gmodel,earningscapitalizationmodel,balancesheetmodelandaccounting-basedvaluationmodel.
chapter3isadescribestatisticsofreportedaccountingearnings,disclosurecharacteristicsanddailymarketretur.thefindingsaboutaccountingearningsofallthelistedcompaniesincludes:(1)theprocecanbedividedinto3stages.(2)distancebetweenthosebestonesandthoseworstonesislongerandlonger.(3)performanceoflistedcompaniesexperiencedacourseoffrom‘shenzhenisbetterthanshanghai’to‘shenzhenisthesameasshanghai’.section2ofthischapterpresentsthereturnofmarketportfolioofeachyearfrom1992tojune,1999.section3studiesthetimecharacteristicsofearningsaouncements.thetentativeconclusioare:(1)‘lastbusphenomenon’,thatis,mostcompaniesdisclosuretheiraualreportjustbeforethedeadlinefordisclosure.(2)althoughthecsrc(chinesesecurityregulatorycommiion)andtwostockexchangesintervenedthetimepointsofaualreports’disclosuresfromjanuary,1998,thedatedistributionamongaweekisnotchange.itisprobablythatsomeinternalelementsdeterminesthetimepointsofearningsaouncements.
chapter4aimsatexaminingtheinformationcontentofaccountingearningsaouncementsinshenzhenstockmarketandshanghaistockmarket,from1994to1998.afterliteraturereviewthepapercoideredsomecriticalproblemofresearchdesign,suchassampleselection,measurementofexpectedearningsandaormalretur,longorshortofeventwindow,variablesshouldbecontrolledfor,dataresourceandmodelcotruction.thelastsectionofthischapteristheanalysisoftestresuslt.mainfindingsare:
(1)theaouncementsofaccountingearningshavesignifi

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