We review the literature on recurring firm events and predictable returns. Many common firm events recur on a predictable basis, such as earnings and dividends, among others. These events tend to be associated with large positive returns in the period when the events are predicted to occur (without conditioning on the outcome or existence of the event itself). These returns occur mainly on the long side of the portfolio, are statistically and economically large when value weighted, and replicate internationally. It is difficult to explain the observed patterns with a unified risk theory. Some of the underlying causes seem to be related to idiosyncratic risk, predictable attention, probability mistakes, and demand for corporate distributions.

中文翻译：

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反复发生的公司事件和可预测的回报：公司内时间序列

我们回顾了有关经常性公司事件和可预测回报的文献。许多常见的公司事件在可预测的基础上重复发生，例如收益和股息等。这些事件往往与预测事件发生期间的巨大正回报相关（不以事件本身的结果或存在为条件）。这些回报主要发生在投资组合的多头，在价值加权时在统计上和经济上都很大，并在国际上复制。很难用统一的风险理论来解释观察到的模式。一些根本原因似乎与特殊风险、可预测的注意力、概率错误和对公司分配的需求有关。