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Implied Cost of Capital and Accounting Conservatism
Karampinis, Nikolaos I.; Lessis, Giannis D. - 2021
In this paper, we illuminate the importance of accounting conservatism adjustments when estimating the implied cost of … for three main limitations in the research of ICC, that is, accounting conservatism, analyst over-optimism, and the … degrees of freedom problem (i.e. different forecasting horizons), and compare their effects. We show that, after conservatism …
Persistent link: https://www.econbiz.de/10013245361
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Open market share repurchases in Germany : a conditional event study approach
Andres, Christian; Betzer, André; Doumet, Markus; … - 2013
We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....
Persistent link: https://www.econbiz.de/10009750071
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Open market share repurchases in Germany : a conditional event study approach
Andres, Christian; Betzer, André; Doumet, Markus; … - 2014
We analyze the decision to announce an open market share repurchase and the share price reaction to the announcement. We use a conditional estimation approach which takes into account that the repurchase decision is made rationally and that, consequently, there is a potential selection bias....
Persistent link: https://www.econbiz.de/10010428106
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The Effects of Ownership and Stock Liquidity on the Timing of Repurchase Transactions
De Cesari, Amedeo - 2012
We construct a novel dataset of detailed monthly data on U.S. open market stock repurchases (OMRs) that became available following stricter SEC disclosure requirements in 2004. The data allow us to investigate the timing of OMRs. We find evidence that OMRs are timed to benefit non-selling...
Persistent link: https://www.econbiz.de/10013117029
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Aggregation bias in estimates of conditional conservatism : theory and evidence
Cano-Rodríguez, Manuel; Núñez-Nickel, Manuel - In: Journal of business finance & accounting : JBFA 42 (2015) 1/2, pp. 51-78
Persistent link: https://www.econbiz.de/10011525581
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Evidence for the Existence of Downward Real Earnings Management
Francis, Bill - 2015
​Prior studies of real-activity earnings management (REM) focus on earnings-inflating abnormal activities. We seek to establish the existence of downward REM by investigating several corporate events in which managers have incentives to temporarily deflate market valuations. Specifically, we...
Persistent link: https://www.econbiz.de/10013017293
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Financial Statement Quality : First Evidence from the Georgian Stock Exchange
Pirveli, Erekle - 2018
-series properties of earnings, earnings management, and accounting conservatism. Statistical tests predicate on the primarily collected …
Persistent link: https://www.econbiz.de/10012933780
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When Does Pre-IPO Financial Reporting Trigger Post-IPO Legal Consequences?
Billings, Mary Brooke - 2015
Prior research suggests that the fear of litigation precludes most managers from manipulating earnings in the initial public offering (“IPO”) setting. Yet, managers' restraint is perhaps unwarranted: research has not yet linked instances of aggressive pre-IPO reporting to increased...
Persistent link: https://www.econbiz.de/10013034423
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The Effects of Ownership and Stock Liquidity on the Timing of Repurchase Transactions
De Cesari, Amedeo - 2012
We analyze detailed monthly data on U.S. open market stock repurchases (OMRs) that recently became available following stricter disclosure requirements. We find evidence that OMRs are timed to benefit non-selling shareholders. We present evidence that the profits to companies from timing...
Persistent link: https://www.econbiz.de/10013114441
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The Effects of Ownership and Stock Liquidity on the Timing of Repurchase Transactions
De Cesari, Amedeo - 2012
We construct a novel dataset of detailed monthly data on U.S. open market stock repurchases (OMRs) that became available following stricter SEC disclosure requirements in 2004. The data allow us to investigate the timing of OMRs. We find evidence that OMRs are timed to benefit non-selling...
Persistent link: https://www.econbiz.de/10013114516