Financial Statement Comparability and the Informativeness of Stock Prices About Future Earnings
研究发现财务报表可比性提高了当前股票收益反映未来盈余的能力，使投资者能更好预测公司未来业绩，并通过增加公司特有信息而非市场行业信息来提升股价信息含量。
ABSTRACT We find that financial statement comparability enhances the ability of current period returns to reflect future earnings, as measured by the future earnings response coefficient (FERC). This suggests that comparability improves the informativeness of stock prices and allows investors to better anticipate future firm performance. In addition, using both the FERC and stock price synchronicity tests, we find that comparability increases the amount of firm‐specific information (rather than market/industry‐level information) reflected in stock prices. Analysts play an important role in improving stock price informativeness by producing more firm‐specific information when comparability is high. These findings suggest that comparability lowers the costs of gathering and processing firm‐specific information.