Experience with Non-GAAP Earnings and Investors’ Pricing of Exclusions
研究发现，投资者和管理层或分析师过去提供非GAAP盈利的频率越高，越能准确对非GAAP排除项目定价，减少信息处理成本。
ABSTRACT Although the increase in non-GAAP earnings metrics has drawn unfavorable attention from regulators and standard setters, it can provide valuable experience for investors. We investigate whether experience with non-GAAP earnings metrics influences investors’ pricing of non-GAAP exclusions. We measure experience as the frequency with which managers or analysts provide non-GAAP earnings over the prior eight quarters and find that experience aids in the pricing of non-GAAP exclusions. Absent prior experience with non-GAAP earnings metrics, investors appear to overestimate the persistence of exclusions at the earnings announcement, which corrects in the following months. Cross-sectional tests suggest that experience facilitates investors’ pricing of non-GAAP exclusions by reducing their information processing costs. JEL Classifications: M40.