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EARNINGS QUALITY IN UK PRIVATE FIRMS: COMPARATIVE LOSS RECOGNITION TIMELINESS
Abstract UK private and public companies face substantially equivalent regulation on auditing, accounting standards and taxes. We hypothesize that private company financial reporting nevertheless isExpand
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The Role of Accruals in Asymmetrically Timely Gain and Loss Recognition
We investigate the role of accrual accounting in the asymmetrically timely recognition (incorporation in reported earnings) of gains and losses. Timely recognition requires accruals when it precedesExpand
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Momentum, Business Cycle and Time Varying Expected Returns
A growing number of researchers argue that time-series patterns in returns are due to investor irrationality and thus can be translated into abnormal profits. Continuation of short-term returns orExpand
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Earnings Quality at Initial Public Offerings
We show that, contrary to popular belief, initial public offering (IPO) firms report more conservatively. We attribute this to the higher quality reporting demanded of public firms by financialExpand
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Self-Selection of Auditors and Audit Pricing in Private Firms
Prior research has examined audit pricing for publicly held firms and provided some evidence of a Big 8 premium in pricing. We investigate audit pricing among private firms, and provide evidence thatExpand
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Earnings Quality in U.K. Private Firms
UK private and public companies face substantially equivalent regulation on auditing, accounting standards and taxes. We hypothesize that private-company financial reporting nevertheless is lowerExpand
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Earnings and Price Momentum
This paper examines whether earnings momentum and price momentum are related. Both in time-series as well as in cross-sectional asset pricing tests, we find that price momentum is captured by theExpand
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Do Firms Mislead Investors by Overstating Earnings Before Seasoned Equity Offerings
I examine earnings management around seasoned equity offerings and, consistent with Rangan (1998) and Teoh et al. (1998), find evidence of earnings management around the offerings. However, inExpand
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How Much New Information is There in Earnings
We quantify the relative importance of earnings announcements in providing new information to the share market, using the R2 in a regression of securities' calendar‐year returns on their fourExpand
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Audited Financial Reporting and Voluntary Disclosure as Complements: A Test of the Confirmation Hypothesis
We examine the “confirmation” hypothesis that audited financial reporting and disclosure of managers' private information are complements, because independent verification of outcomes disciplines andExpand
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