英语翻译We quantify the relative importance of earnings announcements in providing new information to the share market,using the R2 in a regression of securities’calendar-year returns on their four quarterly earnings-announcement “window” r

英语翻译We quantify the relative importance of earnings announcements in providing new information to the share market,using the R2 in a regression of securities’calendar-year returns on their four quarterly earnings-announcement “window” r
英语翻译
We quantify the relative importance of earnings announcements in providing new information to the share market,using the R2 in a regression of securities’calendar-year returns on their four quarterly earnings-announcement “window” returns.The R2,which averages approximately 5% to 9%,measures the proportion of total information incorporated in share prices annually that is associated with earnings announcements.We conclude that the average
quarterly announcement is associated with approximately 1% to 2%
of total annual information,thus providing a modest but not overwhelming amount of incremental information to the market.The results are consistent with the view that the primary economic role of reported earnings is not to provide timely new information to the share market.By inference,that role lies elsewhere,for example,in settling debt and compensation contracts and in disciplining prior information,including more timely managerial disclosures of information originating in the firm’s accounting system.The relative informativeness of earnings announcements is a concave function of size.Increased information during earnings-announcement windows in recent years is due only in part to increased concurrent releases of management forecasts.
There is no evidence of abnormal information arrival in the weeks surrounding earnings announcements.Substantial information is released in management forecasts and in analyst forecast revisions prior (but not subsequent) to earnings announcements.
1.Introduction
We propose a simple but robust method of quantifying the relative importance of earnings announcements in providing new information to the share market.The method provides a measure of the proportion of the total information incorporated in share prices over a year that is associated with its four quarterly earnings announcements.The measure is the R2 value obtained from a regression of securities’ calendar-year returns on their four
earnings-announcement “window” returns.
Our principal result is that the four quarterly earnings announcements collectively are associated with approximately 6% to 9%,on average,of the total information incorporated in share prices over the year.If extreme observations are deleted,this falls to approximately 5% to 6%.The average quarterly earnings announcement thus is associated with about 1% or 2% of the total annual information.We also report abnormal share trading volume
at quarterly announcements of 0.25%,approximately,of the annual trading volume.These results imply that earnings announcements provide a modest but not overwhelming amount of incremental information.

英语翻译We quantify the relative importance of earnings announcements in providing new information to the share market,using the R2 in a regression of securities’calendar-year returns on their four quarterly earnings-announcement “window” r
我们量化的相对重要性收益提供新的信息公布在股票市场,利用R2在回归的证券回报率'calendar-year四个季度earnings-announcement“窗口”的回报.这个R2,平均大约5%到9%,措施的比例于股票价格总信息是与收入每年公告.我们得出的结论是平均值
公告是季刊大约1%到2%
一年一度的信息,从而提供总额谦逊而不是压倒性量的渐进的市场信息.结果是一致的看法,主要的经济作用是不盈利的新信息,提供及时的股票市场.由此推论,决定在这个角色,例如,在解决债务和薪酬契约和管教的先验信息,包括更及时的信息披露其管理公司的会计制度.这个相对收入的公告是信息化凹函数的大小.在earnings-announcement增加信息窗口是近年来由于部分只增加了并行发布的管理的预测.
没有证据显示的异常信息的周收入周围公告.实质性信息发布的预测,在管理分析师预计修订前(但不是后续)收入的通告.
1.介绍
我们提出了一种简单的方法,但强劲的盈利的相对重要性应用提供新的信息公布在股票市场.这个方法提供了一个衡量的总额的比例信息纳入股价在一年的时间里,这是它的四个季度盈利的通告.衡量价值的回归得到R2的证券回报率的日历年度相重,他们四人
earnings-announcement“窗口”的回报.
我们的主要结果是四季度收入公告集体与大约6%至9%,平均总信息纳入的股票价格超过

我们在提供量化的新资料，公布股市场收益的相对重要性，使用一个securities'calendar年回报率回归的R2其四季度业绩，公布“窗口”的回报。在R2中，平均只有约5％至9％，衡量的是股票价格与收益是每年公布有关信息纳入总额的比例。我们的结论是，平均
每季度公布相关的约1％至2％
全年总的信息，从而提供了一个温和的，但不是绝对量增量信息市场。结果与认为报告的主要经济收入的...

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我们在提供量化的新资料，公布股市场收益的相对重要性，使用一个securities'calendar年回报率回归的R2其四季度业绩，公布“窗口”的回报。在R2中，平均只有约5％至9％，衡量的是股票价格与收益是每年公布有关信息纳入总额的比例。我们的结论是，平均
每季度公布相关的约1％至2％
全年总的信息，从而提供了一个温和的，但不是绝对量增量信息市场。结果与认为报告的主要经济收入的作用是不提供新的信息及时向股市场是一致的。由此推断，这种作用是其他地方，比如，在解决债务和赔偿合同和管教的先验信息，包括在公司的会计制度起源更及时的信息披露管理。公布的收益相对知识性是一个大小为凹函数。增加了收入，公布信息的窗口，近年来仅在部分原因是管理的预测增加并行版本。
有没有异常信息到达周围的收益公布周的证据。大量的信息发布管理预测和分析师预测修正之前（而不是随后）的收益公布。
1。介绍
我们提出了一个量化的提供新信息公布股市场收益的相对重要性简单而有效的方法。该方法提供了对股票价格纳入了一个与它相关的四个公布季度获利年度的总信息比例的办法。这项措施是从R2值在他们的四个证券'日历年回归得到的回报
盈余宣告的“窗口”的回报。
我们的主要结果是，四季度盈利公布集体都与大约6％至9％，平均每股价格在过去一年内所注册的全部信息。如果极端的意见，删除，下降到约5％至6％。公布的季度盈利的平均因而是与大约1％或2％的年度总information.We还报告异常交易量份额
在每季度公布的0.25％，大约每年的交易量。这些结果意味着，收入微薄但公告没有提供信息压倒性数量的增量。

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