Empirical evidence on the evolution of international earnings
成果类型：
Article
署名作者：
Land, J; Lang, MH
署名单位：
University of North Carolina; University of North Carolina Chapel Hill
刊物名称：
ACCOUNTING REVIEW
ISSN/ISSBN：
0001-4826
DOI：
10.2308/accr.2002.77.s-1.115
发表日期：
2002
页码：
115-133
关键词：
摘要：
We examine whether cross-country differences in earnings-to-price multiples have changed between 1987-1992 and 1994-1999. Our results suggest that earnings multiples became more similar over this time period for the jurisdictions we analyze, although systematic differences remain. Economic determinants of earnings multiples (e.g., growth rates, interest rates, and returns) do not exhibit similar convergence and do not appear to explain the changes. The convergence is robust to controls for cash flow multiples and is apparent in the valuation of accruals. Accrual/cash flow correlations have also become more similar and generally less negative, suggesting a reduction in earnings smoothing. Overall, our evidence suggests convergence in accounting practice.
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