本期向大家介绍一篇最近发表在国际顶级会计学期刊TheAccountingReview的一篇理论文章，主要基于动态实物期权理论研究会计盈余和公司价值的关系，具体如下：
EarningsandFirmValueinthePresenceofRealOptionsMoritzHiemannColumbiaUniversityAbstractToexplaintheempiricallydocumentednonlinear,non-monotonicrelationshipbetweenearningsandfirmvalue,itsufficestoassumethatfirmscontinuallytakeprofit-maximizingdecisionsinresponsetonewlyarrivinginvestmentopportunities.Therealoptionsembeddedintheseopportunitiescreatehysteresiseffectsthatleadtothewell-known,butsofarpoorlyunderstood,negativeearnings-to-valuerelationamongloss-makingfirms.Optionalityalsopredictsthefuturegrowth