文章基本信息

标题：The Age of Cheap Money and Passive Investing: Are Pro Forma Earnings Value Relevant?
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作者：Florian Meier
期刊名称：Journal of Finance and Investment Analysis
印刷版ISSN：2241-0988
电子版ISSN：2241-0996
出版年度：2020
卷号：9
期号：2
页码：1-35
语种：English
出版社：Scienpress Ltd
摘要：This study investigates the impact of pro forma earnings on stock misvaluation. Inlight of a decade of substantial changes in the market and investment environmentsince 2008 that are challenging the traditional primacy of accounting disclosures forvaluation, I link mispriced shares to voluntary firm disclosures. Using a handcollected sample of pro forma earnings from quarterly earnings press releases of theconstituent firms of the US Dow Jones 30 between 2011 and 2017, I find thatproviding pro forma earnings reduces overvaluation for the most overvalued stocks.Further analysis indicates, however, that for firms with higher analyst earningsforecast dispersion, disclosing pro forma earnings increases these firms’overvaluation. In addition, different types of expenses excluded to meet or beatanalyst earnings forecasts affect misvaluation differently. These findings suggestthat pro forma earnings still play an important role and are value relevant in the newmarket conditions.
关键词：Accountingdisclosure; pro forma earnings; non-GAAP disclosures; stock misvaluation