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Reporting Standards (IFRS) adoption on the information content of earnings announcements in Italy. To identify the effect of … this regulation, we use a treatment (i.e., Italy) and a benchmark sample of IFRS countries that vary in the adoption of the … releases. Our findings suggest that the inclusion of detailed IFRS financial statements in earnings announcements increased …
Persistent link: https://www.econbiz.de/10012903286
As part of its efforts to improve the informational value of the standard audit report, the Public Company Accounting Oversight Board (PCAOB) proposed a new auditing standard that would require the auditor to report critical audit matters (CAMs) in the body of the audit report. The proposal met...
Persistent link: https://www.econbiz.de/10012961384
We compare non-GAAP EPS in annual earnings announcements and proxy statements using hand-collected data from SEC filings. We find that proxies for capital market incentives (contracting incentives) are more highly associated with disclosure of non-GAAP EPS in annual earnings announcements (proxy...
Persistent link: https://www.econbiz.de/10012856894
This article develops an agent-based model of security market pricing process, capable to capture main stylised facts. It features collective market pricing mechanisms based upon evolving heterogeneous expectations that incorporate signals of security issuer fundamental performance over time....
Persistent link: https://www.econbiz.de/10012970505
This paper examines how low financial reporting frequency affects investors' reliance on alternative sources of earnings information. We find that the returns of semi-annual earnings announcers (i.e. low reporting frequency stocks, “LRF”) are almost twice as sensitive to the earnings...
Persistent link: https://www.econbiz.de/10012902417
This paper examines how news items released throughout the previous quarter help investors predict and understand earnings. It focuses on how earnings aggregates transactions and how this aggregation may lead to information loss. Through the disclosure of these news items that reveal these...
Persistent link: https://www.econbiz.de/10012843849
When Congress retroactively extends a temporary tax rule, the effect on earnings is complex because financial reporting standards require firms to apply the integral method using enacted tax law to determine quarterly income tax expense. We model this effect and examine earnings announcements...
Persistent link: https://www.econbiz.de/10014142016
We test whether investors react more strongly to narrative disclosures when the CEO's presence or association with the message is more salient in the disclosure, holding all other information constant. In our first experiment, we manipulate whether a CEO uses more personal pronouns (e.g.,...
Persistent link: https://www.econbiz.de/10012938211
This paper examines the market reaction to the public announcement of going-concern (GC) opinions through the news media. In the early 2000s, NASDAQ and AMEX required firms listed on their exchanges to announce publicly previously disclosed information, such as the issuance of a GC opinion,...
Persistent link: https://www.econbiz.de/10012967637
This paper studies the impact of public audit oversight on financial reporting credibility. We analyze changes in market responses to earnings news after public audit oversight is introduced, exploiting that the regime onset depends on fiscal-year ends, auditors, and the roll-out of auditor...
Persistent link: https://www.econbiz.de/10012860540