A Theoretical And Empirical Investigation Of The Information Content Of Annual Earnings Announcements PDF Download
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Author | : Gordon Douglas Richardson |
Publisher | : |
Total Pages | : 149 |
Release | : 1983 |
Genre | : Corporations |
ISBN | : |
Download A Theoretical and Empirical Investigation of the Information Content of Annual Earnings Announcements Book in PDF, ePub and Kindle
Author | : Charles Edward Wasley |
Publisher | : |
Total Pages | : 108 |
Release | : 1987 |
Genre | : Accounting and price fluctuations |
ISBN | : |
Download Differential Information Content of Earnings Announcements Book in PDF, ePub and Kindle
Author | : Gordon Douglas Richardson |
Publisher | : Ann Arbor, Mich. : University Microfilms International |
Total Pages | : 350 |
Release | : 1983 |
Genre | : Accounting |
ISBN | : |
Download A Theoretical and Empirical Investigation of the Information Content of Annual Earnings Announcements Book in PDF, ePub and Kindle
Author | : Jae-Oh Kim |
Publisher | : |
Total Pages | : 210 |
Release | : 1987 |
Genre | : Disclosure in accounting |
ISBN | : |
Download Segmental Disclosures and Information Content of Earnings Announcements Book in PDF, ePub and Kindle
Author | : Charles Robert Ransom |
Publisher | : |
Total Pages | : 272 |
Release | : 1983 |
Genre | : Accounting |
ISBN | : |
Download The Expected Information Content of Alternative Accounting Information Systems Book in PDF, ePub and Kindle
Author | : Wayne R. Landsman |
Publisher | : |
Total Pages | : 38 |
Release | : 2012 |
Genre | : |
ISBN | : |
Download Beaver (1968) Revisited Book in PDF, ePub and Kindle
In 1968, Beaver published his seminal paper on the information content of earnings announcements, establishing that both trading volume and return volatility increase at the time of earnings announcements. Thirty-some years after Beaver's study, concerns have been raised about a perceived degradation in the informativeness of earnings because of the increasing availability of timely non-accounting information and the increasing rate of technological innovation and change not reflected in the accounting system in a timely manner.In this paper we examine changes over the past thirty years in the information content of earnings using the two metrics from Beaver (1968): abnormal trading volume and volatility. In contrast to the conventional wisdom, we find no evidence of a decline in the informativeness of accounting information over the past thirty years, as measured by both abnormal trading volume and return volatility around quarterly earnings announcements. If anything, our results suggest an increase over time in the informativeness of quarterly earnings announcements. Variables reflecting changes in firm-specific factors account for a portion of the observed increase.
Author | : |
Publisher | : |
Total Pages | : 105 |
Release | : 1987 |
Genre | : |
ISBN | : |
Download Segmental Disclosures and Information Content of Earning Announcements Book in PDF, ePub and Kindle
Author | : Thomas R. Kubick |
Publisher | : |
Total Pages | : |
Release | : 2011 |
Genre | : Corporations |
ISBN | : 9781267020598 |
Download An Empirical Investigation of Corporate Tax Avoidance Book in PDF, ePub and Kindle
Abstract: This dissertation is comprised of three empirical investigations of corporate tax avoidance. In the first study, a life-cycle theory of corporate tax avoidance that has not been explored in extant literature and may be helpful in addressing future research questions is presented. Evidence suggests the firm life-cycle is a consistent determinant of corporate tax avoidance. The second study evaluates investor perception of tax avoidance activity. Specifically, direct evidence is presented suggesting that tax avoidance is not a priced risk factor in the post SFAS No. 109 period. Cash flow and discount rate news properties are investigated suggesting tax avoidance is associated with both cash flow and discount rate news, stock returns are driven primarily by cash flow news (consistent with Vuolteenaho [2002]) and investors on average do not appear to react differently to cash flow shocks in the presence of greater tax avoidance. In the third study, consistent with an agency theory of tax avoidance, evidence is presented suggesting tax avoidance results in a less timely annual earnings announcement. Evidence is also presented suggesting that tax avoidance impacts the value-relevance of earnings to investors at the announcement date, evaluated by the earnings response coefficient ("ERC").
Author | : Dengshi Huang |
Publisher | : |
Total Pages | : 30 |
Release | : 2006 |
Genre | : |
ISBN | : |
Download Prospect Theory and the Timeliness of the Earnings Announcements Book in PDF, ePub and Kindle
Much empirical research on the timeliness of earnings announcements presents evidence for the good news early, bad news late rule. This paper goes further by dividing an individual firm's news content into two parts - unexpected earnings in relation to the previous year (news A) and unexpected earnings in relation to industry-wide medium earnings (news B) - and proves in theory that they play different roles in determining announcement dates given the assumptions that shareholders are reference dependent, loss averse, and have diminishing sensitivity, as the prospect theory describes, and that managers attempt to maximize the shareholders' valuation of the firm. Similar to previous studies, we find that news A is negatively correlated with reporting lag, but what distinguishes this research from previous work is that we find that it is news B that provides the underlying motivation for managers to move forward or delay the earnings announcement date, and that the probability of delaying an announcement increases as the difference between news B and news A increases. Finally, we find empirical evidence from listed Chinese firms to support our theoretical arguments.
Author | : Maywa Yei |
Publisher | : |
Total Pages | : 270 |
Release | : 1999 |
Genre | : Financial statements |
ISBN | : |
Download The Timeliness of Annual Earnings Announcements and the Value of Audit Opinions Book in PDF, ePub and Kindle