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Author: Wayne R. Landsman Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
In 1968, Beaver published his seminal paper on the information content of earnings announcements, establishing that both trading volume and return volatility increase at the time of earnings announcements. Thirty-some years after Beaver's study, concerns have been raised about a perceived degradation in the informativeness of earnings because of the increasing availability of timely non-accounting information and the increasing rate of technological innovation and change not reflected in the accounting system in a timely manner.In this paper we examine changes over the past thirty years in the information content of earnings using the two metrics from Beaver (1968): abnormal trading volume and volatility. In contrast to the conventional wisdom, we find no evidence of a decline in the informativeness of accounting information over the past thirty years, as measured by both abnormal trading volume and return volatility around quarterly earnings announcements. If anything, our results suggest an increase over time in the informativeness of quarterly earnings announcements. Variables reflecting changes in firm-specific factors account for a portion of the observed increase.
Author: Wayne R. Landsman Publisher: ISBN: Category : Languages : en Pages : 38
Book Description
In 1968, Beaver published his seminal paper on the information content of earnings announcements, establishing that both trading volume and return volatility increase at the time of earnings announcements. Thirty-some years after Beaver's study, concerns have been raised about a perceived degradation in the informativeness of earnings because of the increasing availability of timely non-accounting information and the increasing rate of technological innovation and change not reflected in the accounting system in a timely manner.In this paper we examine changes over the past thirty years in the information content of earnings using the two metrics from Beaver (1968): abnormal trading volume and volatility. In contrast to the conventional wisdom, we find no evidence of a decline in the informativeness of accounting information over the past thirty years, as measured by both abnormal trading volume and return volatility around quarterly earnings announcements. If anything, our results suggest an increase over time in the informativeness of quarterly earnings announcements. Variables reflecting changes in firm-specific factors account for a portion of the observed increase.
Author: Joshua Ronen Publisher: Springer Science & Business Media ISBN: 0387257713 Category : Business & Economics Languages : en Pages : 587
Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author: Helen E. Longino Publisher: Princeton University Press ISBN: 0691209758 Category : Philosophy Languages : en Pages : 274
Book Description
Conventional wisdom has it that the sciences, properly pursued, constitute a pure, value-free method of obtaining knowledge about the natural world. In light of the social and normative dimensions of many scientific debates, Helen Longino finds that general accounts of scientific methodology cannot support this common belief. Focusing on the notion of evidence, the author argues that a methodology powerful enough to account for theories of any scope and depth is incapable of ruling out the influence of social and cultural values in the very structuring of knowledge. The objectivity of scientific inquiry can nevertheless be maintained, she proposes, by understanding scientific inquiry as a social rather than an individual process. Seeking to open a dialogue between methodologists and social critics of the sciences, Longino develops this concept of "contextual empiricism" in an analysis of research programs that have drawn criticism from feminists. Examining theories of human evolution and of prenatal hormonal determination of "gender-role" behavior, of sex differences in cognition, and of sexual orientation, the author shows how assumptions laden with social values affect the description, presentation, and interpretation of data. In particular, Longino argues that research on the hormonal basis of "sex-differentiated behavior" involves assumptions not only about gender relations but also about human action and agency. She concludes with a discussion of the relation between science, values, and ideology, based on the work of Habermas, Foucault, Keller, and Haraway.
Author: Carl Patton Publisher: Routledge ISBN: 1317350006 Category : Political Science Languages : en Pages : 481
Book Description
Updated in its 3rd edition, Basic Methods of Policy Analysis and Planning presents quickly applied methods for analyzing and resolving planning and policy issues at state, regional, and urban levels. Divided into two parts, Methods which presents quick methods in nine chapters and is organized around the steps in the policy analysis process, and Cases which presents seven policy cases, ranging in degree of complexity, the text provides readers with the resources they need for effective policy planning and analysis. Quantitative and qualitative methods are systematically combined to address policy dilemmas and urban planning problems. Readers and analysts utilizing this text gain comprehensive skills and background needed to impact public policy.
Author: Aswath Damodaran Publisher: Now Publishers Inc ISBN: 1601980140 Category : Business & Economics Languages : en Pages : 102
Book Description
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Author: Wayne R. Landsman
Author: Wayne R. Landsman
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Author: 
Author: Joshua Ronen
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Author: Helen E. Longino
Author: Floyd I. Brewer
Author: Elizabeth Baigent
Author: Carl Patton
Author: Aswath Damodaran