What Do The Sp 500 Disclose In Their Earnings Announcements Evidence On Financial Statements And Non Gaap Financial Measures PDF Download
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| Author | : Ana Cristina Marques |
| Publisher | : |
| Total Pages | : 31 |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
Download What do the S&P 500 Disclose in Their Earnings Announcements? Evidence on Financial Statements and Non-GAAP Financial Measures Book in PDF, ePub and Kindle
The recent increase in the usefulness of earnings announcements is associated with the disclosure of income statements (Francis et al., 2002) and non-GAAP financial measures (Collins et al., 2005). This paper extends these results by investigating the disclosure and informativeness of non-GAAP financial statements and certain aspects of the disclosure of non-GAAP financial measures, analyzing quarterly earnings announcements' press releases of a sample of Samp;P500 firms during the 2001-2003 period. There are three main results. First, both the reconciliation and the non-GAAP consolidated statement of income have information content. Second, the study of the patterns of firms' disclosure of non-GAP financial measures indicates that out of 358 firms, 68% disclosed some non-GAAP financial measure in all the three years - thus, contrary to what was suggested by previous research (e.g.: Allee et al, 2007), this disclosure is not sporadic. Finally, an analysis of the emphasis given to non-GAAP financial measures indicates that, in 2003, the relative emphasis is significantly higher in the cases where the GAAP earnings number does not reach a certain threshold but the non-GAAP earnings number does. This suggests that managers respond to economic motivations when deciding how much emphasis should de given to non-GAAP earnings.
| Author | : Linda Campbell |
| Publisher | : |
| Total Pages | : |
| Release | : 2017 |
| Genre | : |
| ISBN | : |
Download Small Cap Financial Reporting Book in PDF, ePub and Kindle
This study examines the determinants of emphasis on non-GAAP disclosures in the earnings announcements of small cap companies. Two proxies of non-GAAP information emphasis are investigated -- placement of the first non-GAAP disclosure and placement of the non-GAAP to GAAP reconciliation required by Regulation G. Using hand-collected data from fourth quarter press releases, we find evidence indicating that small cap firms place a higher level of emphasis on non-GAAP financial measures when GAAP earnings suggest lower value-relevance and when their shares are owned by a higher proportion of institutional investors. We also find that small cap companies decrease the level of emphasis placed on non-GAAP information as their listing tenure increases.
| Author | : Nicola Moscariello |
| Publisher | : |
| Total Pages | : |
| Release | : 2021-08 |
| Genre | : |
| ISBN | : 9781527570160 |
Download Reporting Non-GAAP Financial Measures Book in PDF, ePub and Kindle
The use of alternative performance indicators (APMs) (also known as 'Non-GAAP' earnings) is a widespread phenomenon, and the increased reliance on APMs has recently triggered a strong debate among regulators, managers and investors on the nature of these 'tailored' earnings and on the economic reasons behind them. On one hand, APMs might reflect managers' attempt to offer useful information to predict companies' future sustainable cash-flows and earnings (information hypothesis), while, on the other, the non-standardized nature of these metrics impacts on the comparability of the financial results, and reduces the reliability and the faithful representation of financial information (opportunistic hypothesis). By collecting several theoretical and empirical contributions on APMs, this book provides a number of interesting and useful insights on the economics of APMs and their impact on financial markets.
| Author | : Jeff Coulton |
| Publisher | : |
| Total Pages | : |
| Release | : 2016-11-24 |
| Genre | : |
| ISBN | : 9780994369734 |
Download The RISE and RISE of NON-GAAP DISCLOSURE Book in PDF, ePub and Kindle
| Author | : Vincent Papa |
| Publisher | : |
| Total Pages | : |
| Release | : 2016-10 |
| Genre | : |
| ISBN | : 9781942713302 |
Download Investor Uses, Expectations and Concerns on Non-GAAP Financial Measures Book in PDF, ePub and Kindle
| Author | : Joshua Ronen |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 587 |
| Release | : 2008-08-06 |
| Genre | : Business & Economics |
| ISBN | : 0387257713 |
Download Earnings Management Book in PDF, ePub and Kindle
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
| Author | : Sue Joy Wright |
| Publisher | : |
| Total Pages | : 720 |
| Release | : 2014 |
| Genre | : Business enterprises |
| ISBN | : 9780170261951 |
Download Business Analysis and Valuation Book in PDF, ePub and Kindle
Business Analysis and Valuation has been developed specifically for students undertaking accounting Valuation subjects. With a significant number of case studies exploring various issues in this field, including a running chapter example, it offers a practical and in-depth approach. This second edition of the Palepu text has been revitalised with all new Australian content in parts 1-3, making this edition predominantly local, while still retaining a selection of the much admired and rigorous Harvard case studies in part 4. Retaining the same author team, this new edition presents the field of valuation accounting in the Australian context in a clear, logical and thorough manner.
