GAAP versus The Street: An Empirical Assessment of Two Alternative Definitions of Earnings
研究GAAP净收入与市场常用盈利定义（如经营利润、备考盈利）的差异，发现过去20年两者差异显著增加，市场更关注后者，且管理层主动强调市场盈利数字。
Managers, security analysts, investors, and the press rely increasingly on modified definitions of GAAP net income, known by such names as “operating” and “pro forma” earnings. We document this phenomenon and discuss competing explanations for the recent rise in the use of such modified earnings numbers and implications for the interpretation of related accounting research. Our results show that over the past 20 years there has been a dramatic increase in the frequency and magnitude of cases where “GAAP” and “Street” earnings differ. Further, there is a very strong bias toward the reporting of a Street earnings number that exceeds the GAAP earnings number. We also show that the market response to the Street earnings number has displaced GAAP earnings as a primary determinant of stock prices. Finally, through an analysis of earnings releases, we show that management has taken a proactive role in defining and emphasizing the Street number when communicating to analysts and investors.