Research suggests that greater earnings disaggregation in financial statements leads to favorable market outcomes. This perspective is based on a presumption that the disaggregation separates earnings components with heterogeneous characteristics. We hypothesize that the disaggregation of homogeneous earnings components is associated with greater investor disagreement and a less efficient market response to the earnings announcement. We estimate persistence regressions at the industry level and classify earnings components with persistence that differs significantly from the persistence of sales as heterogeneous and components with persistence that does not differ from the persistence of sales as homogeneous. Consistent with our hypothesis, we find a significant positive relation between the level of homogeneous earnings disaggregation and investor disagreement around earnings announcements. We also find significantly greater post-earnings announcement drift after earnings announcements with greater homogeneous earnings disaggregation. This evidence is consistent with homogeneous earnings disaggregation hindering investors’ ability to impound earnings information into price efficiently.

研究表明，财务报表中更大的收益分类会带来有利的市场结果。该观点基于这样的假设，即分类将具有异类特征的收益组成部分分开。我们假设均质收益成分的分解与更大的投资者分歧以及对收益公告的市场反应效率较低有关。我们估计行业水平上的持久性回归，并将具有与销售持久性显着不同的持久性的收益成分分类为异构，将具有与销售持久性无异的持久性的成分分类为同类。与我们的假设一致，我们发现均匀的收益分类水平和投资者对收益公告的分歧之间存在显着的正相关关系。我们还发现，在收入公告更加均匀之后，收益发布后的漂移明显更大。该证据与均匀的收益分类相一致，阻碍了投资者将收益信息有效地纳入价格的能力。