Information Content of Interim Earnings Components — Evidence from Finland
研究芬兰上市公司中期收益的信息含量，通过将收益分解为永久性和暂时性变化，检验其与股票回报的关联程度，发现永久性变化关联更强。
This study examines the information content of the interim earnings of listed Finnish firms. The degree of association between returns and interim earnings is studied. The assumption is that, compared to transitory changes, permanent changes in earnings have a greater association with returns. Unexpected returns are regressed over unexpected permanent earnings and unexpected transitory earnings. Three return measurement periods are used to examine any potential asynchrony between prices and earnings. To reduce the errors‐in‐variables problem expected in single‐security‐level studies, observations are grouped into portfolios. When the data are divided into portfolios, the results give evidence of the association as hypothesized.