on the relationship between accounting earnings and stock returns

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1、OntheRelationshipBetweenAccountingEarningsandStockReturnsOntheRelationshipBetweenAccountingEarningsandStockReturnsModelDevelopmentandEmpiricalTestsBasedonSwedishDataHansHälleforsHansHällefors•2013ISBN978-91-7258-883-7LicentiateDissertationinBusinessAdministrationStockholmSchoolofEconomicsSweden

2、,2013OntheRelationshipBetweenAccountingEarningsandStockReturnsModelDevelopmentandEmpiricalTestsBasedonSwedishDataOntheRelationshipBetweenAccountingEarningsandStockReturnsModelDevelopmentandEmpiricalTestsBasedonSwedishDataHansHälleforsiiDissertationfortheDegreeofLicentiateofPhilosophy,inBusiness

3、AdministrationStockholmSchoolofEconomics,2013OntheRelationshipBetweenAccountingEarningsandStockReturns:ModelDevelopmentandEmpiricalTestsBasedonSwedishData©SSEandtheauthor,2013ISBN978-91-7258-883-7(printed)ISBN978-91-7258-884-4(pdf)Frontcoverillustration:©ValentinaKouchnarenkoHällefors,2011Print

4、edby:Ineko,Göteborg,2013Keywords:Currentreturns,currentearnings,futureearnings,ERC,earningsresponsecoefficient,earningssurpriseToAliceandTinaForewordThisreportistheresultofaresearchprojectthathasbeencarriedoutattheDepartmentofAccountingatStockholmSchoolofEconomics(SSE).Thereportissubmittedasali

5、centiate’sthesisatSSE.InkeepingwiththepoliciesofSSE,theauthorhasbeenentirelyfreetoconductandpre-senthisresearchinamannerofhischoosingasanexpressionofhisownideas.SSEisgratefulforfinancialsupportprovidedbyBohlinsstipendie-fond,TorstenochRagnarSöderbergsStiftelser,andKPMGwhichhasmadeitpossibletoca

6、rryouttheproject.GöranLindqvistJohnnyLindDirectorofResearchProfessorandHeadoftheStockholmSchoolofEconomicsDepartmentofAccountingAcknowledgementsEventuallythisresearchprojecthasreacheditsend–bybeingcompletedintheformofalicentiatethesis.ThefirststepsasaPh.D.studentweretakenindayswhensongsfromNirv

7、ana’sNevermindalbumandMetalli-ca’sblackalbumwererunninghighonthecharts,whenDepechewasabouttoreleaseSongsofFaithandDevotion,andwhenVetlandawonasecondconsecutivegold.IthasbeenalongtimeperiodandmemoriesfromtheB-sektionen(Departmentof