A fundamental question about the analysis of financial information is the potential manipulations that could be introduced by insiders in the information that is revealed to investors. In this context, this article is focused on the analysis of abnormal accruals as a potential instrument to...

Prior research documents an anomalous negative price–earnings relation when a simple earnings capitalization model is estimated for loss-making firms. Collins et al. (1999) suggest that the model is misspecified due to the omission of book value of equity. However, results from previous...

This study examines the reactions of the Spanish capital market and financial analysts to CEO presentations organized by the Spanish Society of Financial Analysts. The sample contains 156 presentations that took place during the period 1994-2000. To estimate the effect of these meetings -on...

This study investigates the market valuation of income smoothing via a long-run analysis of the relationship between income smoothing and return and risk in the Spanish stock market. The results suggest that firms that smooth income appear to yield higher stock returns than firms that do not;...