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 …

market responses to earnings news after public audit oversight is introduced, exploiting that the regime onset depends on … fiscal year-ends, auditors, and the rollout of auditor inspections. We find that investors respond more strongly to earnings …

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

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

We construct a price, dividend, and earnings series for the Industrials sector, the Utilities sector, and the Railroads … in the sector markets over more than a century, we investigate the forecasting power of the Cyclically Adjusted Price-Earnings …

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 …