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The Effect of International Institutional Factors on Properties of Accounting Earnings

International differences in the demand for accounting income predictably affect the way it incorporates economic income (dividend-adjusted change in market value) over time. We characterize the…
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Capital Markets Research in Accounting

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Do Managers Withhold Bad News?

In this study, we examine whether managers delay disclosure of bad news relative to good news. If managers accumulate and withhold bad news up to a certain threshold, but leak and immediately reveal…
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An analysis of intertemporal and cross-sectional determinants of earnings response coefficients

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The Relation Between Earnings and Cash Flows

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The Benefits of Financial Statement Comparability

Investors, regulators, academics, and researchers all emphasize the importance of financial statement comparability. However, an empirical construct of comparability is typically not specified. In…
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The Effect of Disclosures by Management, Analysts, and Business Press on Cost of Capital, Return Volatility, and Analyst Forecasts: A Study Using Content Analysis

ABSTRACT: We document systematic evidence of risk effects of disclosures culled from a virtually exhaustive set of sources from the print medium. We content analyze more than 100,000 disclosure…
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Econometrics of Event Studies

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Capitalization versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays

We propose and implement a new method to estimate the relation between R&D investments and the uncertainty of future benefits from those investments. The empirical analysis compares the relative…
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Stock Returns, Aggregate Earnings Surprises, and Behavioral Finance

We study the stock market reaction to aggregate earnings news. Previous research shows that, for individual firms, stock prices react positively to earnings news but require several quarters to fully…
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