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  • Todd Houge, Henry B. Tippie, +10 authors Jennifer Marietta-Westberg
  • 2000
When investors fixate on current earnings, they commit a cognitive error and fail to fully value the information contained in accruals and cash flows. Extending the accrual anomaly documented by Sloan [1996], we identify significant excess returns from a cash flow-based trading strategy. The market consistently underestimates the transitory nature of(More)
SYNOPSIS: The Securities and Exchange Commission ͑SEC͒ recently issued a call for comment on a proposal to accept financial statements prepared in accordance with International Financial Reporting Standards ͑IFRS͒ without reconciliation to U.S. GAAP. Accounting researchers have attempted to assess the quality of IFRS using different methods and criteria.(More)
SYNOPSIS: The Securities and Exchange Commission ͑hereafter, SEC͒ issued a call for comment on a proposal to adopt a roadmap for potential use of international financial reporting standards ͑hereafter, IFRS͒ by U.S. companies. We comment on five key issues raised by the SEC proposal. First, we propose that the need for a global regulator is overstated. A(More)
SYNOPSIS: The Financial Accounting Standards Board ͑hereafter, FASB͒ and the International Accounting Standard Board ͑hereafter, IASB͒ issued a joint discussion paper titled Preliminary Views on Financial Statement Presentation. The Boards are seeking comments on whether their proposed model for financial statement presentation would improve the usefulness(More)
AbstrAct IBM's Portal technology continues to evolve as a powerful infrastructure for integrating the IT landscape, by presenting it as a consolidated view to the user community. The new capabilities of WebSphere Portal 6.1 are the outcome of a worldwide development team, which focused on this release for the past 2 years. During that time major(More)
SYNOPSIS: The Canadian Accounting Standards Board ͑hereafter, AcSB͒ recently issued an exposure draft to adopt separate GAAP for private enterprises. This new GAAP is justified as being consistent with the current FASB/IASB conceptual framework , but is sensitive to the different cost-benefit considerations facing private entities. We view this proposal as(More)
We appreciate helpful discussions with and comments from Jeff Wilks. We also thank Spencer Crabtree for his research assistance. ABSTRACT The FASB and the IASB recently issued a joint discussion paper entitled, " Preliminary Views on Revenue Recognition in Contracts with Customers. " The boards requested comments on whether their proposed model for revenue(More)