The Information Content of Nonearnings Accounting Numbers As Earnings Predictors
研究非盈利会计数字（如资产负债表项目）是否包含当前盈利中未反映的未来盈利信息，并检验这些增量预测信息是否被股价吸收。
This paper provides empirical evidence on the predictive ability and information content of nonearnings annual report numbers beyond that contained in earnings.' I take an prediction approach to address the incremental information content issue.2 Under this approach, nonearnings accounting numbers, jointly, play the role of predictors of future earnings changes. Specifically, I investigate whether nonearnings accounting numbers convey information about future earnings that is not reflected in current earnings; and if they do, whether this incremental predictive content is reflected in stock prices.