We confirm the existence of three irregularities noted in prior research related to reported earnings per share (EPS). First, the unusual pattern in the second digit of reported EPS noted by Thomas (1989) that the second digit of EPS is more likely to be zero and five and less likely to be nine...

This paper explores possible links between overproduction and future gross domestic product (GDP) growth. Specifically, we examine the direct effect of overproduction on future GDP growth as well as the moderating effect of overproduction on the relation between aggregate earnings growth and...

Theory predicts that stockholders of firms with defined-benefit pension plans will engage in risk-shifting by underfunding plans and investing plan assets in risky securities, as their firms approach distress. The empirical evidence so far has, however, been consistent more with risk-management...