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This article articulates how forward earnings are more accurate valuation attributes than trailing earnings. First, I show that, while linear accrual rules cannot achieve accurate trailing earnings-value relations in a setting with unobserved information, they can achieve accurate forward earnings-value relations. Second, I prove that, even when accrual rules are restricted so that forward earnings...
The focus of this discussion is on the empirical implications of Yee (2004, this issue). Yee's key contribution is the introduction of belief dependency into the model developed in Ohlson (1995), Feltham and Ohlson (1995, 1996), and Ohlson and Zhang (1998). Yee's primary conclusion is that accruals that do not incorporate beliefs about unobservable information lead to contemporaneous accounting data...
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