MARKET EFFICIENCY AND INVESTORS, ADJUSTMENTS TO ASSET VALUATION ERRORS
通过四个选择标准在两个测试期内检验，发现市场对公司每股收益公告反应有效，无人能利用季度EPS公告信息获得超额收益。
Using four selection criteria, over two test periods, the test results found the market reacts efficiently to EPS announcements of firms, Given the test results, the conclusion is drawn that no participant can achieve abnormal returns by using the information contained in quarterly EPS announcements.