This paper identifies segment characteristics that made industry segment reporting more useful in equity valuation. Those characteristics are the difference in segments' growth potential, the relative size of segments, and the magnitude of correlation in segment earnings. Usefulness is measured...

Conservatism is interpreted to mean that accountants more frequently report current quot;bad newsquot; about future cash flows in contemporaneous earnings than current quot;good news.quot; Thus, earnings reported under GAAP should be more timely in reporting quot;bad newsquot; about future cash...

We examine the long-run performance of over 17,000 debt renegotiations. We find that, compared with non-renegotiating firms matched on size, book-to-market, profitability, and investment, renegotiating firms, on average, deliver 11 (19) percent higher stock returns over the three (five) years...

In a competitive information market, a single information source can only dominate other sources individually, not collectively. We explore whether earnings announcements constitute such a dominant source using Ball and Shivakumar's (2008) [How much new information is there in earnings?, <italic>Journal...</italic>