盈余质量与盈余的定价模式的影响【外文翻译】

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1、原文：EarningsQualityandthePricingEffectsofEarningsPatternsEarningsPatternsandEarningsQualityPreviousresearchonpricingeffectsofearningspatternshasconsideredincreasingearnings,earningsthatmeetorexceedanalystforecasts,andsmoothearnings.Theresearchismotivate

2、dbytheobservationthatmanagersappeartofocusonmaintainingsuchpatterns.Webuildonthisobservationbyexploringthenotionthatmanagers’accrualschoiceseitherreinforceorundercutthepricingeffectsofearningspatterns.Inthissection,wedescribepreviousresearch(section2.1

3、),discusswhythethreeearningspatternsweconsidermightbeeconomicallydistinct,asopposedtomanifestationsofasingleunderlyingconstruct(section2.2),anddiscussthelinksbetweenearningspatternsandearningsquality(section2.3).1、Previousresearchonpricingeffectsofearn

4、ingspatternsBeginningwiththeobservationthatmanymanagersappeartostrivetoreportsteadilyincreasingearnings,Barth,ElliottandFinn[1999]documentrewardstosuchbehavior:firmswithincreasingearningshavehigherprice-earningsmultiplesthanotherfirms,aftercontrollingf

5、orgrowthandrisk.Thecontrolforgrowthisbasedonbothincreasesinbookvalueofequityandanalystearningsgrowthforecasts,andthecontrolforriskisthevarianceofthemostrecentsixyears’percentageearningschanges.Theyattempttoruleoutthepossibilitythatfirmswithlongpatterns

6、ofincreasingearningsalsoshareavaluationrelevantfactorthatisknownbeforetheearningspatterndevelops;resultsaremixedalthoughtheauthorsconcludethattheweightoftheevidencedoesnotsupporttheexistenceofsuchafactor.Barthetal.donotconsiderwhetherthequalityofearnin

7、gsmightaffecttheirresults,althoughtheynotethatifearningsincreasesareobtainedviaearningsmanagementwhichinvestorsdiscernanddiscount,theirtestswillbebiasedagainstfindingpricingeffectsassociatedwithpatternsofincreasingearnings(seetheirnote6).KasznikandMcNi

8、chols[2002]andBartov,GivolyandHayn[2002]focusonmarketeffectsofmeetingorexceedinganalystforecasts.KasznikandMcNicholsdocumentthatconsistentlymeetingorexceedinganalystforecastsisassociatedwithahighermultiplerelatingearningstoprice,andthis