Accruals, Disclosure and the Pricing of Future Earnings in the European Market
研究了披露如何帮助市场参与者从应计项目中形成对未来盈余的预期，发现披露与应计项目共同影响当前股票回报中蕴含的盈余预期。
Abstract: This paper examines the role of disclosure in assisting market participants to form expectations of future earnings from the accrual content of reported earnings. Using the Transparency and Disclosure ratings prepared by Standard and Poor’s, we show how disclosure and accruals jointly affect the earnings expectations that are incorporated in current stock returns, depending on the magnitude and sign of the changes in net current and net non‐current operating assets.