delthannaiveexpectedearnings.
(3)inaociationstudywhichwindowis1year,thevalueofinregreionmodelismuchhigherthanshortwindow.
chapter6examinestheinformationcontentofstockpricewithreecttoearnings.noevidencewasfoundwhichsuortsthestockpricescouldleadaccountingearningsinchina.
chapter7investigatesthefunctionalfixationhypothesisinthechina’sstockmarket.theevidenceindicatesthatinvestorscaotidentifythepermanentcomponentandtraitorycomponentoftheaccountingearnings.inotherword,theyfixonthereportedearningstomakedecisio.furtheranalysisshowsthatthereasonoffunctionalfixationisneithertraactioncost,norirrationalityofinvestors.therealreasonstemsfromtheititutionalcharacteristicsofchina’ssecuritymarket.
keywords:accountingearningstockpricebehaviorsecuritymarket
informationcontentempiricalstud

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