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An evaluation of alternative proxies for the market's assessment of unexpected earnings

Citations

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Cited by:

  1. Jon Kerr & Gil Sadka & Ronnie Sadka, 2020. "Illiquidity and Price Informativeness," Management Science, INFORMS, vol. 66(1), pages 334-351, January.
  2. Suijs, J.P.M., 2002. "Post Earnings Announcement Drift : More Risk than Investors can Bear," Discussion Paper 2002-45, Tilburg University, Center for Economic Research.
  3. Mary E. Barth & Amy P. Hutton, 2004. "Analyst Earnings Forecast Revisions and the Pricing of Accruals," Review of Accounting Studies, Springer, vol. 9(1), pages 59-96, March.
  4. Price, S. McKay & Doran, James S. & Peterson, David R. & Bliss, Barbara A., 2012. "Earnings conference calls and stock returns: The incremental informativeness of textual tone," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 992-1011.
  5. Bhattacharya, Nilabhra & Black, Ervin L. & Christensen, Theodore E. & Larson, Chad R., 2003. "Assessing the relative informativeness and permanence of pro forma earnings and GAAP operating earnings," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 285-319, December.
  6. Mikhail, Michael B. & Walther, Beverly R. & Willis, Richard H., 2003. "The effect of experience on security analyst underreaction," Journal of Accounting and Economics, Elsevier, vol. 35(1), pages 101-116, April.
  7. Martha L. Loudder & Bruce K. Behn, 1995. "Alternative Income Determination Rules and Earnings Usefulness: The Case of R&D Costs," Contemporary Accounting Research, John Wiley & Sons, vol. 12(1), pages 185-205, September.
  8. John Affleck†Graves & Larry R. Davis & Richard R. Mendenhall, 1990. "Forecasts of earnings per share: Possible sources of analyst superiority and bias," Contemporary Accounting Research, John Wiley & Sons, vol. 6(2), pages 501-517, March.
  9. Theodore E. Christensen & Toni Q. Smith & Pamela S. Stuerke, 2004. "Public Predisclosure Information, Firm Size, Analyst Following, and Market Reactions to Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(7‐8), pages 951-984, September.
  10. Michael S. Drake & Jacob R. Thornock & Brady J. Twedt, 2017. "The internet as an information intermediary," Review of Accounting Studies, Springer, vol. 22(2), pages 543-576, June.
  11. Sadka, Gil & Sadka, Ronnie, 2009. "Predictability and the earnings-returns relation," Journal of Financial Economics, Elsevier, vol. 94(1), pages 87-106, October.
  12. Terry Shevlin & D. Shores, 1993. "Firm Size, Security Returns, and Unexpected Earnings: The Anomalous Signed†Size Effect," Contemporary Accounting Research, John Wiley & Sons, vol. 10(1), pages 1-30, September.
  13. Sunil Mohanty & Edward Aw, 2006. "Rationality of analysts' earnings forecasts: evidence from dow 30 companies," Applied Financial Economics, Taylor & Francis Journals, vol. 16(12), pages 915-929.
  14. Abarbanell, Jeffery S. & Lanen, William N. & Verrecchia, Robert E., 1995. "Analysts' forecasts as proxies for investor beliefs in empirical research," Journal of Accounting and Economics, Elsevier, vol. 20(1), pages 31-60, July.
  15. Steven Allen & Ramachandran Ramanan, 1990. "Earnings surprises and prior insider trading: Tests of joint informativeness," Contemporary Accounting Research, John Wiley & Sons, vol. 6(2), pages 518-543, March.
  16. Mark Hirschey & Kevin R. Smith & Wendy M. Wilson, 2015. "The Timeliness of Restatement Disclosures and Financial Reporting Credibility," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(7-8), pages 826-859, September.
  17. Liu, Yang & Blankenburg, Martin & Wang, Mei, 2023. "Earnings expectations of grey and green energy firms: Analysis against the background of global climate change mitigation," Energy Economics, Elsevier, vol. 121(C).
  18. William R. Baber & Shuping Chen & Sok-Hyon Kang, 2006. "Stock Price Reaction to Evidence of Earnings Management: Implications for Supplementary Financial Disclosure," Review of Accounting Studies, Springer, vol. 11(1), pages 5-19, March.
  19. John Capstaff & Krishna Paudyal & William Rees, 1999. "The relative forecast accuracy of UK brokers," Accounting and Business Research, Taylor & Francis Journals, vol. 30(1), pages 3-16.
