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| Tekijä: | Freeman, R. N. Tse, S. Y. |
| Otsikko: | A nonlinear model of security price responses to unexpected earnings |
| Lehti: | Journal of Accounting Research
1992 : AUTUMN, VOL. 30, p. 185-209 |
| Asiasana: | EARNINGS SECURITY MODELS |
| Kieli: | eng |
| Tiivistelmä: | This research reports cross-sectional differences in security price responses per unit of unexpected earnings. The authors argue that the permanent component of earnings surprises (as a percentage of total earnings surprises) increases as unexpected earnings approach zero because analysts and investors forecast high-value permanent earnings more accurately than low-value transitory ones. This possibility allows the authors to predict that the marginal price response to earnings surprises should approach a composite price-earnings ratio as the earnings surprise approaches zero. |
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