Implications of Components of Income Excluded from Pro Forma Earnings for Future Profitability and Equity Valuation
研究预估盈余中排除的收入组成部分（总排除项、特殊项目和其他排除项）是否与未来盈利能力无关、是否与价值无关，以及市场对这些排除项的估值倍数是否合理。
Abstract: This study addresses three research questions relating to total exclusions, special items, and other exclusions. Are each of these pro forma exclusion components forecasting irrelevant? Are each of the exclusion components value irrelevant? Are the valuation multiples on the exclusion components justified by their ability to forecast future profitability as predicted by the Ohlson (1999) model? Findings are generally consistent with the market‐inefficiency results presented in Doyle et al. (2003) . Total exclusions are valued negatively by the market despite the prediction that total exclusions will be valued positively. Valuation results also suggest that stocks with positive other exclusions are overpriced.