Joseph Aharony and Itzak Swary, Quarterly Dividend and Earnings Announcements and Stockholders Returns: An Empirical Analysis*, Journal of Finance, 35, no. 1 (March 1980), pp. 1-12.

Clarence C.Y. Kwan, Efficient Market Tests of the Informational Content of Dividend Announcements: Critique and Extension*, Journal of Financial and Quantitative Analysis, 16, no. 2 (June 1981), pp. 193-206.

Paul Asquith and David W. Mullins, Jr., The Impact of Initiating Dividend Payments on Shareholders \Vealth , Journal of Business, 56, no. 1 (January 1983), pp. 77-96. James A. Brickley, Shareholder Wealth, Information Signaling and the Specially Designated Dividend: An Empirical Study*, Journal of Financial Economics, 12, no. 2 (August 1983), pp. 187-209.

J. Randall Woolridge, Dividend Changes and Stock Price*, Journal of Finance, 38, no. 5 (December 1983), pp. 1607-1615.

Terry E. Dielman and Henry R. Oppenheimer, An Examination of Investor Behavior During Periods of Large Dividend Changes*, Journal of Financial and Quantitative Analysis, 19, no. 2 (June 1984), pp. 197-216.

Paul M. Healy and Krishna G. Palepu, Earnings Information Conveyed by Dividend Initiations and Omissions*, Journal of Financial Economics, 21, no. 2 (September 1988), pp. 149-175.

PC. Venkatesh, The Impact of Dividend Initiation on the Information Content of Earnings Announcements and Returns Volatility*, Journal of Business, 62, no. 2 (April 1989), pp. 175-197.

Larry H.P. Lang and Robert H. Litzenberger, Dividend Announcements: Cash Flow Signalling vs. Free Cash Flow Hypothesis*, Journal of Financial Economics, 24, no. 1 (September 1989), pp. 181-191.

Harry DeAngelo, Linda DeAngelo, and Douglas J. Skinner, Dividends and Losses*, Journal of Finance, 47, no. 5 (December 1992), pp. 1837-1863.

Keith M. Howe, Jia He, and G. Wenchi Kao, Опе-Time Cash Flow Announcements and Free Cash-Flow Theory: Share Repurchases and Special Dividends*, Journal of Finance, 41, no. 5 (December 1992), pp. 1963-1975.

6. Зависимость между экономической и бухгалтерской прибылью рассматривается

в статье:

Fischer Black, The Magic in Earnings: Economic Earnings versus Accounting Earnings*, Financial Analysts Journal, 36, no. 6 (November/December 1980), pp. 19-24.

7. Исследование вопроса времени объявления дивиденда, а также перечень других исследований по проблемам, связанным с объявлением дивидендов см. в работах: Avner Kalay and Uri Loewenstein, The Informational Content of the Timing of Dividend Announcements*, Journal of Financial Economics, 16, no. 3 (July 1986), pp. 373-388. Aharon R. Oferand Daniel R. Siegel, Corporate Financial Policy, Information, and Market Expectations: An Empirical Investigation of Dividends*, Journal of Finance, 42, no. 4 (September 1987), pp. 889-911.

8. Обзор литературы по вопросам выплаты дивидендов см. в работе:

James S. Ang, Do Dividends Matter! A Review of Corporate Dividend Theories and Evidence, Monograph Series in Finance and Economics №1987-2, New York University Salomon Center, Leonard N. Stern School of Business.

9. Соотношение курса акции и прибыли в расчете на акцию рассматривается в работах: William Beaver and Dale Morse, What Determines Price-Earnings Ratios?*, Financial Analysts Journal, 34, no. 4 (July/August 1978), pp. 65-76.

William Н. Beaver, Financial Reporting: An Accounting Revolution (Englewood Cliffs, NJ: Prentice Hall, 1981), Chapters 4 and 5.

George Foster, Financial Statement Analysis (Englewood Cliffs, NJ: Prentice Hall, 1986), pp. 437-442.

