Purpose – The purpose of this paper is to add to the understanding of the monitoring role of multiple large shareholders (MLS) by examining their impact on the informativeness of firms' earnings. Design/methodology/approach – The paper uses regression models that relate earnings to stock...

Purpose – Conventional wisdom implies that firms manage earnings to maximize the wealth of the manager, the value of the firm and/or the amount of information in the market. The purpose of this paper is to offer an additional explanation. Design/methodology/approach – Using companies from...

Purpose – In contrast to recent US studies, almost all prior UK studies have not supported the incremental information content of cash flow beyond earnings. In addition, to date no UK study has addressed the effect of earnings extremity on the incremental information content of cash flow and...

Purpose – This paper aims to empirically reexamine the dynamic changes in emerging market volatility around stock market liberalization. Design/methodology/approach – First, a bivariate GARCH-M model which counts for partial market integration is developed for modeling stock market...

Purpose – The purpose of this paper is to examines empirically whether national and international investors in the Egyptian stock market perceive accounting information based on the Egyptian Accounting Standards to be useful in stock valuation. Design/methodology/approach – Using a sample of...

Purpose – The purpose of this paper is to utilize the initial public offerings (IPO) market to research the effect the stock market crash of 1987 had on the market psyche. Design/methodology/approach – The paper compares the number of IPOs, as well as accounting data during the years...

Purpose – The purpose of this paper is to test whether the 2007 identification of commonality in liquidity by Galariotis and Giouvris for the UK is robust to different methodological approaches; to find whether commonality is priced; and to identify how changes in trading regimes, hence liquidity...

Purpose – This paper's aim is twofold: first, it seeks to examine the impact of financial transparency on the returns-earnings relation and second, to test for the existence of conservative accounting between 1995 and 2004. Design/methodology/approach – The data were collected from a sample...

Purpose – The purpose of this study is to investigate the value of analyst coverage on the covered firms. Design/methodology/approach – To isolate the value impact of analyst coverage, the study focuses on a unique set of firms that receive analyst coverage for the first time after having...

Purpose – The purpose of this paper is to examine the informational content of retained and distributed earnings for future profitability and stock returns. Design/methodology/approach – The paper utilizes firm-level cross-sectional persistent regressions, Mishkin's econometric framework and...