股票价格之间的关系和会计信息【外文翻译】

股票价格之间的关系和会计信息【外文翻译】

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1、外文翻译原文RelationshipsBetweenStockPricesAndAccountingInformationMaterialSource:http://papers.ssrn.com/sol3/papers.cfm?abstract_id=925598Author:ScottPirieandMalcolmSmithThetermmarketbasedaccountingresearchhasbeenusedbyseveralauthors,includingLevandOhlson(1982)andWalker(199

2、7),todescribethebodyofliteraturethatdealswithrelationshipsbetweenmarketpricesandaccountinginformation.Mostoftheearlyempiricalstudiesinthisfieldfocusonearningsandareusuallyconcernedwiththeresponsecoefficientthatrelatesearningstoreturnsratherthantheexplanatorypowerofacco

3、untinginformationforsharespricesorvalue.However,inareviewofearningsresearch,Lev(1989)notesthatearningsaregenerallyfoundtohaveverylowexplanatorypower,andhesuggeststhatthiscastsdoubtonthepracticalvalueofreportedearnings.Whilethereisevidencethatearningsconveyinformationth

4、athelpsformopinionsaboutsecurityprices,theearningsfiguresthemselveshavelimitedvaluebecausetheirrelationshiptopricesisgenerallyweakandunstableovertime.Levsuggeststhiscouldbeduetobiasintroducedbyaccountingrules,andheadvocatesashiftinresearchfocusawayfromtheinformationcon

5、tentofaccountingvariablestowardstherulesthatdeterminethem.Inanotherreviewoftherelevantliterature,Penman(1992)claimsthatmuchoftheempiricalworkinmarketbasedaccountingresearchhasbeenmisdirectedintakinganinformationalperspectivethatassumesaccountingvariablesonlyaffectshare

6、pricesiftheyprovidenewinformation.Headvocatesthatthereshouldbeareturntofundamentalsandaswitchtoameasurementperspectivethatviewsaccountingnumbersasusefuldeterminantsofassetvalues.Penmanalsomaintainsthattraditionalfundamentalanalysisandaccountingpracticeshavelackedthethe

7、oreticalfoundationsrequiredforrigorouseconomicanalysis.However,headdsthattheworkofOhlsonhasbeenasignificantbreakthroughinthisrespect.Thequestionarises,however,ofhowwellresidualincomemodelscanexplainvariationsinshareprices.Severalresearchershaveaddressedthispoint,andsom

8、eofthemoresignificantstudiesarediscussedinthefollowingsections.Thefirstgroupexplores6theexplanatorypowerofthemodelsun

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