The Properties of Sequential Regressions with Multiple Explanatory Variables.
指出多信号研究中常用的序贯处理与同时处理等价，但传统残差安全收益研究设计（一种序贯方法）会导致第二阶段会计变量增量解释力的估计向下偏误，对会计与金融实证研究者有警示意义。
Abstract ABSTRACT: The sequential treatment adopted in many multiple signal studies is consistent with a simultaneous treatment and with other apparently diverse sequential approaches. More importantly, the conventional residual security return research design, which is also a sequential approach, can lead to downward-biased estimates of the incremental explanatory power of the accounting variables introduced at the second stage. This finding is striking in that it implies that the most pervasive use of a sequential approach is likely to lead to biased results.