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Intangibles: Management, Measurement, and Reporting
- B. Lev
- 1 June 2001
What, why, and who? -- The economics of intangibles -- The record -- Intangibles in the dark -- What then must we do? -- The road ahead.
Risk Reduction as a Managerial Motive for Conglomerate Mergers
A conglomerate merger generally leads, through the diversification effect, to reduced risk for the combined entity. As is well known, in perfect capital markets such risk reduction will not be…
Quantifying Managerial Ability: A New Measure and Validity Tests
A measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures is proposed, and it is found that the negative relation between equity financing and future abnormal returns documented in prior research is mitigated by managerial ability.
The capitalization, amortization, and value-relevance of R&D
Information Asymmetry, R&D, and Insider Gains
Although researchers have documented gains from insider trading, the sources of private information leading to information asymmetry and insider gains have not been comprehensively investigated. We…
Value-Relevance of Nonfinancial Information: The Wireless Communications Industry
The boundaries of financial reporting and how to extend them
In this study we investigate the usefulness of financial information to investors in comparison to the total information in the marketplace.1 Our evidence indicates that the usefulness of reported…
ON THE USEFULNESS OF EARNINGS AND EARNINGS RESEARCH: LESSONS AND DIRECTIONS FROM TWO DECADES OF EMPIRICAL RESEARCH
- B. Lev
Assessing the usefulness of earnings to investors was a major motivation for the most concerted research effort in accounting history-the tradition of returns/earnings studies launched by Ball and…
To warn or not to warn: Management disclosures in the face of an earnings surprise
We examined management's discretionary disclosures prior to a special, yet important, event-a large earnings urprise. In what ways do managers alert investors to the surprise, and what is investors'…
The Value-Relevance of Intangibles: The Case of Software Capitalization
We examine in this study the relevance to investors of information on the capitalization of software development costs, as promulgated in 1985 by the Financial Accounting Standards Board in its…