This study investigates the role of earnings and cash flows in equity valuation under severe uncertainty about firm fundamentals. We hypothesize that the valuation weight on cash flows (earnings) increases (decreases) with the degree of fundamental uncertainty because earnings, which include...

Taking advantage of the institutional difference in capture between local and non-local media in China, we examine the association between media capture and post-earnings announcement drift (PEAD). Using both portfolio and regression analyses, we find that, for the same firms, non-local media...