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Revenue benchmark beating and the sector-level investor pricing of revenue and earnings

Zhao, Rong - In: Accounting horizons : a quarterly publication of the … 31 (2017) 2, pp. 45-67

Persistent link: https://www.econbiz.de/10011721977

Strategic Revenue Recognition to Achieve Earnings Benchmarks

Caylor, Marcus L. - 2009

I examine whether managers use discretion in revenue recognition to avoid three earnings benchmarks. I find that managers use discretion in both accrued revenue (i.e., accounts receivable) and deferred revenue (i.e., advances from customers) to avoid negative earnings surprises, but find little...

Persistent link: https://www.econbiz.de/10013157615

Asset price effects of peer benchmarking : evidence from a natural experiment

Acharya, Sushant; Pedraza, Alvaro - 2015

We estimate the effects of peer benchmarking by institutional investors on asset prices. To identify trades purely due … to peer benchmarking as separate from those based on fundamentals or private information, we exploit a natural experiment … component of demand that is caused by peer benchmarking. We find that these peer effects generate excess stock return volatility …

Persistent link: https://www.econbiz.de/10010514042

Is Zero Return a Natural Benchmark for Investors? An Investigation with Individual Trading Records

Chhabra, Rahul - 2012

Using a unique and large dataset of trading records, we find that individual investors view zero returns as a natural benchmark for their trading performance. They increase both buy and sell trading volume if their past investment outcomes are positive, and decrease them if the outcomes are...

Persistent link: https://www.econbiz.de/10013114715

Managing earnings surprises in Japan : perspectives from main bank relationships and institutional ownership

Baik, Bok; Choi, Wooseok - In: Journal of business finance & accounting : JBFA 37 (2010) 5/6, pp. 495-517

Persistent link: https://www.econbiz.de/10008698696

Overvalued equity, benchmark beating and unexpected accruals

Coulton, Jeffrey J.; Saune, Naibuka; Taylor, Stephen L. - In: Accounting and finance : journal of the Accounting … 55 (2015) 4, pp. 989-1014

Persistent link: https://www.econbiz.de/10011441367

Overvalued Equity, Benchmark Beating and Unexpected Accruals

Coulton, Jeffrey - 2014

We investigate the extent to which the overvaluation hypothesis provides incentives for managers to beat earnings benchmarks, and whether this benchmark beating can be reliably interpreted as evidence of earnings management. We carefully identify firms immediately above earnings benchmarks that...

Persistent link: https://www.econbiz.de/10013065526

Do investors experience heuristics in earnings forecasting?

Praditha, Riza; Haliah, Haliah; Habbe, Abdul Hamid; … - In: Verslas : teorija ir praktika : Vilniaus Gedimino … 21 (2020) 2, pp. 686-694

This research aims to examine empirically the overreliance on representativeness heuristic and anchoring-adjustment influences experienced by investors in forecasting future earnings. This research was a laboratory experiment with a design of 2x2 full factorial between subject. The results...

Persistent link: https://www.econbiz.de/10012502444

Reforming LIBOR and other financial-market benchmarks

Duffie, Darrell; Stein, Jeremy C. - 2014

We outline key steps necessary to reform the London Interbank Offered Rate (LIBOR) so as to improve its robustness to manipulation. We first discuss the role of financial benchmarks such as LIBOR in promoting over-the-counter market efficiency by improving transparency. We then describe how to...

Persistent link: https://www.econbiz.de/10011524552

Benchmarks in search markets?

Duffie, Darrell; Dworczak, Piotr; Zhu, Haoxiang - 2015

' profit margins, dealers may nonetheless introduce a benchmark to encourage greater market participation by investors. Low …

Persistent link: https://www.econbiz.de/10011524569

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