Paul Zarowin, What Determines Earnings-Price Ratios: Revisited*, Journal of Accounting, Auditing, and Finance, 5, no. 3 (Summer 1990), pp. 439-454.

Peter D. Easton and Trevor S. Harris, Earnings as an Explanatory Variable for Returns*, Journal of Accounting Research, 29, no. 1 (Spring 1991), pp. 19-36.

10. Модель временных рядов годовой и квартальной прибыли в расчете на акцию рассматривается в работах:

George Foster, Quarterly Accounting Data: Time-Series Properties and Predictive-Ability Results*, Accounting Review, 52, no. 1 (January 1977), pp. 1-21.

George Foster, Financial Statement Analysis (Emglewood Cliffs, NJ: Prentice Hall, 1986), Chapter 7.

Ross L. Watts and Jerold L. Zimmerman, Positive Accounting Theory (Englewood Cliffs, NJ: Prentice Hall, 1986), Chapter 6.

11. Зависимость между рыночным и бухгалтерским бета -коэффициентами была рассмотрена в статьях:

Ray Ball and Philip Brown, Portfolio Theory and Accounting*, Journal of Accounting Research, 7, no. 2 (Autumn 1969), pp. 300-323.

William Beaver and James Manegold, The Association Between Market-Determined and Accounting-Determined Measures of Systematic Risk: Some Further Evidence*, Journal of Financial and Quantitative Analysis, 10, no. 2 (June 1975), pp. 231-284.

12. Зависимость между объявлением прибыли и динамикой цен акций была обнаружена во многих исследованиях. См. следующие работы, а также сноски к ним:

Ray Ball and Philip Brown, An Empirical Evaluation of Accounting Income Numbers*, Journal of Accounting Research, 6, no. 2 (Autumn 1968), pp. 159-178. William H. Beaver, The Information Content of Annual Earnings Announcements*, Empirical Research in Accounting. Selected Studies, Supplement to Journal of Accounting Research, 6 (1968), pp. 67-92.

Leonard Zacks, EPS Forecasts-Accuracy Is Not Enough*, Financial Analysts Journal, 35, no. 2 (March/April 1979), pp. 53-55.

Dale Morse, Price and Trading Volume Reaction Surrounding Earnings Announcements: A Closer Examination*, Jounal of Accounting Research, 19, no. 2 (Autumn 1981), pp. 374-383. James M. Patell and Mark A. Wolfson, The Ex Ante and Ex Post Effects of Quarterly Earnings Announcements Reflected in Stock and Option Prices*, Journal of Accounting Research, 19, no. 2 (Autumn 1981), pp. 434-458.

Richard J. Rendleman, Jr., Charles P. Jones, and Henry A. Latane, Empirical Anomalies Based on Unexpected Earmings and the Importance of Risk Adjustments*, Journal of Financial Economics, 10, no. 3 (November 1981), pp. 269-287.

James M. Patell and Mark A. Wolfson, The Intraday Speed of Adjustment of Stock Prices to Earnings and Dividend Announcements*, Journal of Financial Economics, 13, no. 2 (June 1984), pp. 223-252.

George Foster, Chris Olsen, and Terry Shevlin, Earnings Releases, Anomalies, and the Behavior of Security Returns*, Accounting Review, 59, no. 4 (October 1984), pp. 74-603. Catherine S. Woodruff and A.J. Senchack, Jr., Intradaily Price-Volume Adjustments of NYSE Stocks to Unexpected Earnings*, Journal of Finance, 43, no. 2 (June 1988), pp. 467-491. Journal of Accounting and Economics, 15, no. 2/3 (June/September 1992), весь номер.

13. В следующих исследованиях были рассмотрены возможные объяснения такого явления в поведении курсов акций, как затишье после объявления прибыли : Richard J. Rendleman, Jr., Charles P. Jones, and Henry A. Latane, Further Insight into the Standardized Unexpected Earnings Anomaly: Size and Serial Correlation Effects , Financial Review, 22, no. 1 (February 1987), pp. 131 - 144.

