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We define a delayed disclosure ratio (DD) as the fraction of 10-Q financial statement items that are withheld at the earlier quarterly earnings announcement. We find that higher DD firms have a greater delay in investor and analyst response to earnings surprises: (i) the fraction of total market...
Persistent link: https://www.econbiz.de/10012903178
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...
Persistent link: https://www.econbiz.de/10013095783
Kim and Shi (this issue) document that voluntary IFRS adoption is associated with significant benefits and argue that the effect is causal – a conclusion that is similar to many published papers on IFRS adoption. Yet voluntary IFRS adopters constitute only a small percentage of the global...
Persistent link: https://www.econbiz.de/10013109562
Voluntary disclosure theory predicts that an optimal disclosure decision should produce an overall net benefit for shareholders, and that such net benefit should decrease in public information availability. This study supports the predictions of voluntary disclosure theory in the context of...
Persistent link: https://www.econbiz.de/10013037269
This paper investigates whether the quality of a firm's disclosure practices affects the composition of a firm's institutional investor base and whether this association has implications for a firm's stock return volatility. The findings indicate that firms with higher disclosure quality, as...
Persistent link: https://www.econbiz.de/10012757383
In many scenarios, investors in financial markets are uncertain about the relationship between two firms and have to rely on firms' disclosure of such relationship. We develop a theory to study the asset pricing implications of this relationship uncertainty and how such relationship uncertainty...
Persistent link: https://www.econbiz.de/10013290129
This paper extends the study of Herrmann and Thomas (2005) on granularity in analyst forecasts at multiples of nickels and finds that forecasts at multiples of nickels are more optimistic, and induce weaker market responses. Granularity in analyst forecasts combined with managers’ incentive to...
Persistent link: https://www.econbiz.de/10014205618
In this study we examine changes in the precision and the commonality of information contained in individual analysts' earnings forecasts, focusing on changes around earnings announcements. Using the empirical proxies suggested by the Barron et al. (1998) model that are based on the...
Persistent link: https://www.econbiz.de/10014114630
Researchers in accounting have recently provided evidence of a striking increase in the usefulness of earnings announcements based on stock market price and volume reactions (Beaver et al., 2018; Barron et al., 2018). Price reactions, however, are unable to capture investor disagreement and volume...
Persistent link: https://www.econbiz.de/10013227471
Prior analyst literature focuses on the impact of financial analysts on the firms they cover, and prior information-transfer literature concentrates on the externalities of information provided by management. This paper fills gaps in both streams of literature by examining the focal firm's...
Persistent link: https://www.econbiz.de/10011547602