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Opaque financial reports, R2, and crash risk
We investigate the relation between the transparency of financial statements and the distribution of stock returns. Using earnings management as a measure of opacity, we find that opacity isExpand
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An empirical assessment of the residual income valuation model1
Abstract This paper provides an empirical assessment of the residual income valuation model proposed in Ohlson (Ohlson, J.A., 1995. Earnings, book values and dividends in security valuation.Expand
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Stock Performance and Intermediation Changes Surrounding Sustained Increases in Disclosure
This paper investigates whether firms benefit from expanded voluntary disclosure by examining changes in capital market factors associated with increases in analyst disclosure ratings for 97 firms.Expand
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Short-sellers, fundamental analysis, and stock returns
Abstract Firms with low ratios of fundamentals (such as earning and book values) to market values are known to have systematically lower future stock returns. We document that short-sellers positionExpand
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Detecting Earnings Management: A New Approach
This paper provides a new approach to testing for accrual-based earnings management. Our approach exploits the inherent property of accrual accounting that any accrual-based earnings management inExpand
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Economic consequences of accounting for stock-based compensation
The Financial Accounting Standards Board's (FASB) project on employee stock-based compensation was one of the most controversial in the Board's 20-year history. In particular, the Board's 1993Expand
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The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings
We evaluate the role of sell-side analysts' long-term earnings growth forecasts in the pricing of common equity offerings. We find that, in general, sell-side analysts' long-term growth forecasts areExpand
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Do Managers Always Know Better? The Relative Accuracy of Management and Analyst Forecasts
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 moreExpand
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