Comparing the Value Relevance, Predictive Value, and Persistence of Other Comprehensive Income and Special Items
实证比较其他综合收益和特殊项目损益的价值相关性、预测未来现金流和收益的能力及持续性，发现两者均价值相关，但特殊项目无持续性而其他综合收益部分反转，且特殊项目预测力更强。
ABSTRACT Gains and losses reported as other comprehensive income (OCI) and as special items (SI) are often viewed as similar in nature: transitory items with little ability to predict future cash flows and minimal implications for company value. However, current accounting standards require SI gains and losses to be recognized in net income, while OCI gains and losses are deferred until realized. This study empirically compares OCI and SI gains and losses using a model that jointly estimates value relevance, predictive value, and persistence. Results show that both SI and OCI gains and losses are value-relevant, but SI gains and losses exhibit zero persistence (i.e., are transitory), while OCI gains and losses exhibit negative persistence (i.e., partially reverse over time). Further, we find that SI gains and losses have strong predictive value for forecasting both future net income and future cash flows, while OCI gains and losses have weaker predictive value. Data Availability: All data are publicly available from sources indicated in the text.