In the bond market, Easton, Monahan, and Vasvari [2009] conduct longand<br>short-window tests of earnings’ information content, and DeFond and<br>Zhang [2014], who study the timeliness of bad news earnings. To motivate their study, Easton, Monahan, and Vasvari [2009, p. 721–22] draw on BB68<br>(and Beaver [1968]) by stating:<br>The extant literature beginning with Ball and Brown [1968] and Beaver<br>[1968] concerning the role of accounting earnings in equity markets is<br>vast . . . little is known about the role of earnings in bond markets. ...
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