| Author | : Myron S. Scholes |
| Publisher | : |
| Total Pages | : 528 |
| Release | : 2015-01-03 |
| Genre | : |
| ISBN | : 9781292065571 |
Download Taxes and Business Strategy Book in PDF, ePub and Kindle
For MBA students and graduates embarking on careers in investment banking, corporate finance, strategy consulting, money management, or venture capital Through integration with traditional MBA topics, Taxes and Business Strategy, Fifth Edition provides a framework for understanding how taxes affect decision-making, asset prices, equilibrium returns, and the financial and operational structure of firms. Teaching and Learning Experience This program presents a better teaching and learning experience-for you and your students: *Use a text from an active author team: All 5 authors actively teach the tax and business strategy course and provide students with relevant examples from both classroom and real-world consulting experience. *Teach students the practical uses for business strategy: Students learn important concepts that can be applied to their own lives. *Reinforce learning by using in-depth analysis: Analysis and explanatory material help students understand, think about, and retain information.
| Author | : Joel Demski |
| Publisher | : Springer Science & Business Media |
| Total Pages | : 504 |
| Release | : 2008-05-29 |
| Genre | : Business & Economics |
| ISBN | : 0387774513 |
Download Managerial Uses of Accounting Information Book in PDF, ePub and Kindle
The second edition of Dr. Demski’s book reflects his experiences teaching undergraduates, masters and doctoral students. He emphasizes economic fundamentals as the guiding foundation coupled with an artful application of those fundamentals. This applies to product costing, decision making and evaluation art. Dr. Demski has also removed a great deal of traditional minutiae, in order to keep this theme in constant focus. This thematic approach, in his experience, works in dramatic fashion, and stands in sharp contrast to more traditional presentations of this material. The book is not only for use as a textbook but also as a reference book.
| Author | : Martin S. Fridson |
| Publisher | : John Wiley & Sons |
| Total Pages | : 414 |
| Release | : 2002-10-01 |
| Genre | : Business & Economics |
| ISBN | : 0471264601 |
Download Financial Statement Analysis Book in PDF, ePub and Kindle
Praise for Financial Statement Analysis A Practitioner's Guide Third Edition "This is an illuminating and insightful tour of financial statements, how they can be used to inform, how they can be used to mislead, and how they can be used to analyze the financial health of a company." -Professor Jay O. Light Harvard Business School "Financial Statement Analysis should be required reading for anyone who puts a dime to work in the securities markets or recommends that others do the same." -Jack L. Rivkin Executive Vice President (retired) Citigroup Investments "Fridson and Alvarez provide a valuable practical guide for understanding, interpreting, and critically assessing financial reports put out by firms. Their discussion of profits-'quality of earnings'-is particularly insightful given the recent spate of reporting problems encountered by firms. I highly recommend their book to anyone interested in getting behind the numbers as a means of predicting future profits and stock prices." -Paul Brown Chair-Department of Accounting Leonard N. Stern School of Business, NYU "Let this book assist in financial awareness and transparency and higher standards of reporting, and accountability to all stakeholders." -Patricia A. Small Treasurer Emeritus, University of California Partner, KCM Investment Advisors "This book is a polished gem covering the analysis of financial statements. It is thorough, skeptical and extremely practical in its review." -Daniel J. Fuss Vice Chairman Loomis, Sayles & Company, LP
