Earnings Management and the Post‐earnings Announcement Drift
研究发现盈余公告后漂移与盈余管理有关，经营现金流大幅变化的企业会操纵应计项目，且漂移主要集中在平滑盈余的企业中，与可操控应计相关。
We posit that the post‐earnings announcement drift (PEAD) is related to earnings management. Accordingly, we find that firms with large negative (positive) changes in operating cash flows manage accruals upward (downward). Most importantly, we find that PEAD is concentrated largely among those firms that are most likely to have smoothed their reported earnings and is generally associated with discretionary accruals as opposed to nondiscretionary accruals. There is no evidence of a positive (negative) PEAD for those firms with large positive (negative) earnings changes that are least likely to have managed earnings downward (upward).