This study compares the earnings forecasts of analysts employed by independent research firms to those of analysts employed by investment banks along the dimensions of accuracy and optimism. We discuss the conflicts of interest faced by both groups and suggest that, despite incentives stemming...

Quarterly earnings allow aggregation into annual earnings in four different ways. Fiscal year reported earnings is one of these four possible measures of annual earnings, the others being earnings for years ending at the first, second and third fiscal quarters. We provide evidence on earnings...

In recent years, many corporations have replaced their traditional defined benefit (DB) pension plans with ldquo;cash balancerdquo; (CB) plans, which share many of the characteristics of defined contribution plans. This study provides empirical evidence on the characteristics of CB converters...

We analyze market reaction to targeted stock issuances and investigate possible motives for their use. We find a statistically significant abnormal return of 3.61% within a three-day window around the announcement of proposed targeted stock issuances, possibly attributable to greater information...

We investigate whether managers' discretionary choices when adopting SFAS 106 are consistent with incentives to influence future labor negotiations and improve future reported income. We hypothesize that firms are more likely to opt for the immediate recognition method if i) they have large...

This study compares the earnings forecasts of analysts employed by investment banks to those employed by firms not involved in investment banking. We discuss possible resource and informational advantages for investment bank analysts, and conflicts of interest faced by both groups, suggesting...

We compare earnings for the last twelve months ending in quarter four (i.e., fiscal year earnings), three, two and one. Prior literature offers two competing explanations for why fourth quarter earnings exhibit higher volatility than other interim quarters. Under the first explanation, GAAP...

Background: Reuters reported that 8400 HIV cases were detected in the voluntary screening of drug addicts in Harm Reduction Programmes, and screening in prison and Narcotics Rehabilitation Centers in 2011. However, dental treatment for HIV inmates is highly constrained by high uncertainty...