Showing 1 - 10 of 756,343
We examine analysts' GAAP earnings forecasts and illustrate their usefulness in two prominent research settings. First, we find that the availability of GAAP forecasts has increased dramatically since 2003, and they are now available for most I/B/E/S-covered firms. Next, we utilize GAAP...
Persistent link: https://www.econbiz.de/10012937955
Using novel earnings calendar data, we show that firms' advanced scheduling of earnings announcement dates foreshadows their earnings news. Firms that schedule later-than-expected announcement dates subsequently announce worse news than those scheduling earlier-than-expected announcement dates....
Persistent link: https://www.econbiz.de/10012972886
I examine whether the market's reaction to firms' earnings news varies with analysis (i.e., editorial content) produced by financial journalists. A series of restructuring events at The Wall Street Journal (WSJ) suggests that WSJ articles improve price discovery and increase trading volume at...
Persistent link: https://www.econbiz.de/10012932181
We examine the role of concurrent information in the striking increase in investor response to earnings announcements from 2001 to 2016, as measured by return variability and volume following Beaver (1968). We find management guidance, analyst forecasts, and disaggregated financial statement...
Persistent link: https://www.econbiz.de/10011873121
Previous research finds that historical seasonal earnings rank negatively predicts stock returns surrounding earnings announcements (EAs) in China’s A-share markets. We examine whether management earnings forecasts (MEFs) help reduce the stock return seasonality associated with earnings...
Persistent link: https://www.econbiz.de/10014255146
current accounting scandals. This paper aims at empirically showing which factors affect earnings management. Design …. These factors are the applied accounting standard, the industry sector and the country of official quotation. Although … intervals differ from the total population. Most noteworthy is that by adoption of principle-based accounting standards (IFRS …
Persistent link: https://www.econbiz.de/10011433999
This paper exploits information contained in cross-sectional PEG ratios to extract estimates of the market's expectations for aggregate returns and economic fundamentals. By combining the loglinear present-valuation model and the Capital Asset Pricing Model (CAPM) logic, we establish a theoretic...
Persistent link: https://www.econbiz.de/10013101421
It is well established that value stocks outperform glamour stocks, yet considerable debate exists about whether the return differential reflects compensation for risk or mispricing. Under mispricing explanations, prices of glamour (value) firms reflect systematically optimistic (pessimistic)...
Persistent link: https://www.econbiz.de/10013093880
Employing a broad sample of US firms over the period 1962 to 2009, we provide evidence of a liquidity risk impact on the fundamental earnings-returns relation. Specifically, we document that current liquidity risk has a positive moderating effect on the relation between current returns and next...
Persistent link: https://www.econbiz.de/10013101925
We investigate the change in the aggregate earnings-returns relation from negative to positive. We first identify a gradual structural break around the second quarter of 1991. We then find evidence of three contributing factors to the change in the relation. They are: i) an increase in the...
Persistent link: https://www.econbiz.de/10012844326