资源描述：
《持续盈利和收入增长，收益质量和盈利反应系数【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、外文翻译原文SustainedEarningsandRevenueGrowth,EarningsQuality,andEarningsResponseCoefficientsAlokeGhoshOfficeofEconomicAnalysisTheSecuritiesandExchangeCommission4505thStreet,NW,Washington,D.C.20549(202)942-8024Ghosha@sec.govAbstract.Weshowthatfirmsreportingsustainedincreas
2、esinbothearningsandrevenueshave(1)higherqualityearningsand(2)largerearningsresponsecoefficients(ERCs)incomparisontofirmsreportingsustainedincreasesinearningsalone.Withrespecttoearningsquality,firmswithrevenue-supportedincreasesinearningshavemorepersistentearnings,exh
3、ibitlesssusceptibilitytoearningsmanagement,andhavehigherfutureoperatingperformance.Withrespecttoresponsecoefficients,firmswithrevenue-supportedincreasesinearningshavebothhigherERCsandlowerbookvalueresponsecoefficients,consistentwiththeimplicationsoftheOhlson(1995)mod
4、el.Keywords:earningsgrowth;revenuegrowth;earningsquality;earningsresponsecoefficientsJELClassification:G12,M41.SustainedEarningsandRevenueGrowth,EarningsQuality,andEarningsResponseCoefficientsInthispaper,weexploretheeffectsofsustainedincreasesinearningsconcurrentwith
5、sustainedincreasesinrevenuesonthequalityofearningsandearningsresponsecoefficients(ERCs).PriorresearchdemonstratesthatfirmswithsustainedincreasesinearningshavehigherERCsthanotherfirms(Barth,ElliottandFinn,1999).1However,similarpatternsofearningsincreasesacrossfirmsnee
6、dnotsignalsimilarinformationbecauseearningsincreasescouldemanatefromdifferentcomponentsofearnings.Inashort-windoweventstudycontext,revenuesandexpenses,thetwomajorcomponentsofearnings,havebeenshowntobedifferentiallyinformative(Ertimur,LivnatandMartikainen,2003).Howeve
7、r,thevaluationeffectsofsustainedincreasesinearningsattainedthroughrevenueincreasesvis-à-viscostreductionsarenotyetknown.Tounderstandtheseeffects,wepartitionfirmswithsustainedincreasesinearningsintotwogroups:firmsthatreportsustainedincreasesinearningsalongwithsustaine
8、dincreasesinrevenuesandfirmsthatdonotreportsustainedincreasesinrevenues.Wehypothesizethatforfirmsthatreportsustainedincreasesinearn