  20. Joseph K. Cheung, 1990. "Discussion of “On the incentives for security analysts to revise their earnings forecasts†," Contemporary Accounting Research, John Wiley & Sons, vol. 7(1), pages 223-226, September.
  21. C.S. Agnes Cheng & Simon S.M. Yang, 2003. "The Incremental Information Content of Earnings and Cash Flows from Operations Affected by Their Extremity," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 30(1‐2), pages 73-116, January.
  22. Chul W. Park & Earl K. Stice, 2000. "Analyst Forecasting Ability and the Stock Price Reaction to Forecast Revisions," Review of Accounting Studies, Springer, vol. 5(3), pages 259-272, September.
  23. repec:kap:iaecre:v:12:y:2006:i:2:p:161-168 is not listed on IDEAS
  24. Theodore E. Christensen & Toni Q. Smith & Pamela S. Stuerke, 2004. "Public Predisclosure Information, Firm Size, Analyst Following, and Market Reactions to Earnings Announcements," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(7-8), pages 951-984.
  25. Kothari, S. P. & Zimmerman, Jerold L., 1995. "Price and return models," Journal of Accounting and Economics, Elsevier, vol. 20(2), pages 155-192, September.
  26. Matthias Meyer & Utz Schäffer & Markus Gmür, 2008. "Transfer und Austausch von Wissen in der Accounting-Forschung: Eine Zitations- und Kozitationsanalyse englischsprachiger Accounting-Journals 1990–2004," Schmalenbach Journal of Business Research, Springer, vol. 60(2), pages 153-181, March.
  27. Ferdinand A. Gul & Judy Tsui & Dan S. Dhaliwal, 2006. "Non‐audit services, auditor quality and the value relevance of earnings," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 46(5), pages 797-817, December.
  28. Jason K. Deane & David M. Goldberg & Terry R. Rakes & Loren P. Rees, 2019. "The effect of information security certification announcements on the market value of the firm," Information Technology and Management, Springer, vol. 20(3), pages 107-121, September.
  29. In†Mu Haw & Daqing Qi & Donghui Wu & Woody Wu, 2005. "Market Consequences of Earnings Management in Response to Security Regulations in China," Contemporary Accounting Research, John Wiley & Sons, vol. 22(1), pages 95-140, March.
  30. Rashid Al-Qenae & Carmen Li & Bob Wearing, 2002. "The Information Content of Earnings on Stock Prices: The Kuwait Stock Exchange," Multinational Finance Journal, Multinational Finance Journal, vol. 6(3-4), pages 197-221, September.
  31. Janice C. Y. How & Yion K. Phung & Peter Verhoeven, 2005. "Accuracy of Analysts' Earnings Forecasts: Evidence from Mergers and Acquisitions in Australia," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 1(1), pages 67-80.
  32. Miao Liu, 2022. "Assessing Human Information Processing in Lending Decisions: A Machine Learning Approach," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 60(2), pages 607-651, May.
  33. Fernando Rubio, 2005. "Eficiencia De Mercado, Administracion De Carteras De Fondos Y Behavioural Finance," Finance 0503028, University Library of Munich, Germany, revised 23 Jul 2005.
  34. Khimich, Natalya, 2017. "A comparison of alternative cash flow and discount rate news proxies," Journal of Empirical Finance, Elsevier, vol. 41(C), pages 31-52.
  35. Ghysels, Eric & Ball, Ryan, 2017. "Automated Earnings Forecasts:- Beat Analysts or Combine and Conquer?," CEPR Discussion Papers 12179, C.E.P.R. Discussion Papers.
  36. Byung T. Ro, 1989. "Earnings news and the firm size effect," Contemporary Accounting Research, John Wiley & Sons, vol. 6(1), pages 177-195, September.
  37. Mark T. Bradshaw & Michael S. Drake & James N. Myers & Linda A. Myers, 2012. "A re-examination of analysts’ superiority over time-series forecasts of annual earnings," Review of Accounting Studies, Springer, vol. 17(4), pages 944-968, December.
  38. Brown, Philip & Clarke, Alex & How, Janice C. Y. & Lim, Kadir J. P., 2002. "Analysts' dividend forecasts," Pacific-Basin Finance Journal, Elsevier, vol. 10(4), pages 371-391, September.
  39. Albert Tsang & Yi Xiang & Miao Yu, 2023. "Cross‐border regulatory enforcement and corporate voluntary disclosure," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(3-4), pages 482-523, March.
