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英文文献：Loss aversion and the zero-earnings discontinuity-厌恶损失和零收益的不连续性
英文文献作者：Leonidas Enrique de la Rosa,Nikolaj Kirkeby Niebuhr
英文文献摘要：
Prior literature suggests that the zero-earnings discontinuity is caused by earnings management. This makes sense if investors are na?ve. We test for the possibility of investor na?veté and find that they are aware of firms performing earnings management around zero reported earnings and that there is no ob-vious gain of reaching zero reported earnings. We extend a signaling model to include loss-averse investors and we find that earnings management is not only rational, but in equilibrium, it is not possible for investors to deduce the correct value of firms’ earnings around the discontinuity. Assuming our model gen-erates the observed data, a loss-aversion coefficient of 1.2595 matches the discontinuity below zero reported earnings observed in the data simulated from the model and in the actual data. This loss-aversion coefficient is consistent with Tversky and Kahneman (1992), who find that losses are weighted roughly twice as heavily as gains.
以往的文献表明，零盈余的不连续性是由盈余管理引起的。如果投资者天真的话，这是有道理的。我们测试了投资者天真的可能性，发现他们知道公司在零报告盈余附近执行盈余管理，并且达到零报告盈余没有明显的收益。我们发现，盈余管理不仅是理性的，而且在均衡状态下，投资者不可能在不连续点附近推导出企业盈余的正确价值。假设我们的模型对观察到的数据进行估计，1.2595的损失厌恶系数与模型模拟的数据和实际数据中观察到的报告收益低于零的不连续点匹配。这个损失厌恶系数与Tversky和Kahneman(1992)一致，他们发现损失的权重大约是收益的两倍。
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