Do Stock Prices Fully Reflect Information in Accruals and Cash Flows About Future Earnings
研究股票价格是否反映了当前盈余中应计和现金流成分所包含的未来盈余信息，发现投资者似乎只关注盈余数字，未能充分区分应计和现金流成分，直到信息影响未来盈余。
This paper investigates whether stock prices reflect information about future earnings contained in the accrual and cash flow components of current earnings. The extent to which current earnings performance persists into the future is shown to depend on the relative magnitudes of the cash and accrual components of current earnings. However, stock prices are found to act as if investors fixate on earnings, failing to fully reflect information in the accrual and cash flow components of current earnings until it impacts future earnings.