Money and Corporate Earnings
研究货币供给变化与公司税前盈利之间的关系，填补了货币与股票价格之间关键环节的实证空白。
A MUCH-DEBATED ISSUE over recent years has been the relationship between money and stock prices. Among the better-known papers that have appeared are [6, 10, 11, 12, 23, 25]. Useful critical summaries of much of this work have been provided in [22, 23]. Frequently, the concern is with the closely connected relationship between inflation and stock prices (see, especially, [22]). Central to the issue of the effect of money on stock prices is, of course, the effect of money on corporate earnings. The pattern of effect on expected corporate earnings, in conjunction with the investor's required rate of return on stocks, will determine the effect on stock prices. (On the relationship of actual and expected earnings, see [20].) Because the principal concem of most researchers has been with stock prices, the primary link between money and earnings has not been directly studied. It is the purpose of this paper to fill this gap and present evidence on the relationship between changes in the money supply and pretax corporate earnings.