Earnings Quality,Investors Reasonless Behavior and Earnings Momentum
Our paper investigates earnings momentum with the sample of performance forecast. Our investigation finds that there are some difference and some sameness in Chinese and USA market. Our market also has mistook earnings autocorrelation,so earnings momentum being some coincident with USA market. The difference incarnate that the sample of UE<0 has no earnings momentum. Investors reasonless behavior significantly affects the earnings momentum,but earnings quality hasnt obviously affects the earnings momentum. Our investigation also finds that the stocks heavily held by security funds can identify earnings quality step by step,earnings quality can affect earnings momentum and investors reasonless behavior cant affect the strategy of this stocks.
earnings momentum unexpected earnings autocorrelation investorsreasonless behavior earnings quality
杨德明 林斌 辛清泉
广州新港西路135 号中山大学园东区119 栋120 邮编:510275
国际会议
成都
英文
2007-07-09（万方平台首次上网日期，不代表论文的发表时间）