英语翻译Stock price reactions to earnings announcements:evidence

英语翻译
Stock price reactions to earnings announcements:evidence from Chinese markets
Abstract We examine the stock price reactions to changes in earnings per share (EPS) in the Chinese stockmarkets.We find that domestic A-share investors do not correctly anticipate the changes in earningsand fail to adjust new earnings information quickly,but international B-share investors can predict earnings changes better than A-share investors.As a result,abnormal returns (ARs) can be obtained by trading on the earnings information,but for A shares only.An explanation is that most A-share holders are individuals with short-term investment horizon while most B-share holders are large institutions that trade on more detailed and accurate financial information not immediately available to A-share holders.
Keywords:Earnings announcements; Abnormal returns; Event studies; Emerging market; China
1.Introduction
From the perspective of information economics,accounting and financial reporting play a vital role in an efficient capital market.This article provides an empirical study of how useful earnings announcements are in the emerging Chinese stock markets.This study is motivated by recent developments in both research and practice on the valuation effects of accounting information releases.Numerous studies,including Ball and Brown (1968),Chari,Jagannathan,and Ofer (1988),Easton and Zmijewski (1989),Gennotte and Truemann (1996),and Kross and Schroeder (1984),find that stock prices respond positively to announcements of increase in earnings and negatively to announcements of decrease in earnings for the U.S.firms.Alford,Jones,Leftwish,and Zmijewski (1993),Amir,Harris,and Venuti (1993),and Chan and Seow (1996) also provide evidence of the informational content of earnings announcements in a number of non-U.S.markets.This article extends this line of research to the Chinese stock markets.

股票价格反应的盈利公告：从中国市场的证据
摘要我们研究的股票价格反应的每股收益将在中国股市（EPS）的变化.我们发现,国内A股投资者不正确预测的变化在earningsand未能迅速调整信息的新收入,但国际B股投资者可以预测收入的变动比A股投资者提供更佳.因此,（ARS）的异常报酬,可通过信息交易的收入,但只有A股.一种解释是,大多数A股持有人,短期的投资期限而大多数个人B股持有人,大型机构,关于更详细和准确的财务信息未能立即联系到A股股东的贸易.
关键词：盈余公告;异常报酬,事件研究;新兴市场;中国
1.简介
从信息经济学,会计和财务报告发挥了有效的资本市场中的重要作用的观点.本文提供了有益的盈利公告如何在新兴的中国股市的实证研究.这项研究的动机是在研究和信息发布的会计估值的效力在实践中的最新发展.大量的研究,包括球和布朗（1968年）,沙里,贾甘纳坦,并为Ofer（1988）,Easton和Zmijewski（1989年）,Gennotte和Truemann（1996）,克罗斯和施罗德（1984）,发现股票价格作出积极反应在收入增长和负公告公布的下降在美国公司的盈余.奥尔福德,琼斯,Leftwish和Zmijewski（1993）,阿米尔,哈里斯,和韦努蒂（1993）,Chan和Seow（1996）也提供了盈利公告中的非美国一些市场信息内容的证据.本文扩展了这方面的研究行到中国股市.