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POST-EARNINGS-ANNOUNCEMENT DRIFT - DELAYED PRICE RESPONSE OR RISK PREMIUM
This study seeks to discriminate between competing explanations of "post-earnings-announcement drift." Ball and Brown [1968] were the first to note that even after earnings are announced, estimatedExpand
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Evidence that stock prices do not fully reflect the implications of current earnings for future earnings
Evidence presented here is consistent with a failure of stock prices to reflect fully the implications of current earnings for future earnings. Specifically, the three-day price reactions toExpand
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Tests of Analysts' Overreaction/Underreaction to Earnings Information as an Explanation for Anomalous Stock Price Behavior
This study examines whether security analysts underreact or overreact to prior earnings information, and whether any such behavior could explain previously documented anomalous stock price movements.Expand
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CROSS-SECTIONAL DEPENDENCE AND PROBLEMS IN INFERENCE IN MARKET-BASED ACCOUNTING RESEARCH
This paper provides a framework and some empirical evidence to evaluate the seriousness of problems in inference that arise in stockreturn-based studies when the data are cross-sectionally dependent.Expand
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What motivates managers' choice of discretionary accruals?
Abstract The papers by Subramanyam (1996) and Kasanen, Kinnunen, and Niskanen (KKN, 1996) both consider why managers manipulate accounting accruals. Subramanyam finds that discretionary accruals areExpand
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Is the US Stock Market Myopic
This paper tests whether the US stock market is myopic, in the sense that it places less than the appropriate weight on expected long-run earnings. The tests are made possible through reliance on aExpand
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Business analysis and valuation : using financial statements
This text is divided into concise learning parts that cover both the why and how of accounting. The text introduces and develops a framework for business analysis and valuation using financialExpand
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