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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'...
Persistent link: https://www.econbiz.de/10013157415
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
I examine whether tax return information is incrementally useful to equity investors relative to publicly-available information, such as financial statements. To test this relation, I exploit unique features of the syndicated loan market, as prior literature shows that lenders obtain tax returns...
Persistent link: https://www.econbiz.de/10012929190
Using a comprehensive data set of earthquakes in China, we show that investors perceive increased credit risk in quasi-municipal bonds exposed to devastating earthquakes, leading to a significant positive risk premium. Our study identifies that this bias is temporary and decreases as investors...
Persistent link: https://www.econbiz.de/10014354877
Persistent link: https://www.econbiz.de/10012423213
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 rollout of auditor...
Persistent link: https://www.econbiz.de/10012856104
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
We investigate whether the adoption of IFRS increases the value relevance of accounting information for firms listed on … the Australian Securities Exchange. Using a longitudinal study that covers pre-IFRS and post-IFRS periods during 1990 … in the subsamples of industrial firms, both large and small, and firms reporting an AGAAP-IFRS accounting reconciliation …
Persistent link: https://www.econbiz.de/10013111347
We investigate whether the adoption of IFRS increases the value relevance of accounting information for firms listed on … the Australian Securities Exchange. Using a longitudinal study that covers pre-IFRS and post-IFRS periods during 1990 …-2008, we find that the combined relevance of book value of equity and earnings alters little with IFRS adoption. However …
Persistent link: https://www.econbiz.de/10014211461
Persistent link: https://www.econbiz.de/10011623042