The Implications of Using Stock-Split Adjusted I/B/E/S Data in Empirical Research
指出I/B/E/S提供的拆分调整后每股数据因四舍五入导致信息损失，可能使研究者误判实际报告金额，通过对比原始数据发现结论会受影响。
The purpose of this study is to highlight issues of interest to researchers employing the I/B/E/S earnings and forecast data. I/B/E/S has traditionally provided per share data on a split-adjusted basis, rounded to the nearest penny. In doing so, per share amounts are comparable over time. However, because not all prior forecasts and earnings per share amounts divide precisely to a penny, adjusting for stock splits and rounding to the nearest penny can cause a loss of information. Researchers are prohibited in many cases from determining the amounts actually reported in prior years, leading to misclassified observations. We obtain actual (unadjusted) earnings and forecast data from I/B/E/S and compare results to those generated using the a djusted I/B/E/S data. We replicate prior studies and find that conclusions are affected when using the actual I/B/E/S data.