We examine the predictability of 299 capital market anomalies enhanced by 30 machine learning approaches and over 250 models in a dataset with more than 500 million firm-month-anomaly observations. We find significant monthly (out-of-sample) returns of around 1.8-2.0%, and over 80% of the models...

We examine the out-of-sample performance of 240 stock market anomalies enhanced by 49 machine learning algorithms and over 260 individually trained models across an international data sample of nearly 1.9 billion stock-month-anomaly observations from 1980 to 2019. We demonstrate significant...

This paper considers the impact of UK practices with respect to the measurement and disclosure of intangible assets, focusing on RD activities. We first update prior UK work relating RD activities to market prices. Second, given the clearly identified role of disclosure outside of the financial...

This paper examines how simultaneous presence of domestic accounting standards of various countries affects market reactions to firms' earnings announcements and subsequent post-earnings announcement drifts (PEAD) in U.S market. Drawing from the finance and accounting literatures on investors'...

When equity markets open to foreign investors, firms in these markets face significant opportunities to attract foreign capital. Using a set of countries that opened their equity markets, we find significant income-increasing earnings management in the year of opening, with substantial...

This paper conducts an empirical investigation of the relationship between information asymmetry and real activities manipulation. When information asymmetry is high, stakeholders do not have sufficient resource, incentives, or access to relevant information to monitor manager‘s actions, which...

Since the opening of China’s securities market, there have been a number of bull and bear cycles. This paper discusses how executives use the market timing approach to manage earnings in different cycles to maximize firm value. We find that Chinese listed companies choose to release more...

Employing a panel dataset of Vietnamese non-financial listed firms, we find that firms with greater foreign shareholdings are aligned with higher quality of financial disclosure. More specially, we find that greater foreign shareholdings are associated with (i) lower earnings management; (ii)...

The purpose of this study was to test the effects of taxable income and accounting income on stock returns, and to prove whether the information content in the high tax planning firms, lower than low tax planning firms. From the sample of 23 firms with high tax planning categories and 23 firms...

Massive dollars shuttled back and forth among firms on the twisted path to and passage of the 2017 tax reform. Prices of individual stocks responded to the difference between initial and revised expectations. From the bill's initiation in the House to final passage, high-tax firms gained...