财务会计理论TheInformationApproach幻灯片.pptVIP

Chapter 5;Chapter Overview;Information Approach – Introduction;Information Approach – Introduction (Cont’d);Why Do Markets React to Accounting Information?;How to Capture Price Reaction to Accounting Information?;Estimation of Abnormal Return;Earnings Response Coefficients (ERC);Unexpected Earnings (Earnings Surprises);Reasons for Different Market Response? ;More In-depth Discussion;Intrinsic value of firm = Share Price?;4 - *;Higher Net Income = Higher Share Price?;Best accounting policy = the policy that produces greatest market response? ;Review: Ch45;Review: Ch4 5 (Cont’d);Homework #4