Corporate Sales, Predisclosure Information and Return Variability
研究会计报告期与非报告期之间收益波动性的决定因素，发现销售活动产生的预先披露信息会降低报告期与非报告期的波动性比率，且单位销售贡献毛利越高，该比率越低。
This paper investigates the determinants of return variability between accounting report and non‐report periods. A model of information dissemination in financial markets is developed which shows that if corporate sales activity is a source of predisclosure information, the ratio of return variability between accounting report and non‐report periods decreases in contribution margin per dollar sales. Greater contribution margin increases that portion of cash flow variability which is predictable by investors' observation of sales activity and, therefore, contribution margin indexes the informativeness of sales‐related predisclosure information. Greater informativeness increases return variability in the predisclosure period relative to the accounting report period. Supporting evidence for this prediction is presented.