01
原文：Dichev I D, Qian J. The benefits of transaction-level data: The case of NielsenIQ scanner data[J]. Journal of Accounting and Economics, 2022, 74(1): 101495.
The Benefits of Transaction-Level Data: The Case of NielsenIQ Scanner Data
ABSTRACT: This study explores whether NielsenIQ scanner data from U.S. retailers contain incremental information about the GAAP revenue of corresponding manufacturers. Using retail product/store/week data from 2006 to 2018, we construct a measure of aggregated consumer purchases at the manufacturer/quarter level, and find that it strongly predicts GAAP revenues. In addition, analyst forecasts of revenues have predictable errors, which implies that analysts do not fully incorporate the information in consumer purchases. Exploring investment implications, we find that hedge portfolios that buy (sell) stocks of firms with high (low) abnormal consumer purchases generate annualized returns on the magnitude of 14%–19%, depending on specification. Overall, these findings suggest that scanner data on consumer purchases provide an information edge over GAAP revenue, shedding light on the benefits of using transactional data.
交易层面数据的好处：NielsenIQ扫描仪数据的案例
摘要：文章探讨了来自美国零售商的NielsenIQ扫描仪数据是否包含关于相关制造商GAAP收入的增量信息。通过使用2006年至2018年的零售产品/门店/周数据，文章构建了一个制造商/季度层面的消费者购买总量指标，结果发现该指标能强有力地预测GAAP收入。此外，分析师对收入的预测存在可预见的误差，这表明分析师并未完全吸收消费者购买数据中的信息。在探索投资方面的影响时，文章发现买入（卖出）消费者异常购买量高（低）的公司的股票的对冲组合，按规格不同可产生14%-19%的年化收益。总体而言，文章的研究结果表明，消费者购买的扫描数据相比GAAP收入更具信息优势，这揭示了使用交易数据的好处。
亮点：（1）文章创新性提出了使用消费者交易数据（NielsenIQ 扫描仪数据）来预测公司GAAP收入的新方法，为分析师预测工作提供了实践指导。（2）文章发现细颗粒度的消费者交易数据相较于财务报告中的汇总绩效指标能够提供明显的信息优势，证明了消费者交易数据的信息价值。（3）文章研究表明，消费者交易数据为相关制造商的GAAP收入提供了早期信号，而能够获取这些数据的投资者则能获得超额的股票回报，这揭示了消费者交易数据的投资决策价值。
02
原文：Kimbrough M D, Paharia N, Wang X, et al. The brand value of earnings: An event study of consumer responses to earnings announcements[J]. The Accounting Review, 2024, 99(3): 259-285.
The Brand Value of Earnings: An Event Study of Consumer Responses to Earnings Announcements
ABSTRACT: We provide evidence from the first short-window event study of consumers’ perceptual responses to earnings announcements using daily consumer perception data. We document a positive association between the change in consumers’ overall perceptions of a brand at the time of the earnings announcement and the earnings surprise—that is, a positive consumer earnings response coefficient (CERC). CERC is larger when there is greater traditional news or social media activity, indicating that news dissemination is an important channel for consumers to respond to earnings news. Moreover, CERC varies based on brand and consumer characteristics. Changes in consumer perceptions at the time of the earnings announcement are positively associated with changes in purchase consideration and intent and with changes in realized future sales growth. To maximize identification, we document a positive and statistically significant CERC in a controlled experiment. Our findings demonstrate the importance of earnings to an important stakeholder.
盈余的品牌价值：消费者对盈余公告反应的事件研究
摘要：利用每日消费者感知数据，文章首次对消费者对盈余公告的感知反应进行了短窗口事件研究，并提供了相关证据。文章发现，在盈余公告发布时，消费者对某一品牌整体感知的变化与盈余意外之间存在正相关关系，即正的消费者盈余反应系数（CERC）。当传统新闻或社交媒体活动更频繁时，CERC更大，表明新闻传播是消费者对盈余消息作出反应的重要渠道。此外，CERC会因品牌和消费者的特征而有所不同。在盈余公告发布时，消费者感知的变化与购买意向和考虑的变化，以及未来实际销售增长的变化正相关。为最大限度提高识别效果，文章在一项受控实验中记录到了正向且具有统计意义的CERC。文章的研究结果揭示了盈余信息对重要利益相关者的重要性。
亮点：（1）文章通过使用每日消费者感知数据进行短窗口事件研究，首次直接检验了盈余消息影响消费者感知的学术理论，克服了以往因缺乏高频数据而难以进行此类研究的挑战，为研究消费者对盈余公告的反应提供了新的实证证据和研究思路。（2）文章深入探讨了财务报告如何影响投资者以外的重要利益相关者，填补了该领域的研究空白，扩展了会计信息真实影响的文献，并向管理者表明消费者也是需予以关注的会计信息重要使用者。（3）文章深化了消费者感知与会计信息之间关系的理解，指出会计信息不仅反映消费者感知，还可以驱动消费者的感知。这为管理者提供了实践洞见，有助于他们更好地把握消费者的购买决策过程。
03
原文：Noh S, So E C, Zhu C. Financial reporting and consumer behavior[J]. The Accounting Review, 2024, forthcoming.
Financial Reporting and Consumer Behavior
ABSTRACT: We show that financial reporting influences consumer behavior by drawing consumer attention to announcing firms. Analyzing global positioning system (GPS) data, we document upticks in foot traffic to firms’ commercial locations immediately following their earnings announcements. This increase is more pronounced for announcements with substantial media attention, fewer concurrent announcements, heightened internet search volume, and extreme stock price jumps and earnings surprises—indicating that announcement coverage impacts consumer behavior by capturing attention. Furthermore, foot traffic increases with positive earnings for firms offering durable goods, suggesting consumers respond to news about firms’ financial prospects. Consumer attention patterns increase revenues and advertising effectiveness, ultimately suggesting that financial reporting serves a marketing function.
财务报告与消费者行为
摘要：文章的研究表明，财务报告通过吸引消费者关注发布公告的公司来影响消费者行为。通过分析全球定位系统（GPS）数据，文章发现在公司发布盈余公告后，其商业地点的客流量立即上升。对于媒体关注度高、同时发布的公告数量少、互联网搜索量增加、经历股价大幅波动和盈余意外的公告，客流量的增长更为明显，这表明公告的报道通过吸引关注度影响了消费者行为。此外，对于提供耐用消费品的公司，正向盈余公告会带来更大的客流量增加，这表明消费者会对有关公司财务前景的新闻作出反应。消费者的关注模式提高了收入和广告效果，最终表明财务报告具有营销功能。
亮点：（1）文章揭示了财务报告对消费者活动的影响及其经济后果，表明消费者也是受财务报告影响的重要利益相关者群体，并为企业优化库存管理、人员配置和广告资源的分配提供了新的洞见。（2）文章证明了产品消费者也是财务信息的消费者，填补了财务报告对投资者关注的影响和消费者关注对消费者行为的影响这两大研究领域之间的理论鸿沟。（3）文章拓展了利用消费者浏览活动和商店停车场的细颗粒度数据来预测财务结果的文献。
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总编：游家兴
解析：凌运
审校：陈璐 孙倩
编辑：潘芳妍
