이익 변동성이 현재 주가의 미이익 변동성이 현재 주가의 미래 이익 기대에 대한 정보성에 미치는 영향: 미국기업을 중심으로래 이익 기대에 대한 정보성에 미치는 영향: 미국기업을 중심으로The effect of earnings volatility on current stock price informativeness about expectations of future earnings
- Other Titles
- The effect of earnings volatility on current stock price informativeness about expectations of future earnings
- Authors
- 조중석
- Issue Date
- Dec-2022
- Publisher
- 강원대학교 경영경제연구소
- Keywords
- Earnings Volatility; Capital Markets; Price Informativeness; Future Earnings Response Coefficient (FERC); U.S.A.
- Citation
- Asia-Pacific Journal of Business (아태비즈니스연구), v.13, no.4, pp.109 - 121
- Indexed
- KCI
- Journal Title
- Asia-Pacific Journal of Business (아태비즈니스연구)
- Volume
- 13
- Number
- 4
- Start Page
- 109
- End Page
- 121
- URI
- https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/182292
- DOI
- 10.32599/apjb.13.4.202212.109
- ISSN
- 2233-5900
- Abstract
- Purpose - This study investigates how earnings volatility influences current stock price informativeness about expectations of future earnings.
Design/methodology/approach - I adopt the FERC model developed by Collins et al. (1994) and modified by Lundholm and Myers (2002) to investigate the connection between earnings volatility and future earnings reflected in current returns. I define five-year rolling standard deviations of earnings and components as earnings volatility measures and the degree of deviation of earnings from cash flows over the same five-year, which is developed by Jayaraman (2008).
Finding - My results show that earnings volatility delays current stock price response to future operation expectations. They also verify that as earnings are more divergent from cash flows, current returns are less timely incorporating value-relevant future operation.
Research implications or Originality -This study shows that when volatile earnings deliver obscure and unreliable information about future operation expectations, they cause the market to be conflicting in understandings their implications and make it difficult in attaining correct future cashflow estimates.
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