EVIDENCE THAT STOCK-PRICES DO NOT FULLY REFLECT THE IMPLICATIONS OF CURRENT EARNINGS FOR FUTURE EARNINGS

被引：782
|
作者：
BERNARD, VL [1 ]
THOMAS, JK [1 ]
机构：
[1] COLUMBIA UNIV,NEW YORK,NY 10027
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 1990年 / 13卷 / 04期
关键词：
D O I：
10.1016/0165-4101(90)90008-R
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Evidence presented here is consistent with a failure of stock prices to reflect fully the implications of current earnings for future earnings. Specifically, the three-day price reactions to announcements of earnings for quarters t + 1 through t + 4 are predictable, based on earnings of quarter t. Even more surprisingly, the signs and magnitudes of the three-day reactions are related to the autocorrelation structure of earnings, as if stock prices fail to reflect the extent to which each firm's earnings series differs from a seasonal random walk. © 1990.
引用
收藏
页码：305 / 340
页数：36
相关论文
共 50 条
  • [31] Do analysts' earnings forecasts fully reflect the information in accruals?
    Ahmed, AS
    Nainar, SMK
    Zhou, JA
    CANADIAN JOURNAL OF ADMINISTRATIVE SCIENCES-REVUE CANADIENNE DES SCIENCES DE L ADMINISTRATION, 2005, 22 (04): : 329 - 342
  • [32] Does the stock market fully appreciate the implications of leading indicators for future earnings? Evidence from order backlog
    Rajgopal, S
    Shevlin, T
    Venkatachalam, M
    REVIEW OF ACCOUNTING STUDIES, 2003, 8 (04) : 461 - 492
  • [33] Does the Stock Market Fully Appreciate the Implications of Leading Indicators for Future Earnings? Evidence from Order Backlog
    Shivaram Rajgopal
    Terry Shevlin
    Mohan Venkatachalam
    Review of Accounting Studies, 2003, 8 : 461 - 492
  • [34] Short sellers and the informativeness of stock prices with respect to future earnings
    Michael S. Drake
    James N. Myers
    Linda A. Myers
    Michael D. Stuart
    Review of Accounting Studies, 2015, 20 : 747 - 774
  • [35] Real Earnings Management and Future Crash Risk in Stock Prices
    Sui Suping
    Li Yuanhui
    Proceedings of the Second International Symposium - Management, Innovation and Development, 2015, : 530 - 535
  • [36] Identifiable intangible asset disclosures, stock prices and future earnings
    Ritter, Adam
    Wells, Peter
    ACCOUNTING AND FINANCE, 2006, 46 (05): : 843 - 863
  • [37] Short sellers and the informativeness of stock prices with respect to future earnings
    Drake, Michael S.
    Myers, James N.
    Myers, Linda A.
    Stuart, Michael D.
    REVIEW OF ACCOUNTING STUDIES, 2015, 20 (02) : 747 - 774
  • [38] Institutional Investors Heterogeneity, Future Earnings and The Informativeness of Stock Prices
    Ding Fangfei
    Hou Ningning
    Li Su
    2013 THIRD INTERNATIONAL CONFERENCE ON INTELLIGENT SYSTEM DESIGN AND ENGINEERING APPLICATIONS (ISDEA), 2013, : 887 - 890
  • [39] Do management EPS forecasts allow returns to reflect future earnings? Implications for the continuation of management’s quarterly earnings guidance
    Jong-Hag Choi
    Linda A. Myers
    Yoonseok Zang
    David A. Ziebart
    Review of Accounting Studies, 2011, 16 : 143 - 182
  • [40] Do management EPS forecasts allow returns to reflect future earnings? Implications for the continuation of management's quarterly earnings guidance
    Choi, Jong-Hag
    Myers, Linda A.
    Zang, Yoonseok
    Ziebart, David A.
    REVIEW OF ACCOUNTING STUDIES, 2011, 16 (01) : 143 - 182
12345