Vega et al. (2020) find that incentives in executive compensation result in higher earnings informativeness. The discussion focuses on two areas for improvement. First, the authors could look into additional measures of earnings quality. This further analysis could help us understand whether the enhanced earning informativeness stems from capital market effects or real effects. Second, the authors could consider replacing their main earnings response coefficient (ERC) model with one of the alternative ERC models in the literature. Three different ERC models are discussed.,This paper discusses capital market effects versus real effects and illustrates different ERC models.,The discussed paper could differentiate between capital market effects and real effects and use an alternative ERC model.,An accounting audience could be interested in the discussion on capital market effects versus real effects and the illustration on various ERC models.

中文翻译：

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讨论不良资产救助计划和收益信息

Vega等。（2020）发现，高管薪酬的激励机制会导致更高的收益信息。讨论集中在两个方面进行改进。首先，作者可以研究收入质量的其他度量。进一步的分析可以帮助我们理解增强的收益信息性是源于资本市场效应还是实际效应。其次，作者可以考虑用文献中的另一种ERC模型替代其主要收入响应系数（ERC）模型。讨论了三种不同的ERC模型。本文讨论了资本市场效应与实际效应，并说明了不同的ERC模型。所讨论的论文可以区分资本市场效应和实际效应，并使用替代ERC模型。