International Diversification, SFAS 131 and Post‐Earnings‐Announcement Drift
研究了美国跨国公司国际多元化程度如何影响分析师预测误差的序列相关性和盈余公告后漂移，并发现SFAS 131实施后这种影响显著减弱，表明该准则有助于分析师形成更有效的盈余预期。
Abstract Using 1990 through 2013 data of U.S. firms with foreign operations, we show that (i) the serial correlation of analyst forecast errors increases in the extent of international diversification, (ii) post‐earnings‐announcement drift ( PEAD ) based on analyst forecast errors increases in the extent of international diversification, and (iii) the impact of international diversification on the serial correlation of analyst forecast errors and its associated drift is significantly reduced after the implementation of SFAS 131 on segment disclosures. When we replicate our tests using seasonally differenced earnings, we fail to observe similar patterns. Overall, our results suggest that investors’ underreaction to announced earnings is a likely explanation for PEAD . Our findings also indicate that disclosures required under SFAS 131 are useful to analysts in forming efficient earnings expectations, thereby helping capital market participants in the pricing of internationally diversified firms’ earnings.