A perspective on accounting and stock prices.
概述会计与股票价格的关系，区分市场反应研究和估值研究，前者关注新会计信息对短期股价变化的影响，后者关注股价水平与会计变量（如盈利）的关系。
Abstract The article presents an overview of accounting and stock prices. These two types of study, which are actually market reaction and valuation studies, are not entirely distinct. In so far as it is concerned with price effects, the former type generally focuses on the relation between new accounting information and short-term changes in stock prices. Valuation studies, on the other hand, are ostensibly concerned with the relation between the level of stock prices and accounting variables, generally earnings but in order to mitigate problems arising from omitted variables, valuation studies frequently use first differences and also consider the relation between changes in stock prices and changes in earnings. However, the distinction between the two types of study may be maintained by observing that market reaction studies generally analyze security returns over much shorter time interval.