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(1977)
Accounting Theorx
B. Lev (1989)
ON THE USEFULNESS OF EARNINGS AND EARNINGS RESEARCH: LESSONS AND DIRECTIONS FROM TWO DECADES OF EMPIRICAL RESEARCHJournal of Accounting Research, 27
W. Beaver, Richard Lambert, Dale Morse (1980)
The information content of security pricesJournal of Accounting and Economics, 2
James Ohlson (1990)
A Synthesis of security valuation theory and the role of dividends, cash flows, and earnings*Contemporary Accounting Research, 6
Merton Miller, F. Modigliani (1961)
DIVIDEND POLICY, GROWTH, AND THE VALUATION OF SHARESThe Journal of Business, 34
R. Ball, P. Brown (1968)
An empirical evaluation of accounting income numbersJournal of Accounting Research, 6
Peter Easton, T. Harris (1991)
EARNINGS AS AN EXPLANATORY VARIABLE FOR RETURNSJournal of Accounting Research, 29
Accounting Earnings can ExpJain Mosi of Security Retums: The Case of Long Event Windows
Andrew Christie (1987)
On cross-sectional analysis in accounting researchJournal of Accounting and Economics, 9
James Ohlson (1989)
Ungarbled earnings and dividends: An analysis and extension of the Beaver, Lambert, and Morse valuation modelJournal of Accounting and Economics, 11
(1986)
Eammgs, Book Value and Dividends m Secunty Valuatioti," Working paper. Columbia University iJanuary
(1986)
Structural Models of the Price to Earnings Relation: .Measurement Errors in Accounting Earnings
James Ohlson (1983)
Price-Earnings Ratios And Earnings Capitalization Under UncertaintyJournal of Accounting Research, 21
Lev Lev (1989)
The Usefulness of Earnings: Lessons and Directions from Two Decades of Empirical ResearchJournal of Accounting Research, 27
Abstract. The paper develops a simple and parsimonious model that relates earnings and unexpected earnings to market returns. The analysis emphasizes that any model under uncertainty must be consistent with the theory of value, earnings, and dividends under certainty (i.e., Hicksian income theory). An extension of this theory exists such that the model subsumes uncertainty. The Hicksian approach is useful because it embeds key dividend irrelevancy concepts due to Modigliani and Miller (1961), and these can be retained under uncertainty. An interesting empirical proposition can be inferred from the model: earnings, rather than the change in earnings, ought to serve as a premier exploratory variable of returns. This contention is consistent with some recent empirical findings due to Easton and Harris (1991). Résumé. L'auteur élabore un modèle simple et parcimonieux qui relie les bénéfices, et les bénéfices imprévus, aux rendements du marché. L'analyse met en relief le fait que tout modèle en situation d'incertitude doit être conforme á la théorie de la valeur, des bénéfices et des dividendes en situation de certitude (c'est‐á‐dire la théorie hicksienne des bénéfices). Cette théorie peut être élargie de telle sorte que le modèle tienne compte de l'incertitude. L'utilité de l'approche hicksienne tient au fait qu'elle englobe les concepts clés de non‐pertinence relatifs au dividende que l'on attribue á Modigliani et Miller. et que ces concepts peuvent être appliqués en situation d'incertitude. Ce modèle permet de formuler une proposition empirique intéressante: les bénéfices, plutôt que l'évolution des bénéfices, doivent servir de première variable exploratoire des rendements. Cette affirmation est conforme aux résultats empiriques récemment obtenus pas Easton et Harris.
Contemporary Accounting Research – Wiley
Published: Sep 1, 1991
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