  40. Zana Grigaliuniene, 2013. "Time-Series Models Forecasting Performance In The Baltic Stock Market," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 4(1).
  41. Chih-Jen Huang, 2010. "The joint decision to manage earnings through discretionary accruals and asset sales around insider trading: Taiwan evidence," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 34(3), pages 308-325, July.
  42. Hou, Kewei & van Dijk, Mathijs A. & Zhang, Yinglei, 2012. "The implied cost of capital: A new approach," Journal of Accounting and Economics, Elsevier, vol. 53(3), pages 504-526.
  43. Bouteska Ahmed & Regaieg Boutheina, 2017. "The accuracy of financial analysts’ earnings forecasts and the Tunisian market reliance with time," Cogent Economics & Finance, Taylor & Francis Journals, vol. 5(1), pages 1345186-134, January.
  44. Lawrence D. Brown, 1999. "Comment on “Post†Earnings Announcement Drift and the Diseemination of Predictable Information†," Contemporary Accounting Research, John Wiley & Sons, vol. 16(2), pages 341-345, June.
  45. Chang, Millicent & Dallas, Isabel & Ng, Juliana, 2002. "Analyst forecast revisions and asset allocation in Asia-Pacific markets," Journal of Multinational Financial Management, Elsevier, vol. 12(4-5), pages 391-409.
  46. Core, John E. & Schrand, Catherine M., 1999. "The effect of accounting-based debt covenants on equity valuation1," Journal of Accounting and Economics, Elsevier, vol. 27(1), pages 1-34, February.
  47. Cheung, Joseph K. & Kim, Jeong-Bon & Lee, Jason, 1999. "The Impact of Institutional Characteristics on Return-Earnings Associations in Japan," The International Journal of Accounting, Elsevier, vol. 34(4), pages 571-596, 010.
  48. Ho, Li-Chin Jennifer & Hassell, John M. & Swidler, Steve, 1995. "An empirical examination of the dispersion and accuracy of analyst forecasts surrounding option listing," Review of Financial Economics, Elsevier, vol. 4(2), pages 171-185.
  49. Anilowski, Carol & Feng, Mei & Skinner, Douglas J., 2007. "Does earnings guidance affect market returns? The nature and information content of aggregate earnings guidance," Journal of Accounting and Economics, Elsevier, vol. 44(1-2), pages 36-63, September.
  50. Mande, Vivek, 1996. "A comparison of U.S. and Japanese analysts' forecasts of earnings and sales," The International Journal of Accounting, Elsevier, vol. 31(2), pages 143-160.
  51. Hafeez, Bilal & Li, Xiping & Kabir, M. Humayun & Tripe, David, 2022. "Measuring bank risk: Forward-looking z-score," International Review of Financial Analysis, Elsevier, vol. 80(C).
  52. Justin Y. Jin, 2014. "Investor Attention and Stock Mispricing," Accounting Perspectives, John Wiley & Sons, vol. 13(2), pages 123-147, June.
  53. Samir El-Gazzar & Philip Finn & Charles Tang, 2009. "The Value Relevance of Earnings and Nonearnings Information in Regulated and Deregulated Markets: The Case of the Airline Industry," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 15(1), pages 88-101, February.
  54. Esplin, Adam, 2022. "Industry-level versus firm-level forecasts of long-term earnings growth," Finance Research Letters, Elsevier, vol. 47(PA).
  55. X. Frank Zhang, 2006. "Information Uncertainty and Analyst Forecast Behavior," Contemporary Accounting Research, John Wiley & Sons, vol. 23(2), pages 565-590, June.
  56. Gerald L. Salamon & Thomas L. Stober, 1994. "Cross†Quarter Differences in Stock Price Responses to Earnings Announcements: Fourth†Quarter and Seasonality Influences," Contemporary Accounting Research, John Wiley & Sons, vol. 11(1), pages 297-330, June.
  57. Jennifer Conrad & Bradford Cornell & Wayne R. Landsman, 2002. "When Is Bad News Really Bad News?," Journal of Finance, American Finance Association, vol. 57(6), pages 2507-2532, December.
  58. Ghysels, Eric & Ball, Ryan & Zhou, Huan, 2014. "Can we Automate Earnings Forecasts and Beat Analysts?," CEPR Discussion Papers 10186, C.E.P.R. Discussion Papers.
