The accruals anomaly - the negative relationship between accounting accruals and subsequent stock returns - has been well documented in the academic and practitioner literatures for almost a decade. To the extent that this anomaly represents market inefficiency, one would expect sophisticated...

We investigate the ability of a tax-based fundamental - the ratio of tax-to-book income - to predict earnings growth and stock returns and to explain the earnings-price ratio. This tax fundamental reflects both temporary and permanent book-tax differences as well as tax accruals, such as changes...

Survey evidence suggests that managers choosing to provide earnings guidance do so in order to, among other things, dampen share price volatility. Yet, consultants and influential institutions strongly urge managers to cease guidance — citing a lack of evidence that guidance curbs volatility....

The absence of organized markets in intangibles has been a major hindrance to their recognition as assets in financial reports. Economic conditions, however, change fast and markets in intangibles, particularly in patents and know-how, are operating both off and on-line (Internet). We examine...

We examined whether traffic data on sites owned by publicly listed Internet companies provide information about the future of those companies that is useful in portfolio management. The study shows that when Internet companies are classified into portfolios according to above-median and...

The valuation of initial public offerings (IPOs) is of considerable interest, given the important role these enterprises play in economic growth and investors' decisions. IPO valuation is particularly challenging due to the meager information available about new enterprises at offering dates. We...

The valuation of initial public offerings (IPOs) is of considerable interest, given the important role these enterprises play in economic growth and investors' decisions. IPO valuation is particularly challenging due to the meager information available about new enterprises at offering dates. We...

The accruals anomaly - the negative relationship between accounting accruals and subsequent stock returns - has been well documented in the academic and practitioner literatures for almost a decade. To the extent that this anomaly represents market inefficiency, one would expect sophisticated...