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What Do Measures of Real-Time Corporate Sales Tell Us About Earnings Surprises and Post-Announcement Returns?
Froot, Kenneth - 2016
We develop real-time proxies of retail corporate sales from multiple sources, including ~50 million mobile devices. These measures contain information from both the earnings quarter (“within quarter”) and the period between that quarter's end and the earnings announcement date (“post...
Persistent link: https://www.econbiz.de/10012988081
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The Effects of Taxes on Market Responses to Dividend Announcements and Payments : What Can We Learn from the 2003 Dividend Tax Cut?
Chetty, Raj - 2009
This paper investigates the effects of capital gains and dividend taxes on excess returns around announcements of … dividend increases and ex-dividend days for U.S. corporations. Consistent with standard no-arbitrage conditions, we find that … the ex-dividend day premium increased from 2002 to 2004 when the dividend tax rate was cut. Consistent with the signalling …
Persistent link: https://www.econbiz.de/10012767550
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The 2003 Dividend Tax Cuts and the Value of the Firm : An Event Study
Auerbach, Alan J. - 2009
the most noteworthy may have been the reduction in dividend tax rates. The political debate over the dividend tax … concerning the probability of significant dividend tax reduction fluctuated significantly during 2003. In this paper, we use this … fact to estimate the effects of dividend tax policy on firm value. We find that firms with higher dividend yields benefited …
Persistent link: https://www.econbiz.de/10012767551
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Earnings and Dividend Announcements is There a Corroboration Effect?
Kane, Alex - 2008
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 …
Persistent link: https://www.econbiz.de/10012774654
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Corporate Earnings Track the Competitive Benchmark
Hall, Robert E. - 2010
Earnings are the flow of value created by corporations. I concentrate on the concept called EBITDA earnings before interest, taxes, depreciation, and amortization. This measure captures the results of the substantive non-financial activities of corporations and corresponds to the rental price of...
Persistent link: https://www.econbiz.de/10012762691
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Earnings Quality and Stock Returns
Chan, Konan - 2010
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,...
Persistent link: https://www.econbiz.de/10012763145
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Inertia and Incentives : Bridging Organizational Economics and Organizational Theory
Henderson, Rebecca M. - 2009
Organizational theorists have long acknowledged the importance of the formal and informal incentives facing a firm%u2019s employees, stressing that the political economy of a firm plays a major role in shaping organizational life and firm behavior. Yet the detailed study of incentive systems has...
Persistent link: https://www.econbiz.de/10012767471
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Straight Talkers and Vague Talkers : The Effects of Managerial Style in Earnings Conference Calls
Dzieliński, Michał - 2017
Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs are straight talkers. Others, by contrast, are vague talkers. Vague talkers routinely use qualifying words indicating uncertainty, such as “approximately”, “probably”, or...
Persistent link: https://www.econbiz.de/10012955937
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In Search of Distress Risk
Campbell, John Y. - 2006
This paper explores the determinants of corporate failure and the pricing of financially distressed stocks using US data over the period 1963 to 2003. Firms with higher leverage, lower profitability, lower market capitalization, lower past stock returns, more volatile past stock returns, lower...
Persistent link: https://www.econbiz.de/10012779771
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How Airline Markets Work...Or Do They? Regulatory Reform in the Airline Industry
Borenstein, Severin - 2007
Following a brief review of the U.S. domestic airline industry under regulation (1938-1978), we study the changes that have occurred in pricing, service, and competition in the 28 years since deregulation. We then examine some of the major public policy issues facing the industry: (a) the...
Persistent link: https://www.econbiz.de/10012775910