The Relative and Incremental Explanatory Power of Earnings and Alternative (to Earnings) Performance Measures for Returns*
分析盈利与非盈利业绩指标解释年度股票回报变异的能力，针对不同行业识别其偏好的业绩指标，发现盈利在多数行业中占主导，但偏好指标并未反映在实际投资行为中。
Abstract We analyze the ability of earnings and non‐earnings performance metrics to explain the variability in annual stock returns for industries where we identify, ex ante, an allegedly preferred (for valuation purposes) summary performance metric. We identify three industries where earnings before interest, taxes, depreciation, and amortization (EBITDA) and cash from operations (CFO) are preferred, and three industries where specific non‐GAAP performance metrics are preferred. As a benchmark, we also examine the ability of EBITDA and CFO to explain returns for seven industries for which earnings is the preferred metric. Results for the benchmark earnings industries show that earnings dominates EBITDA and CFO in explaining returns. All other results are inconsistent with the view that perceptions of preferred metrics are reflected in actual aggregate investment behaviors.