Fundamental Information and Monetary Policy: The Implications for Earnings and Earnings Forecasts
检验市场信息（如股息率、公司规模、账面市值比）是否增强会计数据对盈利的预测力，并发现货币政策影响盈利变化及其可预测性，但分析师预测差异并非源于对财务报表信号的不同解读。
Building on the work of Lev and Thiagarajan (1993) and Abarbanell and Bushee (1997 and 1998) this paper tests whether market‐based information including dividend yield (Fama and French, 1998), firm size (Reinganum, 1981), and the ratio of book value to market value (Fama and French, 1992) add explanatory power to accounting data for predicting future earnings. The paper also tests whether earnings changes and the predictability of those changes are conditioned on monetary policy. It is found that the ratio of book value to market value is significantly related to earnings changes. Analyst forecast accuracy differs depending on monetary policy regime, but this difference is not due to differing interpretation of fundamental signals on financial statements appearing under differing monetary policy regimes. It is also found that there is a significant relation between monetary policy, earnings changes, and the level of signals concerning earnings changes.