Valuation of Permanent, Transitory, and Price-Irrelevant Components of Reported Earnings
Valuation of Permanent, Transitory, and Price-Irrelevant Components of Reported Earnings
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报告收益中永久、暂时和与价格无关的部分的估值
DOI：
10.1177/0148558x9801300309
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发表时间：
1998
期刊：
影响因子：
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通讯作者：
Jacob K. Thomas
中科院分区：
文献类型：
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作者：
R. Ramakrishnan;Jacob K. Thomas
事件的经济性质和现存的会计规则都导致报告的收益有不同的组成部分，每个组成部分都有不同的估值含义。通过将非预期收益的各个组成部分分开，并将每个组成部分乘以不同的反应系数，而不是将单一的收益反应系数（ERC）应用于合计非预期收益，可以更好地描述价格-收益联系。使用一个简单的模型，假设三种类型的创新报告的收益（永久性的，暂时性的，价格无关），我们开发当前的收益组成部分，未来的收益和股票价格之间的系统联系。模型预测的实证检验证实了我们对市盈率联系的描述的有效性。试图更好地理解增长和（贝塔）风险的影响，结果几乎没有改善。
Both the economic nature of events and extant accounting rules cause reported earnings to have different components, each with different valuation implications. The price-earnings link is described better by separating components of unexpected earnings and multiplying each by a different response coefficient, rather than applying a single earnings response coefficient (ERC) to aggregate unexpected earnings. Using a simple model that assumes three types of innovations to reported earnings (permanent, transitory, and price-irrelevant), we develop systematic links among current earnings components, future earnings, and stock prices. Empirical tests of the model's predictions confirm the validity of our characterization of the price-earnings link. Attempts to understand better the effects of growth and (beta) risk result in little improvement.