The Efficient Market Hypothesis (EMH) assumes each security's price remains at continuous parity with its investment value. Accordingly, EMH denies that analytical trading rules using price or fundamental data result in strategies capable of outperforming market averages on a risk-adjusted basis...

Intangible assets are regarded as the future value drivers of company performance. The increased economic importance requires an intensified analyst and investor awareness of (reported) intangible assets and their financial reporting quality. However, hardly anything is known about the actual...

This article presents a theory-based approach to the identification and integration of intangible elements of customer contribution to value-oriented planning. Our analysis is premised on the Resource Based View and the concept of Value Based Management. We develop a value driver tree, which...

We examine the sophistication of analysts' cash flow forecasts to better understand what accrual adjustments, if any, analysts make when forecasting cash flows. As a preliminary step, we first demonstrate that prior empirical tests used to evaluate the sophistication of analysts' cash flow...

The study considers the dynamic aspect of the corporate value analysis and justifies the duality concept of accounting in terms of value flows and cash flows within the “risk-return” trade-off. The article attempts to build a unified analytical framework for positive accounting research of...

The purpose of this article is to examine financial forecasts within a disclosure document known as a prospectus. Statements within this document contribute to market integrity which is maintained if statements or omissions do not mislead or deceive the market or prospective investors. Forecasts...

This article explores the effects of gaps between inflation and devaluation on financial statements in economies. A model company, an assumed subsidiary of a US parent, is used for reporting to the parent based on current International Financial Reporting Standards (IFRS). The model company...

Prior research demonstrates that investors respond differently to earnings surprises that are part of a string of consecutive earnings increases or surprises than to those that are not. To shed light on who values these patterns, I compare trading responses of small and large traders to earnings...

This study examines the effects of gender on executive financial decision-making as it relates to management earnings forecast error. The primary question addressed is: do female and male executives behave differently when issuing management earnings forecasts? Additionally, the following...

We examine the relative accuracy of management and analyst forecasts of annual EPS. We predict and find that analysts' information advantage resides at the macroeconomic level. They provide more accurate earnings forecasts than management when a firm's fortunes move in concert with macroeconomic...