How useful are audit qualifications to financial statement users? Prior studies provide mixed evidence on this fundamental issue. In this study we analyze a sample of 206 firms that went public at the Athens Stock Exchange over the period 1987-2002. This is a unique sample because for 150 firms...

This study investigates the credibility of earnings forecasts disclosed by companies listed on the Athens Stock Exchange. The focus of the study is on earnings forecasts disclosed in the prospectus of listed firms that are issuing equity through a rights issue. The results of the study show that...

We investigate the importance of sales forecasts, voluntarily disclosed by management, on the understanding of the accrual component of earnings. The challenging global economic environment, with unanticipated changes, emphasizes the importance of accrual- based reporting on investment...

We investigate whether and how the information content of reported profitability and macroeconomic expectations changes when the state of the economy changes from non-crisis to crisis conditions. For this, we analyze data from sixteen European countries over the period 2005-2015. We find...

We investigate the implications of voluntary forecasting activity on the persistence of actual reported figures. We further explore the impact of managements' error direction (i.e. pessimistic versus optimistic manager) on the persistence of actual reported figures. We finally explore whether...

We examine the relation between managerial ability and management forecast accuracy. We find that forecast accuracy is positively associated with managerial ability in the case of sales forecasts. Specifically, more able managers are associated with lower magnitude's forecast errors in the case...

This paper examines conference call meetings held around merger and acquisition (M&A) announcements in the UK market. Our main findings indicate that conference calls not only facilitate the smoother transmission of M&A-related information in the stock market and smooth the rate of the...

This study examines whether mergers and acquisitions create value for shareholders in the Athens Stock Exchange, during an extremely volatile period. The results indicate, on average, statistically insignificant investor reaction around merger announcements. However, further analysis suggests...