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Clear and liquid : The interaction of firm disclosure and trader competition

Avdis, Efstathios - 2019

-shaped relationship with clarity if competition among traders is intense. Volume and liquidity both decrease in accuracy due to adverse … increasing in accuracy. Trading profits mimic the patterns of attention, but only under intense competition. Overall, our results …

Persistent link: https://www.econbiz.de/10012894763

Clear and Liquid : The Interaction of Firm Disclosure and Trader Competition

Avdis, Efstathios - 2018

measures how well traders understand the disclosure. Increasing clarity promotes competition among informed traders more so … competition among traders is intense. Volume and liquidity both decrease in accuracy due to adverse selection among different …. Trading profits mimic the patterns of attention, but only under intense competition. Overall, our results suggest that the …

Persistent link: https://www.econbiz.de/10012911122

Private Communication among Competitors and Public Disclosure

Kepler, John D. - 2020

This study examines how private communication among competitors shapes their public disclosures. Theories at the intersection of accounting and industrial organization suggest that competing firms can use public disclosure to coordinate, and predict a substitutive relation between private...

Persistent link: https://www.econbiz.de/10012851095

Insider Trading and Response to Earnings Announcements : The Impact of Accelerated Disclosure Requirements

Tartaroglu, Semih - 2017

This paper contributes to the debate on the consequences of increased disclosure regulation by investigating the effects of expedited reporting requirements of Form 4 filings, mandated by the Sarbanes-Oxley Act (SOX), on the market response to earnings announcements. We first confirm that SOX...

Persistent link: https://www.econbiz.de/10012972742

When Does Forecasting GAAP Earnings Entail Unreasonable Effort?

Laurion, Henry - 2020

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...

Persistent link: https://www.econbiz.de/10012832687

Predicting Bankruptcy via Cross-Sectional Earnings Forecasts

Hess, Dieter - 2019

We develop a model to predict bankruptcies, exploiting that negative book equity is a strong indicator of financial distress. Accordingly, our key predictor of bankruptcy is the probability that future losses will deplete a firm's book equity. To calculate this probability, we use earnings...

Persistent link: https://www.econbiz.de/10012899828

Does the Midpoint of Range Earnings Forecasts Represent Managers’ Expectations?

Ciconte, Will - 2015

The accounting literature has used the midpoint of range forecasts in various research settings, assuming that the midpoint is the best proxy for managers' earnings expectations revealed in range forecasts. We argue that given managers' asymmetric loss functions regarding earnings surprises,...

Persistent link: https://www.econbiz.de/10013036896

Financial Signaling and Earnings Forecasts

Brushko, Iuliia - 2013

This paper examines the extent to which financial signaling affects the analysts' and managers' forecast releases. The … findings give evidence of heterogeneity of analysts' forecast errors between firms with strong financial indicators (high … group). The paper further indicates that managers' forecast releases also depend on the type of the firm and that managers …

Persistent link: https://www.econbiz.de/10013071999

The Effects of Investors' Information Acquisition On Sell-Side Analysts Forecast Bias

Astaiza-Gómez, José - 2021

' forecast bias. Based on the theoretical literature on sell-side analysts, I argue that forecast bias is correlated to investors …

Persistent link: https://www.econbiz.de/10013220851

The dynamics of information production and diffusion : evidence from buy-side participation in earnings conference calls

Cen, Ling; Ragunathan, Vanitha; Xiong, Yan; Yang, Liyan - 2018

We study information production and diffusion resulting from dynamic interactions between different types of informed investors in financial markets. Using a theoretical framework that exploits the setting of the Q&A section of earnings conference calls, we predict that information production...

Persistent link: https://www.econbiz.de/10011897963

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