Bringing the future forward: The effect of disclosure on the returns-earnings relation
成果类型：
Article
署名作者：
Lundholm, R; Myers, LA
署名单位：
University of Michigan System; University of Michigan; University of Illinois System; University of Illinois Urbana-Champaign
刊物名称：
JOURNAL OF ACCOUNTING RESEARCH
ISSN/ISSBN：
0021-8456
DOI：
10.1111/1475-679X.00072
发表日期：
2002
页码：
809-839
关键词：
摘要：
This paper studies how firm disclosure activity affects the relation between current annual stock returns, contemporaneous annual earnings and future earnings. Our results show that firms with relatively more informative disclosures bring the future forward so that current returns reflect more future earnings news. We also find that changes in disclosure activity are positively related to changes in the importance of future earnings news for current, returns. These results suggest that a firm's disclosure activity reveals credible, relevant information not in current earnings, and that this information is incorporated into the current stock price.
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