Commemorating the 50-Year Anniversary of Ball and Brown (1968): The Evolution of Capital Market Research over the Past 50 Years

• 成果类型: Article
• 署名作者: Kothari, S. P.; Wasley, Charles
• 署名单位: U.S. Securities & Exchange Commission (SEC); Massachusetts Institute of Technology (MIT); University of Rochester
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/1475-679X.12287
• 发表日期: 2019
• 页码: 1117-1159
• 关键词: incremental information-content; EARNINGS-ANNOUNCEMENT DRIFT; time-series properties; pro forma earnings; value-relevance literature; stock-price response; non-GAAP earnings; ACCOUNTING EARNINGS; quarterly earnings; Aggregate earnings

摘要

We commemorate the 50th anniversary of Ball and Brown [1968] by chronicling its impact on capital market research in accounting. We trace the evolution of various research paths that post-Ball and Brown [1968] researchers took as they sought to build on the foundation laid by Ball and Brown [1968] to create a body of research on the usefulness, timeliness, and other properties of accounting numbers. We discuss how those paths often link back to the groundwork laid and questions originally posed in Ball and Brown [1968].