会计与财务[2016年第1期] 自愿性资产负债表披露与盈余公告后漂移

发布时间:2018-12-01

作者:Charles Hsu Qinglu Jin Jing Zhou

关键字:Voluntary Disclosure Balance Sheet Post-earnings-announcement Drift

摘要/Abstract

This study examines whether voluntary balance sheet disclosure at the time of an earnings announcement mitigates post-earnings-announcement drift (PEAD). Both theory and empirical evidence suggest that balance sheet information complements earnings information in equity valuation. Specifically, prior studies show that investors use a combination of earnings and balance sheet information, such as a firms book value of equity, to assess a firms profitability and predict earnings growth. Consistent with these findings, our results show that when firms provide voluntary balance sheet disclosures, the earnings response coefficient in the event window is significantly higher and the corresponding PEAD is significantly lower. These results are robust to controlling for other concurrent disclosures at earnings announcements as well as a set of endogeneity tests. We further find that the impact of voluntary balance sheet disclosure on PEAD is distinct from its potential impact on accrual mispricing.

  

全文阅读:https://www.sinoss.net/qikan/2016/0906/14305.html