Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs are … find earnings news less informative when managers are vague; they respond less and more slowly as a result. Thus …

An exclusive focus on bottom-line income misses important information about the quality of earnings. Accruals (the … difference between accounting earnings and cash flow) are reliably, negatively associated with future stock returns. Earnings … increases that are accompanied by high accruals, suggesting low-quality earnings, are associated with poor future returns. We …

We examine abnormal stock returns surrounding contemporaneous earnings and dividend announcements in order to determine … interaction effect.The abnormal return corresponding to any earnings or dividend announcement depends upon the value of the other … more credence to unanticipated dividend increases or decreases when earnings are also above or below expectations, and vice …

responses to earnings releases. The results imply that shares trade at higher (lower) prices when individual investors face …

-level earnings announcements. Existing theories suggest that macro and firm-level earnings news are attention substitutes; macro …-news announcements crowd out firm-level attention, causing less efficient processing of firm-level earnings announcements. We find the … opposite: the sensitivity of announcement returns to earnings news is 17% stronger, and post-earnings announcement drift 71 …

On average, stock prices rise around scheduled earnings announcement dates. We show that this earnings announcement …

credibility. We analyze whether market responses to unexpected earnings releases increase following the introduction of the Public … PCAOB inspections. We find that market responses to unexpected earnings increase significantly following the introduction of …

Momentum in firm fundamentals, i.e., earnings momentum, explains the performance of strategies based on price momentum …. Earnings surprise measures subsume past performance in cross sectional regressions of returns on firm characteristics, and the … time-series performance of price momentum strategies is fully explained by their covariances with earnings momentum …