作者：Hui, Kai Wai; Nelson, Karen K.; Yeung, P. Eric
作者单位：Hong Kong University of Science & Technology; Rice University; Cornell University
摘要：Economic theory suggests that the industry-wide component of firm performance is more persistent than the firm-specific component. This paper provides evidence on this assertion and tests whether investors misprice these components of earnings. Consistent with predictions, we find greater persistence in the industry-wide component of earnings that is not fully recognized in stock prices. We show that these effects are partially driven by the market's inability to recognize the differential per...
作者：Kothari, S. P.; Holthausen, Bob; Core, John; Hanlon, Michelle; Guay, Wayne; Wu, Joanna
