The article explores how different patterns of earnings affect stock prices, focusing on increasing earnings, meeting analyst forecasts, and smooth earnings. The study finds that the market values earnings patterns differently based on the quality of the underlying earnings. High-quality earnings are associated with higher pricing effects, while low-quality earnings may lead to no reward or even a penalty. Overall, the economic impact of these pricing effects is limited, with the most significant findings related to the relationship between earnings patterns and earnings quality.