-
作者：Kim, M; Kross, W
作者单位：State University of New York (SUNY) System; University at Buffalo, SUNY; Purdue University System; Purdue University
摘要：We investigate the relationship between earnings and one-year-ahead operating cash flows from 1973 to 2000. Although the extant research indicates a weakening relationship between contemporaneous earnings and stock prices over time, we find that the relationship between current earnings and future operating cash flows has increased over time. This result holds for numerous divisions of our sample. Out-of-sample predictions of operating cash flows generally show increasing forecast accuracy ove...
-
作者：Dhaliwal, D; Krull, L; Li, OZ; Moser, W
作者单位：University of Arizona; University of Auckland; University of Texas System; University of Texas Austin; University of Notre Dame; University of Missouri System; University of Missouri Columbia
摘要：We estimate firm-level implied cost of equity capital based on recent advances in accounting and finance research and examine the effect of dividend taxes on the cost of equity capital. We investigate whether dividend taxes affect firms' cost of capital by testing the relation between the implied cost of equity capital and a measure of the tax-penalized portion of dividend yield, which we define as the product of dividend yield and the dividend tax penalty. The results generally support the di...
-
作者：Aboody, D; Hughes, J; Liu, J
作者单位：University of California System; University of California Los Angeles
摘要：Previous research argues that earnings quality measured as the unsigned abnormal accruals, proxies for information asymmetries that affect cost of capital. We examine this argument directly in two stages. In the first stage, we estimate firms' exposure to an earnings quality factor in the context of a Fama-French three-factor model augmented by the return on a factor-mimicking portfolio that is long in low earnings quality firms and short in high earnings quality firms. In the second stage, we...
