英语翻译LevandThiagarajan(1993)searchthefinancialpressandpractitionerpublicationsforaccountingfundamentalsthatareactuallyusedbyfinancialanalysts.Theyidentify12accountingfundamentals,whichtheyregressoncontemporaneousex
英语翻译
LevandThiagarajan(1993)searchthefinancialpressandpractitionerpublicationsforaccountingfundamentalsthatareactuallyusedbyfinancialanalysts.Theyidentify12accountingfundamentals,whichtheyregressoncontemporaneousexcessstockreturns.ThecentralfindingofLevandThiagarajan(1993)isthatmostoftheiraccountingfundamentalsaresignificantlycorrelatedwithcontemporaneousexcessstockreturns,evenaftercontrollingforcurrentearningsinnovations.UsingtheaccountingfundamentalsdevelopedbyLevandThiagarajan(1993),AbarbanellandBushee(1997)findthataccountingfundamentalsareassociatedwithsubsequentearningschangesandanalysts’forecastrevisions.Inarelatedstudy,AbarbanellandBushee(1998)findthataninvestmentstrategybasedontheaccountingfundamentalsdevelopedbyLevandThiagarajan(1993)yieldssignificantexcessstockreturns.