cantstockpricereactio,evenaftercontrollingforthedisclosureofbookvalue,preliminarydividendpolicyandauditors’opinion.amongyearmodels,1996isthemostsignificant;instockexchangemodels,shenzhenmarketismuchmoresignificantthanshanghaimarket,eeciallybefore1996.post-earnings-aouncementdriftwasfoundbothinshenzhenandshanghaimarket.
(2)bookvalueisanexplanatoryvariableforstockpricechangesbutlesignificantthanunexpectedearnings.
(3)theaouncementsofpreliminarydividendpoliciesareanimportantexplanatoryvariableinre

turn-earningsmodel.shanghaimarketismoresignificantthanshenzhen.
(4)onlyinshanghaistockmarket,disclosuresofauditopinioareinformative.
(5)similartou.s.market,theearningsreoecoefficient(erc)isnotstableinchina’sstockmarket.
(6)theestimatevaluesofinterceptinreturn-earningsregreionmodelsarenegative.theauthorthinksthatchineseaccountingstandardsaremoreaggreivethaninternationalpractice,sotheinterceptislethanzerointheregreionmodel.
(7)similartou.s.,theofreturn-earningsregreionmodelislow.adj-ofthepooleddatamodelisonly1.6.butinstockexchangemodels,ofshenzhenmarketismuchhigherthanshanghai,eeciallybefore1996.
chapter5isanexteionofchapter4.itdiscuestherelatiohipbetweenreturandearningsinmoredetails.theauthorfound:
(1)theanalysts’earningsforecastsaremoreaccuratethanrandomwalkmodel.usuallytheformerinclinestoforecastthecorporateearningsmoreoptimisticallythanrandomwalkmodel.
(2)onlyinshenzhenmarket,themodelusinganalysts’earningsforecastsproduceshigherofreturn-earningsmo

上一页  [1] [2] [3] [4] [5] [6] [7] [8] 下一页