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The Changing Time-Series Properties of Earnings, Cash Flows and Accruals: Has Financial Reporting Become More Conservative?
This paper documents changes in the patterns of earnings, cash flows and accruals over the last four decades that provide an indication of a trend in reporting conservatism. In the absence of a… Expand
The Rewards to Meeting or Beating Earnings Expectations
The paper studies the manner by which earnings expectations are met, measures the rewards to meeting or beating earnings expectations (MBE) formed just prior to the release of quarterly earnings, and… Expand
Measuring Reporting Conservatism
The paper examines the power and reliability of the differential timeliness (DT) measure developed by Basu (1997) to gauge reporting conservatism. We identify certain characteristics of the… Expand
Does Public Ownership of Equity Improve Earnings Quality?
ABSTRACT: We compare the quality of accounting numbers produced by two types of public firms—those with publicly traded equity and those with privately held equity that are nonetheless considered p...
The Quality of Analysts' Cash Flow Forecasts
ABSTRACT: This study examines properties of analysts' cash flow forecasts and compares them to those exhibited by analysts' earnings forecasts. Our results indicate that analysts' cash flow forecasts… Expand
Insider Trading and the Exploitation of Inside Information: Some Empirical Evidence
Rule lOb-5 of the Securities Exchange Act of 1934 prohibits the exploitation of inside information by corporate officers, directors, and large stockholders, usually referred to as insiders. The… Expand
Financial analysts' forecasts of earnings: A better surrogate for market expectations
Abstract The specification of the market expectation of accounting numbers is a common feature of many empirical studies in accounting and finance. Givoly and Lakonishok (1979) found that financial… Expand
Taxes and Capital Structure: Evidence from Firms’ Response to the Tax Reform Act of 1986
While the theoretical relation between taxes and capital structure has been extensively analyzed, the empirical evidence on this issue has thus far been inconclusive. One of the main difficulties… Expand
The information content of financial analysts' forecasts of earnings: Some evidence on semi-strong inefficiency
Abstract The paper assesses the information content of revisions in financial analysts' forecasts of earnings by analyzing the relation between the direction of these revisions and stock price… Expand
Importing Accounting Quality? The Case of Foreign Reverse Mergers
The recent influx of foreign companies to the U.S. capital markets via reverse mergers, transactions that bypass the scrutiny given to IPOs, has raised concerns about the quality of financial… Expand