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Post-Earnings-Announcement英文翻譯

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Post-Earnings-Announcement Drift: The Role of Revenue Surprises and Earnings Persistence

This study explores an additional factor that is associated with differential levels of the post-earnings-announcement drift (henceforth drift)—the contemporaneous surprise in revenues. Consistent with prior evidence about greater persistence of revenues and greater noise caused by heterogeneity of expenses, this study shows that the earnings drift is stronger when the revenue surprise is in the same direction as the earnings surprise. Moreover, the study provides direct evidence that the drift is stronger when the earnings persistence is greater. The results are robust to various controls, including the proportions of stock held by institutional investors, trading liquidity, and arbitrage risk.

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  • 1 0 年前
    最佳解答

    Post-Earnings-Announcement Drift: The Role of Revenue Surprises and Earnings Persistence

    盈餘宣告後股價持續反應現象: 未預期盈收與盈餘持續性的角色

    This study explores an additional factor that is associated with differential levels of the post-earnings-announcement drift (henceforth drift)—the contemporaneous surprise in revenues. Consistent with prior evidence about greater persistence of revenues and greater noise caused by heterogeneity of expenses, this study shows that the earnings drift is stronger when the revenue surprise is in the same direction as the earnings surprise. Moreover, the study provides direct evidence that the drift is stronger when the earnings persistence is greater. The results are robust to various controls, including the proportions of stock held by institutional investors, trading liquidity, and arbitrage risk.

    本研究將探討與不同層級的盈餘宣告後股價持續反應現象(後稱drift)有關的一個新的因素 - 當時的未預期盈收。過去證據顯示異質性的支出會導致盈收持續愈久以及更大的波動,與之相同的,本研究將顯示當未預期盈收與未預期盈餘屬於同一個方向時,股價持續反應現象會更久。此外,本研究也將針對股價持續反應現象會因為盈餘持續性愈大而愈久提出直接證據。從各種的控制項看來,本研究成果是相當紮實的,包括法人投資、交易活絡程度、以及套利風險。

  • 1 0 年前

    後收入公告漂移: 意外收入和盈餘持久性的作用本研究探討了一個後收入公佈漂移的差異水準與相關聯的其他因素 (今後漂移) — 收入同期的驚喜。 事先證據有關的收入和更大的噪音引起的非均質性的費用更高持久性一致這項研究顯示收入漂移是收入驚喜向同一個方向相同時,收入驚喜更強。 此外,研究提供了更大收益持久性時漂移是更強的直接證據。 結果強健,包括流動資金,交易的機構投資者所持有的股票的比例的各種控制項,並且風險套利。

  • 崗位收入公告漂泊: 收支驚奇和收入堅持的角色

    這項研究探索同崗位收入公告漂泊联系在一起的一個另外的因素(從此漂泊)的有差別的水平-在收支的並世驚奇。 一致與關於費用非均勻性和更加巨大的噪聲造成的更加偉大的堅持的預先的證據收支,這項研究表示,收入漂泊是更強的,當收支驚奇在使和一样驚奇收入的方向时。 而且,研究提供直接证据漂泊是更強的,當收入堅持是更加偉大的时。 結果是健壯的對各種各樣的控制,包括金融机构投资者、貿易的流動資產和套利风险舉行的股票的比例。

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