Shareholders' wealth has become an important concept among investors in the globalized economy. Investors who have a variety of options will be interested in evaluating the performance of corporate sector in terms of shareholders' wealth before making any investments. Shareholders' wealth is...

This study examines how key market participants — managers and analysts — responded to SFAS 123R's controversial requirement that firms recognize stock-based compensation expense. Despite mandated recognition of the expense, some firms' managers exclude it from pro forma earnings and some...

Beginning in fiscal 2007, the U.S. Securities and Exchange Commission (SEC) allowed foreign companies traded on U.S. stock exchanges to report under International Financial Reporting Standards (IFRS) or U.S. Generally Accepted Accounting Principles (U.S. GAAP). This study investigates if analyst...

SEC rules require managers to reconcile their non-GAAP forecasts with the most directly comparable GAAP measure unless doing so would entail ‘unreasonable effort'. A significant and growing number of managers invoke the unreasonable efforts exception to justify the omission of comparable GAAP...

Roberto Becker widmet sich den bislang vernachlässigten Grundsätzen, die sich mit der ordnungsmäßigen Prognosebildung befassen. Ausgehend von der empirischen Erkenntnis, dass Prognoseaussagen und -ankündigungen signifikante Kapitalmarktreaktionen entfalten, und angesichts im Rahmen der...