英語(yǔ)翻譯
Lev and Thiagarajan (1993) search the financial press and practitioner publications for accounting fundamentals that are actually used by financial analysts.They identify 12 accounting fundamentals,which they regress on contemporaneous excess stock returns.The central finding of Lev and Thiagarajan (1993) is that most of their accounting fundamentals are significantly correlated with contemporaneous excess stock returns,even after controlling for current earnings innovations.Using the accounting fundamentals developed by Lev and Thiagarajan (1993),Abarbanell and Bushee (1997) find that accounting fundamentals are associated with subsequent earnings changes and analysts’forecast revisions.In a related study,Abarbanell and Bushee (1998) find that an investment strategy based on the accounting fundamentals developed by Lev and Thiagarajan (1993) yields significant excess stock returns.