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作者：Banker, Rajiv D.; Huang, Rong; Natarajan, Ramachandran
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; City University of New York (CUNY) System; University of Texas System; University of Texas Dallas
摘要：Accounting performance measures such as earnings and cash flows are useful for both valuation and performance evaluation purposes. However, little evidence exists on whether there is any association between these two roles. In this study, we provide large sample empirical evidence that the value relevance of earnings explains a significant amount of the cross-sectional variation in the pay-sensitivity of earnings and the incremental value relevance of cash flows explains variation in the margi...
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作者：Howe, John S.; Unlu, Emre; Yan, Xuemin (Sterling)
作者单位：University of Missouri System; University of Missouri Columbia; University of Nebraska System; University of Nebraska Lincoln
摘要：Using more than 350,000 sell-side analyst recommendations from January 1994 to August 2006, this paper examines the predictive content of aggregate analyst recommendations. We find that changes in aggregate analyst recommendations forecast future market excess returns after controlling for macroeconomic variables that have been shown to influence market returns. Similarly, changes in industry-aggregated analyst recommendations predict future industry returns. Changes in aggregate analyst recom...
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作者：Durnev, Art; Mangen, Claudine
作者单位：McGill University; Concordia University - Canada
摘要：This study analyzes the information conveyed by the restatements of financial reports. We argue that restatements contain news about the investment projects of the restating firms' competitors. This news causes competitors to revise their beliefs about the projects' value, and to modify their subsequent investment decisions. Accordingly, we hypothesize that changes in competitors' investments after restatement announcements are related to news in the restatements. Consistent with our predictio...
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作者：Easton, Peter D.; Monahan, Steven J.; Vasvari, Florin P.
作者单位：University of Notre Dame; University of London; London Business School
摘要：We document that: (1) the incidence of bond trade increases during the days surrounding earnings announcements, (2) there is a bond-price reaction to the announcement of earnings, and (3) there is a positive association between annual bond returns and both annual changes in earnings and annual analysts' forecast errors. All of these effects are larger when earnings convey bad news or when the underlying bond is more risky. Taken together, our results suggest that the nonlinear payoff structure...
