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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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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 whether investors evaluate the two announcements in relation to each other.We find that there is a statistically significant interaction effect.The abnormal return...
Persistent link: https://www.econbiz.de/10012774654
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Using Production Based Asset Pricing to Explain the Behavior of Stock Returns Over the Business Cycle
Cochrane, John H. - 2001
The investment return is defined as the real return that results from marginally increasing investment at date r, and then reaping the extra output and decreasing investment at date t+1 to leave the production plan for other dates unchanged. This paper constructs investment returns from...
Persistent link: https://www.econbiz.de/10012787922
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Volatility, the Macroeconomy and Asset Prices
Bansal, Ravi - 2012
We show that volatility movements have first-order implications for consumption dynamics and asset prices. Volatility news affects the stochastic discount factor and carries a separate risk premium. In the data, volatility risks are persistent and are strongly correlated with discount-rate news....
Persistent link: https://www.econbiz.de/10013106078
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Financial Market Shocks and the Macroeconomy
Subrahmanyam, Avanidhar - 2013
Feedback from stock prices to cash flows occurs because information revealed by firms' stock prices influences the actions of competitors. We explore the implications of feedback within a noisy rational expectations setting with incumbent publicly traded firms and privately held new entrants. In...
Persistent link: https://www.econbiz.de/10013076911
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Does Linking Worker Pay to Firm Performance Help the Best Firms Do Even Better?
Kruse, Douglas L. - 2015
This paper analyzes the linkages among group incentive methods of compensation, labor practices, worker assessments of workplace culture, turnover, and firm performance in a non-representative sample of companies: firms that applied to the "100 Best Companies to Work For in America" competition...
Persistent link: https://www.econbiz.de/10013037335
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Wages, Profits and Rent-Sharing
Blanchflower, David G.; Oswald, Andrew J.; Sanfey, Peter - 2021
in wages are explained by movements in lagged levels of profitability and unemployment. The results appear to be … competitive labor market model. The paper estimates the unemployment elasticity of pay at approximately -0.03, and the profit …
Persistent link: https://www.econbiz.de/10013219306
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Are CEOS Really Paid Like Bureaucrats?
Hall, Brian J.; Liebman, Jeffrey B. - 2021
A common view of CEO compensation is that there is essentially no correlation between firm performance and CEO pay. This calls into question an important component of effective corporate governance. This zero correlation' belief is based on the widely cited result that CEO wealth rises by only...
Persistent link: https://www.econbiz.de/10013310217
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Experience, Performance, and Earnings
Medoff, James L.; Abraham, Katharine G. - 2021
This study provides direct evidence concerning the relationship between experience and performance among managerial and professional employees doing similar work in two major U. S. corporations. The facts presented indicate that while, within grade levels, there is a strong positive association...
Persistent link: https://www.econbiz.de/10013234970
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The Effect of the Payroll Tax on Earnings : A Test of Competing Models of Wage Determination
Lang, Kevin - 2021
earnings by the entire nominal employer share of the tax increase. If wages play a motivational role but the market still … clears, the range of possible outcomes is broader but wages should still not rise if the tax is nominally divided 50/50. In … effects of wages are important but cannot clearly distinguish between the efficiency wage and market-clearing versions of …
Persistent link: https://www.econbiz.de/10013218401