We investigate whether large stock price changes are associated with short-term reversals or momentum, conditional on the issuance of analyst price target or earnings forecast revisions immediately following these price changes. Our study provides evidence that prices of stocks exhibit momentum...

The issue of valuing tax loss-carryforwards (TCLFs) and carrybacks (TLCBs) arises frequently in theory and practice. While there have been a number of empirical papers that have shown TLCFs (TLCBs) are value relevant, there is little guidance on how to actually value these. The few analytical...

We provide evidence that an option implied volatility-based measure predicts future absolute excess returns of the underlying stock around earnings announcements and annual meetings of shareholders, even after controlling for the realized stock return volatility shortly before these information...

We investigate whether large stock price changes are associated with short-term reversals or momentum, conditional on the issuance of analyst price target or earnings forecast revisions immediately following these price changes. Our study provides evidence that prices of stocks exhibit momentum...

This paper investigates stock and option market reactions to judicial events in the United States Supreme Court (SC) relating to cases where at least one party involved is a public firm. Using a comprehensive dataset of more than 500 SC cases from 1948 to 2018, we find that the stock market...

Firm disclosure of order backlog (OB) is considered important to assess future sales and profits. The extant literature on OB has generally documented positive associations between increases in OB and market returns. These associations were based on annual disclosures of backlog in 10-K filings,...

This study explores whether the management discussion and analysis (MDamp;A) section of Forms 10-Q and 10-K has incremental information content beyond financial measures such as earnings surprises and accruals. It uses a classification scheme of words into positive and negative categories to...