持续盈利和收入增长，收益质量和盈利反应系数外文翻译.docVIP

外文 原文 Sustained Earnings and Revenue Growth, Earnings Quality,and Earnings Response Coefficients Aloke Ghosh Office of Economic Analysis The Securities and Exchange Commission 450 5th Street, NW, Washington, D.C. 20549 (202) 942-8024 Ghosha@ Abstract. We show that firms reporting sustained increases in both earnings and revenues have(1) higher quality earnings and (2) larger earnings response coefficients (ERCs) in comparison to firms reporting sustained increases in earnings alone. With respect to earnings quality, firms with revenue-supported increases in earnings have more persistent earnings, exhibit less susceptibility to earnings management, and have higher future operating performance. With respect to response coefficients, firms with revenue-supported increases in earnings have both higher ERCs and lower book value response coefficients, consistent with the implications of the Ohlson (1995) model. Key words: earnings growth; revenue growth; earnings quality; earnings response coefficients JEL Classification: G12, M41. Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients In this paper, we explore the effects of sustained increases in earnings concurrent with sustained increases in revenues on the quality of earnings and earnings response coefficients (ERCs). Prior research demonstrates that firms with sustained increases in earnings have higher ERCs than other firms (Barth, Elliott and Finn, 1999).1 However, similar patterns of earnings increases across firms need not signal similar information because earnings increases could emanate from different components of earnings. In a short-window event study context, revenues and expenses, the two major components of earnings, have been shown to be differentially informative (Ertimur, Livnat and Martikainen, 2003). However, the valuation effects of sustained increases in earnings attained through revenue increases vis-à-vis cost reductions are not yet known. To understand thes