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Beaver (1968) Revisited : Has the Information Content of Annual Earnings Announcements Declined in the Past Three Decades?
Landsman, Wayne R. - 2012
In 1968, Beaver published his seminal paper on the information content of earnings announcements, establishing that … availability of timely non-accounting information and the increasing rate of technological innovation and change not reflected in … the accounting system in a timely manner.In this paper we examine changes over the past thirty years in the information …
Persistent link: https://www.econbiz.de/10012713708
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When is Bad News Really Bad News?
Conrad, Jennifer S. - 2012
We provide evidence that the asymmetrical price reaction to bad news at earnings announcements is most pronounced when overall market price-earnings ratios are high. This finding is consistent with both unwarranted investor optimism and investor uncertainty. However, evidence also indicates that...
Persistent link: https://www.econbiz.de/10012713724
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Testing the Ohlson Model : V or Not V, that is the Question
Hand, John R. M. - 2012
?s information dynamics are violated in that larger dividends are associated with larger future abnormal earnings, especially for … other information v that is reflected in a firm?s equity market value but not in its current financial statements. We find … earnings via Ohlson?s modified AR(1) information dynamic, then the signs on the multiples on current period net income and net …
Persistent link: https://www.econbiz.de/10012713742
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When is Bad News Really Bad News?
Conrad, Jennifer S. - 2012
We examine whether the price response to bad and good earnings shocks changes as the relative level of the market changes. The study is based on a complete sample of annual earnings announcements during the period 1988 to 1998. The relative level of the market is based on the difference between...
Persistent link: https://www.econbiz.de/10012755900
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Value-Relevance of Banks' Fair Value Disclosures Under SFAS 107
Barth, Mary E. - 2012
This study examines the relation between fair value disclosures under Statement of Financial Accounting Standards No. 107 (SFAS 107) and bank share prices. Our goal is to determine whether fair value disclosures explain cross-sectional variation in bank common share prices beyond that provided...
Persistent link: https://www.econbiz.de/10012756043
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Pricing and Informational Efficiency of the Mib30 Index Options Market. An Analysis with High Frequency Data
Cassese, Gianluca - 2007
We analyze the pricing and informational efficiency of the Italian market for options written on the most important stock index, the MIB30. We find several indications inconsistent with the hypothesis that the Italian MIBO is an efficient market. We report that a striking percentage of the data...
Persistent link: https://www.econbiz.de/10012732304
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Diamonds are Forever, Wars are Not. Is Conflict Bad for Private Firms?
Guidolin, Massimo - 2006
This paper studies the relationship between civil war and the value of firms in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader...
Persistent link: https://www.econbiz.de/10012735410
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The Economic Effects of Violent Conflict : Evidence from Asset Market Reactions
Guidolin, Massimo - 2005
This paper studies the effects of conflict onset on asset markets applying the event study methodology. We consider a sample of 112 conflicts during the period 1974-2004 and find that a sizeable fraction of them had a significant impact on stock market indices and on major commodity prices....
Persistent link: https://www.econbiz.de/10012736003
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How Do Analyst Recommendations Respond to Major News?
Conrad, Jennifer S. - 2004
This study examines how analysts respond to public information when setting their stock recommendations. Specifically …
Persistent link: https://www.econbiz.de/10012739108
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Diamonds are Forever, Wars are Not - Is Conflict Bad for Private Firms?
La Ferrara, Eliana - 2008
This paper studies the relationship between civil war and the value of firms in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader...
Persistent link: https://www.econbiz.de/10012773585