On Constructing an EPS Measure: An Assessment of the Properties of Dilution
评估了计算稀释每股收益时库存股法的信息含量，发现该方法降低了盈余变化与股票回报的年度关联，并导致分析师预测误差增大、盈余公告日意外盈余与回报的关联减弱。
This paper evaluates the information content of the treasury stock method for computing diluted earnings per share (EPS). We demonstrate that the treasury stock method decreases the annual association between earnings changes and stock returns and explain why this is the case. Further, we show that the treasury stock method leads to a dilutive adjustment that biases the random walk model of annual earnings in a predictable direction. Finally, we demonstrate that using the treasury stock method appears to confuse both analysts and investors: analysts' forecast errors increase with the size of the dilutive adjustment, and the association between unexpected earnings and stock returns at the earnings announcement date weakens as the dilutive adjustment increases.