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Accrual-Based and Real Earnings Management Activities Around Seasoned Equity Offerings
We show that SEO firms engage in real activities manipulation, and the decline in post-SEO performance due to the real activities management is more severe than that due to accrual management. OurExpand
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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 reportedExpand
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Does Income Smoothing Improve Earnings Informativeness?
This paper uses a new approach to examine whether income smoothing garbles earnings information or improves the informativeness of past and current earnings about future earnings and cash flows. WeExpand
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Does Greater Firm-Specific Return Variation Mean More or Less Informed Stock Pricing?
Roll [1988] observes low R 2 statistics for common asset pricing models due to vigorous firm-specific return variation not associated with public information. He concludes that this implies “eitherExpand
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Size, Seasonality, and Stock Market Overreaction
Recent research finds that the prior period's worst stock return performers (losers) outperform the prior period's best return performers (winners) in the subsequent period. This potential violationExpand
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Capitalization of R&D and the Informativeness of Stock Prices
Abstract This paper presents both a new approach to studying the consequences of accounting choice and a unique sample to examine the effects of accounting choice in the R&D context. We investigateExpand
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The incremental information content of cash-flow components
Abstract This study examines whether components of operating, financing, and investing cash flows are differentially associated with annual security returns, as predicted by theoretical models inExpand
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The Impact of SFAS No. 131 Business Segment Data on the Market's Ability to Anticipate Future Earnings
This study investigates the effect of firms' adoption of SFAS No. 131 segment disclosure rules on the stock market's ability to predict the firms' earnings, as captured by the forward earningsExpand
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Corporate Disclosure Policy and the Informativeness of Stock Prices
We examine the association between voluntary corporate disclosure and the informativeness of stock prices. We measure corporate disclosure using the AIMR-FAF annual corporate disclosure ratings. WeExpand
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