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1、DOI:10.1111/j.1475-679X.2005.00182.xJournalofAccountingResearchVol.43No.4September2005PrintedinU.S.A.EarningsManagement?TheShapesoftheFrequencyDistributionsofEarningsMetricsAreNotEvidenceIpsoFactoCINDYDURTSCHI∗ANDPETEREASTON†Received25June2004;accepted12February
2、2005ABSTRACTWeprovideevidencethattheshapes(particularlyaroundzero)ofthefre-quencydistributionsofearningsmetricsexaminedintheextantearningsman-agementliteratureareaffectedby(1)deflation(using,forexample,priceormarketcapitalization),(2)sampleselectioncriteriathatle
3、adtodifferentialinclusion/exclusionofobservationstotheleftofzeroversusobservationstotherightofzero(implicitinstudiesfocusingonfirmsfollowedbyI/B/E/Sandexplicitinstudiespartitioningonavariabledifferingbetweenlossobser-vationsandprofitobservations),(3)differencesbet
4、weenthecharacteristicsofobservationstotheleftofzeroandobservationstotherightofzero(suchasmarketpricingandanalystoptimism/pessimism),or(4)acombinationof∗UtahStateUniversity;†UniversityofNotreDame.WethankEliAmir,RayBall,BrianBhushee,DaveBurgstahler,KejiChen,TedChr
5、istensen,JoeComprix,DoronNissim,TomFrecka,RosemaryFullerton,SusanHavranek,LorieMarsh,JeffMiller,FredMittlestaedt,SteveMonahan,TimLoughran,GyungPaik,StephenPenman,workshopparticipantsatArizonaStateUniversity,BrighamYoungUniversity,ColumbiaUniversity,INSEAD,London
6、BusinessSchool,MonashUniversity,TilburgUniversity,UniversityatBuffalo,UniversityofMelbourne,UniversityofNotreDame,UniversityofTorontoandUtahStateUniversity,andananonymousreviewerforhelpfulcommentsonanearlierdraft.WeareparticularlyindebtedtoUniversityofNotreDameR
7、esearchAnalystHangLi.WegratefullyacknowledgethecontributionofThom-sonFinancialforprovidingearningspershareforecastdata,availablethroughtheInstitutionalBrokersEstimateSystem.Thesedatahavebeenprovidedaspartofabroadacademicprogramtoencourageearningsexpectationsrese
8、arch.557CopyrightC,UniversityofChicagoonbehalfoftheInstituteofProfessionalAccounting,2005558C.DURTSCHIANDP.EASTONthesefactors.Sincetheshapesofthefrequencydistributio