The Information Content of Earnings, Revenues, and Expenses
检验盈利公告中收入和费用相对于盈利的增量信息含量，发现两者均具有增量信息，且使用Value Line预测时收入和盈利均有信息含量。
In this paper we model risk-adjusted returns at earnings announcements as a function of unexpected revenues and unexpected expenses, in order to test for the information content of the components of earnings as well as for their incremental information content over earnings. We use Value Line (VL) forecasts of earnings and revenues as a proxy for the market's expectation of these numbers and as a basis for the market's expectation of expenses. We find both revenues and expenses have information content that is incremental to earnings. We also model riskadjusted returns as a function of earnings and revenues to compare our findings with previous research that used a martingale model to derive expected revenues. Consistent with previous research, we find no incremental information content in revenues in this formulation. However, we find information content in both earnings and revenues when expectations are taken from VL forecasts. Wilson [1986] found that investors used the earnings and revenues released at the preliminary announcement date to forecast the accruals and funds subsequently disclosed in the annual report or 10-K. However, he found no evidence of information content for revenues at this date. Wilson used prior periods' revenues, cash from operations, current and noncurrent accruals, and capital expenditures to predict revenues. Using