â¢ â¢ SL is an interesdng and well-wdtten paper, which attempts to reconcile BT and BB. The purpose of my discussion is to provide some cddcal perspectives of SL. First, I suggest some internal validity tests that could be used to determine whether or not SL's model is appropdate for enabling them to draw the inferences that they do. Second, I discuss potendal shortcomings of SL's methodology. Third, I propose an altemadve methodology for determining the extent to which the infonnation in quarterly earnings announcements is incorporated into investors' expectadons for the f + 1 earnings announcement at any point in time T. Fourth, I suggest some directions for future research. 2. Internal Validity Issues The SL model is equadon 5, which is dedved from subsdtudng equadon 2 into equation 4. Equation 2 is an extension of equadon 1, the Foster (1977) model. The SRW model is a special case of the Foster model where /?= 0. When estimating the coefficients of equadon 5, SL pooled all their data temporally and â¢ The Associate Editor (John Wild) invited my discussion comments after the Soffer-Lys paper was in final form. This discussion has benefited from the comments of Eli
Contemporary Accounting Research – Wiley
Published: Jun 1, 1999
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