Skewness of Earnings and the Believability Hypothesis : How Does the Financial Market Discount Accounting Earnings Disclosures?
AbstractWhen firms attempt to manage their earnings disclosures by presenting evidence selectively, sophisticated inference on the part of financial market participants entails a positive association between the market to bood ratio of a firm and the skewness of the distribution of its announced earnings. In this paper, we put this hypothesis to the test, and confirm its main predictions.
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Bibliographic InfoPaper provided by Economics Group, Nuffield College, University of Oxford in its series Economics Papers with number 120.
Length: 25 pages
Date of creation: 1996
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Web page: http://www.nuff.ox.ac.uk/economics/
FINANCIAL MARKET ; ECONOMIC MODELS;
Find related papers by JEL classification:
- C52 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Evaluation, Validation, and Selection
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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- Singleton, W. R. & Globerman, Steven, 2002. "The changing nature of financial disclosure in Japan," The International Journal of Accounting, Elsevier, Elsevier, vol. 37(1), pages 95-111.
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