以下是引用木木香在2006-5-13 17:43:00的发言：
有两个句子请斑斑帮忙分析一下！谢谢！
We show that these restatements come in periods of declining profits and lower profits than industry peers for the restating firms, consistent with both opportunistic managerial behavior and operational problems.
However, investors’ reactions to income-increasing restatements due to errors are not different from zero, suggesting that the perceived failure of the accounting system is just offset by the upward revisions in future cash flow expectations in these cases of income-increasing errors.
这两个句子是来自一篇会计专业论文的摘要，专业术语较多，难度较大，必须结合上下文进行理解。我将整个摘要都翻译了一下，红色字体部分就是你问的句子。
背景知识：
financial statement restatements 指的是“财务报告重述”，这个常见于证券市场，由于上市公司要经常公布自己的经营状况，尤其是其财务状况， 以供投资者参考。而由于种种原因，上市公司的财务报告会出现一些差错（比如计算错误，会计原则适用错误，隐藏债务，虚增利润等）。政府相关管理部门要求上市公司在发现并纠正前期财务报告的差错时，重新表述以前公布的财务报告。
Abstract:
This study investigates a large sample of financial statement restatements over the period 1986-2001, and compares restatements caused by changes in accounting principles to those caused by errors. Typically, investors perceive restatements as negative signals due to three potential reasons: (i) the restatement indicates problems with the accounting system that may be manifestations of broader operational (and managerial) problems, (ii) the restatement causes downward revisions in future cash flows expectations, and (iii) the restatement indicates managerial attempts to cover up income decline through cooking the books.
这篇论文研究了大量在1986-2001年间的财务报告重述，比较了由会计原则变化引起的重述和由差错引起的重述。通常，投资者将重述理解为负面信号是基于以下三种可能的原因：
1、重述显示出会计制度方面的问题，这些问题可能反映出更加深远的运营（和管理）问题
2、重述引起了关于对未来现金流量预期下降的修正
3、重述显示出存在通过做假帐的方式来掩盖收益下滑的管理企图
We provide evidence that market reactions to restatements due to errors are generally negative. We show that these restatements come in periods of declining profits and lower profits than industry peers for the restating firms, consistent with both opportunistic managerial behavior and operational problems. However, investors' reactions to income-increasing restatements due to errors are not different from zero, suggesting that the perceived failure of the accounting system is just offset by the upward revisions in future cash flow expectations in these cases of income-increasing errors. Thus, our combined results show that not all restatements are alike; users of the information need to carefully assess the existence and potential effects of the three factors that typically cause the downward revisions in stock prices on a case by case basis.
我们提供了一些证据，表明市场对于因差错引起的重述所作出的反应通常是消极的。我们指出，对于那些作重述的公司而言，这些重述是在利润下滑和与同行相比利润较低的时期作出的，这与机会主义管理行为和运营问题有关。然而，投资者对因差错引起收益增加的重述反应却比较平淡，这表明，存在收益增加的差错时，已被察觉的会计制度失灵恰好被关于现金流量预期的上升修正所抵消。因此，我们综合得到的结果表明，并非所有的重述都一样；信息使用者需要对这三个因素的存在及其潜在的影响作出仔细的评判，（因为）这三个因素通常会引起基于事实的股票价格下降的修正。
[此贴子已经被作者于2006-5-16 9:29:33编辑过]
