SUMMARY FINANCIAL STATEMENT MEASURES AND ANALYSTS FORECASTS OF EARNINGS

被引：32
|
作者：
STOBER, TL
机构：
[1] Indiana University, Bloomington
来源：
JOURNAL OF ACCOUNTING & ECONOMICS | 1992年 / 15卷 / 2-3期
关键词：
D O I：
10.1016/0165-4101(92)90024-V
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study distinguishes between the information in the Ou and Penman (1989a) Pr measure and that in analysts' forecasts of earnings. For cases where analysts' forecasts are available, trading on Pr produces abnormal returns only when the predictions of Pr and those of analysts' forecasts disagree. This is consistent with Pr capturing some information not impounded in market prices. However, abnormal returns to this trading strategy continue for up to 72 months after the release of the data necessary to compute Pr. This is consistent with Pr proxying for the effects of omitted risk factors.
引用
收藏
页码：347 / 372
页数：26
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