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This study investigates intraday patterns of quarterly return-earnings relations. We find that fourth quarter announcements exhibit a lower earnings response coefficient but a more rapid adjustment to new equilibrium levels of prices and a higher R2 than interim quarter announcements. While...
Persistent link: https://www.econbiz.de/10013080434
We investigate the impact of founding family ownership on accounting conservatism. Family ownership is characterised by large, under-diversified equity stake and long investment horizon. These features give family owners both the incentives and the ability to implement conservative financial...
Persistent link: https://www.econbiz.de/10010952098
We investigate firms that stop providing earnings guidance (“stoppers”) either by publicly announcing their decision (“announcers”) or doing so quietly (“quiet stoppers”). Relative to firms that continue guiding, stoppers have poorer prior performance, more uncertain operating...
Persistent link: https://www.econbiz.de/10011043077
Persistent link: https://www.econbiz.de/10005917697
We examine whether accrual earnings quality is a priced information risk factor in a dividend change setting. We define information risk as the probability that firm-specific financial statement information pertinent to investor pricing decisions is of low precision, and use the factor-mimicking...
Persistent link: https://www.econbiz.de/10005658674
<heading id="h1" level="1" implicit="yes" format="display">ABSTRACT</heading>We examine the voluntary disclosure practices of family firms. We find that, compared to nonfamily firms, family firms provide fewer earnings forecasts and conference calls, but more earnings warnings. Whereas the former is consistent with family owners having a longer investment...
Persistent link: https://www.econbiz.de/10005658730
Taxes represent a significant cost to the firm and shareholders, and it is generally expected that shareholders prefer tax aggressiveness. However, this argument ignores potential non-tax costs that can accompany tax aggressiveness, especially those arising from agency problems. Firms owned/run...
Persistent link: https://www.econbiz.de/10008521687
This study examines recent regulatory and practitioner concerns that managers provide more (less) information to analysts with more (less) favorable stock recommendations. We examine the relative forecast accuracy of analysts before and after a recommendation issuance under the assumption that...
Persistent link: https://www.econbiz.de/10005294546
We investigate firms that stop providing earnings guidance ("stoppers") either by publicly announcing their decision ("announcers") or doing so quietly ("quiet stoppers"). Relative to firms that continue guiding, stoppers have poorer prior performance, more uncertain operating environments, and...
Persistent link: https://www.econbiz.de/10008871628
Persistent link: https://www.econbiz.de/10010134353