  59. David Ashton & Chau (Ruby) Trinh, 2018. "Evaluating the information content of earnings forecasts," Accounting and Business Research, Taylor & Francis Journals, vol. 48(6), pages 674-699, September.
  60. Stoffman, Noah & Woeppel, Michael & Yavuz, M. Deniz, 2022. "Small innovators: No risk, No return," Journal of Accounting and Economics, Elsevier, vol. 74(1).
  61. Frank Heflin & Charles Hsu & Qinglu Jin, 2015. "Accounting conservatism and Street earnings," Review of Accounting Studies, Springer, vol. 20(2), pages 674-709, June.
  62. Amitabh Dugar & Siva Nathan, 1995. "The Effect of Investment Banking Relationships on Financial Analysts' Earnings Forecasts and Investment Recommendations," Contemporary Accounting Research, John Wiley & Sons, vol. 12(1), pages 131-160, September.
  63. Gary C. Biddle & Gim S. Seow & Andrew F. Siegel, 1995. "Relative versus Incremental Information Content," Contemporary Accounting Research, John Wiley & Sons, vol. 12(1), pages 1-23, September.
  64. Gu, Zhaoyang & Xue, Jian, 2008. "The superiority and disciplining role of independent analysts," Journal of Accounting and Economics, Elsevier, vol. 45(2-3), pages 289-316, August.
  65. Dambra, Michael & Field, Laura Casares & Gustafson, Matthew T. & Pisciotta, Kevin, 2018. "The consequences to analyst involvement in the IPO process: Evidence surrounding the JOBS Act," Journal of Accounting and Economics, Elsevier, vol. 65(2), pages 302-330.
  66. Jang, Woan-Yuh & Lee, Jie-Haun & Hu, Hsueh-Chin, 2016. "Halo, horn, or dark horse biases: Corporate reputation and the earnings announcement puzzle," Journal of Empirical Finance, Elsevier, vol. 38(PA), pages 272-289.
  67. Kam Chan & Samir El-Gazzar & Philip Finn & Rudy Jacob, 2006. "Simultaneous Releases of U.S. and Foreign GAAP Earnings," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 12(2), pages 161-168, May.
  68. Benjamin C. Ayers & Robert N. Freeman, 2003. "Evidence that Analyst Following and Institutional Ownership Accelerate the Pricing of Future Earnings," Review of Accounting Studies, Springer, vol. 8(1), pages 47-67, March.
  69. William Beaver & Bradford Cornell & Wayne R. Landsman & Stephen R. Stubben, 2008. "The Impact of Analysts' Forecast Errors and Forecast Revisions on Stock Prices," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(5‐6), pages 709-740, June.
  70. Beaver, William H., 1999. "Comments on 'An empirical assessment of the residual income valuation model'," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 35-42, January.
  71. Lam, Hugo K.S. & Zhan, Yuanzhu & Zhang, Minhao & Wang, Yichuan & Lyons, Andrew, 2019. "The effect of supply chain finance initiatives on the market value of service providers," International Journal of Production Economics, Elsevier, vol. 216(C), pages 227-238.
  72. Suijs, J.P.M., 2002. "Post Earnings Announcement Drift : More Risk than Investors can Bear," Other publications TiSEM d6097fef-8dd8-4f8a-814a-7, Tilburg University, School of Economics and Management.
  73. Vivek Mande & Richard G. File & Wikil Kwak, 2000. "Income Smoothing and Discretionary R&D Expenditures of Japanese Firms," Contemporary Accounting Research, John Wiley & Sons, vol. 17(2), pages 263-302, June.
  74. Richard Barker, 2000. "FRS3 and analysts' use of earnings," Accounting and Business Research, Taylor & Francis Journals, vol. 30(2), pages 95-109.
  75. Jeffrey Ng & Tjomme O. Rusticus & Rodrigo S. Verdi, 2008. "Implications of Transaction Costs for the Post–Earnings Announcement Drift," Journal of Accounting Research, John Wiley & Sons, Ltd., vol. 46(3), pages 661-696, June.
  76. Dobija, Dorota & Klimczak, Karol Marek, 2010. "Development of accounting in Poland: Market efficiency and the value relevance of reported earnings," The International Journal of Accounting, Elsevier, vol. 45(3), pages 356-374, September.
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  78. Ryan T. Ball & Eric Ghysels, 2018. "Automated Earnings Forecasts: Beat Analysts or Combine and Conquer?," Management Science, INFORMS, vol. 64(10), pages 4936-4952, October.
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