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The implied cost of capital: A new approach
Hou, Kewei; Dijk, Mathijs A. van; Zhang, Yinglei - In: Journal of Accounting and Economics 53 (2012) 3, pp. 504-526
-sectional model are superior to analysts' forecasts in terms of coverage, forecast bias, and earnings response coefficient. Moreover …
Persistent link: https://www.econbiz.de/10010576563
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This paper empirically tests the relation between a firm’s degree of accounting conservatism and its level of operating risk. This paper constitutes the first empirical study in...
Wang, Richard Zhe - In: The International Journal of Business and Finance Research 7 (2013) 1, pp. 55-68
Persistent link: https://www.econbiz.de/10011143917
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Price and earnings momentum: An explanation using return decomposition
Mao, Mike Qinghao; Wei, K.C. John - In: Journal of Empirical Finance 28 (2014) C, pp. 332-351
We explain price and earnings momentum by investigating dynamics of cash flow (CF) news and discount rate (DR) news. We find that before the holding period, winners experience higher DR news than losers, which makes winners display lower ex-ante expected returns than losers. Momentum returns...
Persistent link: https://www.econbiz.de/10010939537
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Who Benefits from the Adoption of IFRS?
Shin'ya Okuda - In: The Japanese Accounting Review 1 (2011) December, pp. 61-69
The research objective of this paper is to investigate when the adoption of International Financial Reporting Standards (IFRS) is beneficial to capital market participants. In particular, I specify the conditions in which IFRS is superior to domestic accounting standards from cost of capital and...
Persistent link: https://www.econbiz.de/10010552608
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Defying Gravity: Costly Signaling to Mislead or to Inform?
Beneish, Messod Daniel; Capkun, Vedran; Fridson, Martin S. - HEC Paris (École des Hautes Études Commerciales) - 2013
While it is generally maintained that earnings management can occur to inform as well as to mislead, evidence that earnings management informs has been scarce, and evidence that credibility increases with signal costliness inexistent. We provide evidence that firms use discretion over financial...
Persistent link: https://www.econbiz.de/10010832926
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Financial Signaling and Earnings Forecasts.
Brushko, Iuliia - Center for Economic Research and Graduate Education and … - 2013
This paper examines the extent to which financial signaling affects the analysts' and managers' forecast releases. The … findings give evidence of heterogeneity of analysts' forecast errors between firms with strong financial indicators (high … group). The paper further indicates that managers' forecast releases also depend on the type of the firm and that managers …
Persistent link: https://www.econbiz.de/10010842894
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The Real and Accrual-based Earnings Management Behaviors: Evidence from the Split Share Structure Reform in China
Kuo, Jing-Ming; Ning, Lutao; Song, Xiaoqi - In: The International Journal of Accounting 49 (2014) 1, pp. 101-136
This paper investigates the earnings management activities in Chinese listed firms and the impact of the split share structure reform (SSSREF). We demonstrate that Chinese listed firms exhibited a long-term positive relationship between real and accrual-based earnings management activities over...
Persistent link: https://www.econbiz.de/10010753036
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Financial restatements by Canadian firms cross-listed and not cross-listed in the U.S.
Kryzanowski, Lawrence; Zhang, Ying - In: Journal of Multinational Financial Management 23 (2013) 1, pp. 74-96
expected future cash flows and their uncertainty are diminished and increased, respectively. Abnormal returns are related to …
Persistent link: https://www.econbiz.de/10010636097
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Corporate bond markets in Asia
Gyntelberg, Jacob; Ma, Guonan; Remolona, Eli M - In: BIS Quarterly Review (2005) December
Corporate bond markets in Asia differ widely in size. Some primary markets have opened up to foreign issuers while others have relied on quasigovernment issuers. Secondary markets often suffer from illiquidity, due in varying degrees to narrow investor bases, inadequate microstructures and a...
Persistent link: https://www.econbiz.de/10005063307
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Manipulation des Börsenkurses durch gezielte Informationspolitik im Rahmen von Squeeze-Outs? – Eine empirische Untersuchung am deutschen Kapitalmarkt
Daske, Holger; Bassemir, Moritz; Fischer, Felix F. - Fachbereich Wirtschaftswissenschaft, Goethe … - 2010
Der vorliegende Beitrag untersucht, ob der Mehrheitsaktionär einer Gesellschaft im Vorfeld eines Zwangsausschlusses von Minderheitsaktionären (so genannter Squeeze-Out) versucht, die Kapitalmarkterwartungen negativ zu beeinflussen. Ein solches "manipulatives" Verhalten wird häufig in der...
Persistent link: https://www.econbiz.de/10005102186