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The Information Role of the Media in Earnings News
Guest, Nicholas M. - 2021
I reexamine whether media articles with substantive editorial content inform the market's reaction to firms' earnings news. Using variation in earnings announcement coverage because of restructuring at The Wall Street Journal (WSJ), my analyses suggest that WSJ earnings articles improve price...
Persistent link: https://www.econbiz.de/10013222108
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Why Is Asymmetric Timeliness of Earnings Priced?
Barinov, Alexander - 2022
Asymmetric timeliness (AT) measure from Basu (1997) regression is priced. Sorting firms on AT produces a 40 bp per month spread in six-factor alphas. The AT effect is driven almost exclusively by the bottom AT quintile, populated by aggressive firms that recognize gains more timely than losses....
Persistent link: https://www.econbiz.de/10013491826
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Depreciation Classes, Return on Investment and Economic Profitability
Magni, Carlo Alberto - 2010
This paper aims to provide a foundation for the notion of economic rate of return and investigate its relations with accounting rates of return. Introducing the notion of depreciation class (the set of depreciation schedules with the same aggregate book value) it is shown that the mean of the...
Persistent link: https://www.econbiz.de/10013135472
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A New Measure of Earnings Forecast Uncertainty : Theory and Evidence
Sheng, Xuguang Simon - 2010
By decomposing analysts' forecast errors into common and idiosyncratic components, we develop a simple model aimed at explaining the relationship between forecast uncertainty and analyst dispersion. Under this framework, we propose a new measure of earnings forecast uncertainty as the sum of...
Persistent link: https://www.econbiz.de/10013138826
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Opportunity Cost, Excess Profit, and Counterfactual Conditionals
Magni, Carlo Alberto - 2010
cost and excess profit (residual income), two all-pervasive notions of economics: They are defined by undoing a given …
Persistent link: https://www.econbiz.de/10013142309
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Earnings Quality, Profit at Risk, Conservatism, Earnings Management, Objectivity and Why Accounting Allocations Matter : A Statistical Perspective
Willett, Roger J. - 2013
Earnings quality, conservative accounting and earnings management, are interpreted in a variety of ways in theory and … the risk in profit, rather than to its return element. Statistically, greater precision in accounting allocations leads to … greater quality of earnings as a naturally conservative estimate of profit. Inaccurate, subjective or dishonest capitalization …
Persistent link: https://www.econbiz.de/10013080889
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Voluntary Disclosure of Profit Forecasts by Target Companies in Takeover Bids
Brennan, Niamh M. - 2013
This paper examines factors influencing voluntary forecast disclosure by target companies, whether good/bad news forecasts are disclosed and the influence of forecasts on the outcome of hostile bids. Disclosure was significantly more likely during contested bids. In agreed bids, probability of...
Persistent link: https://www.econbiz.de/10013082705
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Litigation Cost, Market-to-Book, and Asymmetric Timeliness of Earnings
Liu, Zhefeng Frank - 2013
Recent studies have questioned the validity of the Basu asymmetric timeliness of earnings (AT) as the proxy for accounting conservatism. An important basis for the criticism is the negative association observed between AT and market-to-book ratio (MB), another proxy for conservatism. Drawing...
Persistent link: https://www.econbiz.de/10013083356
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The Post Earnings Announcement Drift and Option Traders
Govindaraj, Suresh - 2013
The Post-Earnings Announcement Drift (PEAD) anomaly refers to the tendency of stock prices to continue drifting in the same direction as earnings surprises well through the subsequent earnings announcements; ignoring the autocorrelations in extreme earnings surprises across adjacent quarters....
Persistent link: https://www.econbiz.de/10013090197
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Why Are Earnings Distributions Kinky : Upwards Earnings Management by Small-Profit Firms or Income Smoothing by Many Firms?
Harris, David G. - 2014
Previous literature on earnings management has examined the maintained hypothesis that firms barely beating earnings benchmarks are earnings manipulators with earnings before accounting manipulation otherwise slightly below their benchmarks and has implemented research designs that treat all...
Persistent link: https://www.econbiz.de/10013067206