The Effect of Earnings Yields Upon the Association Between Unexpected Earnings and Security Returns: A Re-examination.
重新检验了Basu（1978）关于盈利收益率与意外盈利-证券回报关联的发现，指出早期结果源于市场指数盈利预期模型的分类偏差和回报条件模型未纳入股价效应，对当代相关研究有启示。
Abstract ABSTRACT: This paper re-examines Basu's [1978] finding that earnings yields are related to the unexpected earnings-security returns association in a manner consistent with biased Investor expectations of earnings. The results indicate that those early findings were clue to 11) a classification bras inherent in the market index earnings expectation model used, and (2) failure of the returns conditioning model to incorporate a share price effect on security returns. Both factors in the research design have implications for contemporary studies of the unexpected earnings-security returns association.