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Myers, Stewart C. - 1989

This paper develops a signaling model in which accounting information improves real investment decisions. Pure cash …' interests. Accounting by prespecified, "objective" rules alleviates the underinvestment problem …

Persistent link: https://www.econbiz.de/10012475844

Research in Accounting for Income Taxes

Graham, John - 2010

This paper comprehensively reviews Accounting for Income Taxes (AFIT). The first half provides background and a primer …

Persistent link: https://www.econbiz.de/10012462987

Accounting for Persistence and Volatility of Good-Level Real Exchange Rates : The Role of Sticky Information

Crucini, Mario J. - 2008

explains both persistence and volatility of the good-level real exchange rates. Furthermore, our framework allows for multiple …

Persistent link: https://www.econbiz.de/10012464266

The Limitations of Stock Market Efficiency : Price Informativeness and CEO Turnover

Gorton, Gary B. - 2009

Stock prices are more informative when the information has less social value. Speculators with limited resources making costly (private) information production decisions must decide to produce information about some firms and not others. We show that producing and trading on private information...

Persistent link: https://www.econbiz.de/10012463704

The Information of Option Volume for Future Stock Prices

Pan, Jun - 2004

We present strong evidence that option trading volume contains information about future stock price movements. Taking advantage of a unique dataset from the Chicago Board Options Exchange, we construct put-call ratios from option volume initiated by buyers to open new positions. On a...

Persistent link: https://www.econbiz.de/10012467762

Speculative Dynamics

Cutler, David M. - 1990

This paper presents evidence on the characteristic speculative dynamics of a wide range of asset returns. It highlights three stylized facts. First, returns tend to be positively serially correlated at high frequency. Second, returns tend to be negatively serially correlated over long horizons....

Persistent link: https://www.econbiz.de/10012475795

Tips and Tells from Managers : How Analysts and the Market Read Between the Lines of Conference Calls

Druz, Marina - 2015

Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This reaction reflects reasonably rational use of information. "Tone surprise" - the residual when negativity in managerial tone is regressed on the firm's recent economic performance...

Persistent link: https://www.econbiz.de/10012457675

Forecasting Crashes : Trading Volume, Past Returns and Conditional Skewness in Stock Prices

Chen, Joseph - 2000

This paper is an investigation into the determinants of asymmetries in stock returns. We develop a series of cross-sectional regression specifications which attempt to forecast skewness in the daily returns of individual stocks. Negative skewness is most pronounced in stocks that have...

Persistent link: https://www.econbiz.de/10012471074

Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk

Campbell, John Y. - 2000

This paper uses a disaggregated approach to study the volatility of common stocks at the market, industry, and firm … levels. Over the period 1962-97 there has been a noticeable increase in firm-level volatility relative to market volatility …, while the number of stocks needed to achieve a given level of diversification has increased. All the volatility measures …

Persistent link: https://www.econbiz.de/10012471179

Monetary Policy and Asset Price Volatility

Bernanke, Ben - 2000

We explore the implications of asset price volatility for the management of monetary policy. We show that it is …

Persistent link: https://www.econbiz.de/10012471216

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