This study investigates the influence of analyst forecast dispersion on Ohlson's (2001) proposed linear information dynamics where consensus analyst forecasts are suggested as a proxy for other information. Our results indicate that Ohlson's proposed valuation model is most descriptive of market...

Ohlson (1995) models firm value as a function of abnormal earnings, net book value and other unspecified information. Ohlson (2001) proposes consensus analyst forecasts as a proxy for the previously unspecified other information in his model, which we test using a two stage approach. The first...

Based on Graham et al.’s (2005) survey, CFOs believe financial performance impacts the credibility of their forecasts. We examine this link by testing whether management earnings forecasts (MEFs) of firms meeting/beating analysts’ forecast benchmarks exhibit greater credibility than MEFs of...

Prior research has shown that the accounting information available in the year just prior to filing bankruptcy is associated with the likelihood of filing for Chapter 11 protection. This information, however, is more predictive of bankruptcy for stressed firms than for non-stressed firms. We...

Prior research has shown that accounting information available prior to a bankruptcy is associated with the likelihood of bankruptcy. We show that additionally, the accounting information available prior to bankruptcy is associated with whether or not a firm will "emerge" from bankruptcy. We...

We explore the strategic adaptation by domestic firms subsequent to economic liberalization and industry deregulation in an emerging economy. We study the Indian auto components industry during a ten-year period (1992-2002), using the Prowess database complemented by in-depth interviews with...