Showing 1 - 10 of 44
The ways in which managers communicate information to capital market participants go far beyond financial statements and accounting numbers. Managers communicate economically relevant information both verbally, in documents distributed and available to investors (such as annual reports and SEC...
Persistent link: https://www.econbiz.de/10011163305
We propose an alternative explanation for the value-relevance of book value. Specifically, we suggest that book value can have an indirect role in valuation even under an earnings capitalization framework. We first show that past earnings are relevant for valuation (in addition to current...
Persistent link: https://www.econbiz.de/10014218070
We show that network advantages constitute an important intangible asset that goes unrecognized in the financial statements. For a sample of e-commerce firms, we find that network advantages created by website traffic have substantial explanatory power for stock prices over and above traditional...
Persistent link: https://www.econbiz.de/10014113199
We investigate whether the accruals anomaly documented by Sloan (1996) in the accounting literature is distinct from the value-glamour anomaly documented in the finance literature. We find that the accruals strategy earns abnormal returns incremental to past sales growth, book-to-market and...
Persistent link: https://www.econbiz.de/10014115087
We hypothesize that firms' 10-K market risk disclosures, recently mandated by SEC Financial Reporting Release No. 48 (FRR 48), reduce investors' uncertainty and diversity of opinion about the implications, for firm value, of changes in interest rates, foreign currency exchange rates, and...
Persistent link: https://www.econbiz.de/10014123912
Using the transition of US firms from annual reporting to semi-annual reporting and then to quarterly reporting over the period 1950-1970, we provide evidence on the effects of increased reporting frequency on firms' investment decisions. Estimates from difference-in-differences specifications...
Persistent link: https://www.econbiz.de/10012973096
We examine whether vocal markers of cognitive dissonance are useful for detecting financial misreporting. We use speech samples of CEOs during earnings conference calls and generate vocal dissonance markers using automated vocal emotion analysis software. We begin by assessing construct validity...
Persistent link: https://www.econbiz.de/10013134031
We examine the extent to which analysts who participate in earnings conference calls by asking questions possess superior private information relative to analysts who do not ask questions. Using a large sample of earnings conference call transcripts over the period 2002 to 2005, we find that...
Persistent link: https://www.econbiz.de/10013117233
Could real-time big data help unravel material firm events? How would it compare with firm disclosure and traditional media in terms of timeliness and completeness? Could big data provide incremental value-relevant information for investors? With these questions in mind, we use a novel data set...
Persistent link: https://www.econbiz.de/10014239247
We examine (i) whether the business practices of Berkshire Hathaway investees are consistent with Warren Buffett's public statements on what constitutes good accounting, governance and investing practices and (ii) whether these practices are associated with Berkshire's initial “selection” or...
Persistent link: https://www.econbiz.de/10013092752