship, Cornell's Accounting Institute, the Institute of Professional Accounting at the University of Chicago, Northwestern's Accounting Research Center, and Division of Research, Harvard Business School is gratefully acknowledged. We thank IIBIEIS for use of analyst forecast data. 1 The term "earnings multiple" refers to either the coefficient on earnings in price regressions or the coefficient on earnings changes in returns regressions. We refer to firms with nondecreasing patterns of earnings as firms with increasing patterns. Fewer than 1% of the firm-year observations have a zero year-to-year change as part of an increasing earnings pattern.