Market assessment of industry and firm earnings information

被引：38

作者：

Ayers, B

Freeman, RN

机构：

[1] Univ Texas, Dept Accounting, Austin, TX 78712 USA

[2] Univ Georgia, Tull Sch Accounting, Athens, GA 30602 USA

来源：

JOURNAL OF ACCOUNTING & ECONOMICS | 1997年 / 24卷 / 02期

关键词：

capital markets; earnings;

D O I：

10.1016/S0165-4101(98)00002-0

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the timing of security returns associated with industry-wide earnings and firm-specific earnings. We predict and find that returns associated with differences in performance across industries begin and end earlier than returns associated with differences in firm-specific performance within industries. To earn abnormal profits, a trading strategy based on forecasts of future earnings would require earlier predictions of industry-wide earnings than of firm-specific earnings. (C) 1997 Elsevier Science B.V. All rights reserved.

引用

页码：205 / 218

页数：14

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