Victor L. Bernard and Jacob K. Thomas, Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium?*, Journal of Accounting Research, 27 (Supplement 1989), pp. 1-36. Robert N. Freeman and Senyo Tse, The Multiperiod Information Content of Accounting Earnings: Confirmations and Contradictions of Previous Earnings Reports*, Journal of Accounting Research, 21 (Supplement 1989), pp. 49-79.

Victor L. Bernard and Jacob K. Thomas, Evidence That Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings*, Journal of Accounting and Economics, 13, no. 4 (December 1990), pp. 305-340.

Richard R. Mendenhall, Evidence on the Possible Underweighting of Earnings-Related Information*, Journal of Accounting Research, 29, no. 1 (Spring 1991), pp. 170-179. Ray Ball, The Earnings-Price Anomaly*, Journal of Accounting and Economics, 15, no. 2/3 (June/September 1992), pp. 319-345.

Jeffery S. Abarbanell and Victor L. Bernard, Tests of Analysts Overreaction/Underreaction to Earnings Information as and Explanation for Anomalous Stock Price Behavior*, Journal of Finance, 47, no. 3 (July 1992), pp. 1181-1207.

14. Немало исследований посвящено вопросам прогнозирования прибыли финансовыми аналитиками и менеджерами компаний. См. некоторые из них:

Lawrence D. Brown and Michael S. Rozeff, The Superiority of Analyst Forecasts as Measures of Expectations: Evidence from Earnings*, Journal of Finance, 33, no. 1 (March 1978), pp. 1-16.

Lawrence D. Brown and Michael S. Rozeff, Analysts Can Forecast Accurately!*, Journal of Portfolio Management, 6, no. 3 (Spring 1980), pp. 31-34.

John G. Cragg and Burton G. Malkiel, Expectations and the Structure of Share Prices (Chicago: University of Chicago Press, 1982), particularly pp. 85-86 and 165. Dan Givoly and Josef Lakonishok, Properties of Analysts Forecasts of Earnings: A Review and Analysis of the Research*, Journal of Accounting Literature, 3 (Spring 1984), pp. 117-152.

Dan Givoly and Josef Lakonishok, The Quality of Analysts Forecasts of Earnings*, Financial Analysts Journal, 40, no. 5 (September/October 1984), pp. 40-47.

Philip Brown, George foster, and Eric Noreen, Security Analyst Multi-Year Earnings Forecasts and the Capital Markets (Sarasota, FL: American Accounting Association, 1985). John M. Hassell and Robert H. Jennings, Relative Forecast Accuracy and the Timing of Earnings forecast Announcements*, Accounting Review, 61, no. 1 (January 1986), pp. 58-75. Gary A. Benesh and Pamela P. Peterson, On the Relation Between Earnings Changes, Analysts Forecasts and Stock Price Fluctuations*, Financial Analysts Journal, 42, no. 6 (November/December 1986), pp. 29-39, 55.

Lawrence D. Brown, Robert L. Hagerman, Paul A. Griffin, and Mark Zmijewski, Security Analyst Superiority Relative to Univariate Time-Series Models in Forecasting Quarterly Earnings*, Journal of Accounting and Economics, 9, no. 1 (April 1987), pp. 61-87. Robert Conroy and Robert Harris, Consensus Forecasts of Corporate Earnings: Analysts Forecasts and Time-Series Methods*, Management Science, 33, no. 6 (June 1987), pp. 725-738.

Lawrence D. Brown, Robert L. Hagerman, Paul A. Griffin, and Mark Zmijewski, An Evaluation of Alternative Proxies for the Markets Assessment of Unexpected Earnings*, Journal of Accounting and Economics, 9, no. 2 (July 1987), pp. 159-193.