持续盈利和收入增长，盈利质量与盈余反应系数外文翻译.docVIP

外文翻译 原文 Sustained Earnings and Revenue Growth, Earnings Quality, and Earnings Response Coefficients Material Source: Review of accounting studies Author: Aloke Ghosh Zhaoyang Gu and prem C. Jain 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 in-creases 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, Contemporary Accounting Research 12, 661–687) model. Keywords: earnings growth, revenue growth, earnings quality, 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 et al., 1999). 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 et al.,2003).However, the valuation effects of sustained increases in earnings attained through revenue increases vis-a` -vis cost reductions are not yet known. To understand these effects, we partition firms with sustained increases in earnings into two groups: firms that report sustained increas