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This study examines how the quality of corporate disclosures impacts the precision of information that financial analysts incorporate into their forecasts of upcoming annual earnings. Our empirical measures distinguish between the precision of individual analysts' common and idiosyncratic...
Persistent link: https://www.econbiz.de/10014075595
This study examines how the quality of corporate disclosures impacts the precision of information that financial analysts incorporate into their forecasts of annual earnings. Our empirical measures distinguish between individual analysts' common and idiosyncratic (uniquely private) information...
Persistent link: https://www.econbiz.de/10014108633
Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In addition, little evidence exists on the benefits of comparability to users. This study attempts to...
Persistent link: https://www.econbiz.de/10013115096
We examine the relationship between analyst research and corporate earnings announcements to explore the relative importance of information discovery versus interpretation of previously released information. Using equity market reaction to capture information content, we find that information...
Persistent link: https://www.econbiz.de/10013070458
This paper examines the information content of the forward-looking statements in the Management Discussion and Analysis section (MD&A) of 10-K and 10-Q filings using a Naive Bayesian machine learning algorithm. I find that firms with better current performance, lower accruals, smaller size,...
Persistent link: https://www.econbiz.de/10013142303
One consequence of the shift to fair value measurement is the emergence of voluntary disclosures in audited financial statements that question the reliability of mandated fair value information. We refer to these disclosures as reliability disavowals and address three questions: Are fair value...
Persistent link: https://www.econbiz.de/10014204341
We analyze a sample of 330 firms making unaudited disclosures required by Section 302 and 383 firms making audited disclosures required by Section 404 of the Sarbanes - Oxley Act. We find that Section 302 disclosures are associated with negative announcement abnormal returns of -1.8 percent, and...
Persistent link: https://www.econbiz.de/10014222611
This article offers a survey of theoretical research on disclosure and the cost of capital. We summarize the current state of the literature and discuss the channels through which information affects the cost of capital. After giving an overview of asset pricing theory, we examine the rationale...
Persistent link: https://www.econbiz.de/10013005886
Statement of Financial Accounting Standards No. 107 (codified in ASC 825-10), Disclosures about Fair Value of Financial Instruments, mandates the disclosure of fair values for financial instruments with the objective of providing investors with more relevant information about firms' future cash...
Persistent link: https://www.econbiz.de/10013099652
Persistent link: https://www.econbiz.de/10013148881