Note that the key to the generation of the new understanding in Abarbanell and Bushee (1994a) was a shift in the objective of the research design from an explanation of current stock price behavior to a prediction of earnings. That, of course, is not a new idea. However, research has tra ditionally shunned earnings prediction as an objective.
2 One concern with the approach is that earnings are manipulable artifacts of arbitrary accounting choices. Thus, there is always the residual concern that, in predicting earnings, we are predicting something artificial, not real. Prices, on the other hand, seem real.
Note that the key to the generation of the new understanding in Abarbanell and Bushee (1994a) was a shift in the objective of the research design from an explanation of current stock price behavior to a prediction of earnings. That, of course, is not a new idea. However, research has tra ditionally shunned earnings prediction as an objective.
2 One concern with the approach is that earnings are manipulable artifacts of arbitrary accounting choices. Thus, there is always the residual concern that, in predicting earnings, we are predicting something artificial, not real. Prices, on the other hand, seem real.
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