报告主题：Expected Earnings Smoothness

报告内容简介：We measure the smoothness of a firm’s future earnings path using analyst forecast earnings.Firms with volatile future earnings paths (relative to recent realized paths) earn significantly higher returns (50 bps per month) on their stocks in the future, up to one year. The return premia is robust to controlling for a battery of stock anomaly characteristics. Instead, it is partially driven by investors' overreaction to recent earnings volatility

报告人简介：隋鹏飞，现为香港中文大学（深圳）金融系助理教授。2018年在加利福尼亚理工学院获得社会科学（经济学）博士学位。其研究领域涉及行为金融学、资产定价、中国资本市场及金融科技。他的研究成果主要发表于Journal of Financial Economics等金融学顶级期刊（2篇），并荣获包括中国金融学术年会在内的多个会议的最佳论文奖。其文章多次在NBER Summer Institute, AFA, CICF,CFRC等国际会议上展示。