3期

最新文章

• The debt market relevance of management earnings forecasts: evidence from before and during the credit crisis AI翻译
  作者：Shivakumar, Lakshmanan; Urcan, Oktay; Vasvari, Florin P.; Zhang, Li
  作者单位：University of London; London Business School; Rutgers University System; Rutgers University New Brunswick
  摘要：We investigate the credit market's response via changes in credit default swap (CDS) spreads to management earnings forecasts and evaluate the importance of these forecasts relative to earnings news during the periods before and during the recent credit crisis. We document that credit markets react significantly to management forecast news and that the reactions to forecast news are stronger than to actual earnings news. Consistent with the asymmetric payoffs to debt holders, the forecast news...
• The option market's anticipation of information content in earnings announcements AI翻译
  作者：Billings, Mary Brooke; Jennings, Robert
  作者单位：New York University; Indiana University System; Indiana University Bloomington
  摘要：We exploit information in option prices in order to study whether the ex post responsiveness of stock prices to earnings information is reflected from an ex ante, firm- and quarter-specific perspective. Specifically, we develop a measure of anticipated information content (AIC) that isolates the forecasted magnitude of the stock market's reaction to earnings information. We find that the AIC positively correlates with the ex post magnitude of the stock market sensitivity to unexpected earnings...
• Credit markets and financial information AI翻译
  作者：Lok, Stephen; Richardson, Scott
  作者单位：University of London; London Business School
  摘要：The last decade has seen rapid growth in trading of credit instruments on secondary markets. The ensuing availability of a rich set of credit market data has created a novel environment for testing a variety of financial economic theories. In this discussion, we provide a simple framework for linking asset pricing research using equity and credit market data and offer some suggestions for future archival empirical research aiming to establish relations between financial information and credit ...
• Using earnings forecasts to simultaneously estimate firm-specific cost of equity and long-term growth AI翻译
  作者：Nekrasov, Alexander; Ogneva, Maria
  作者单位：University of California System; University of California Irvine; Stanford University
  摘要：A growing body of literature in accounting and finance relies on implied cost of equity (COE) measures. Such measures are sensitive to assumptions about terminal earnings growth rates. In this paper we develop a new COE measure that is more accurate than existing measures because it incorporates endogenously estimated long-term growth in earnings. Our method extends Easton et al. (J Account Res, 40, 657-676, 2002) method of simultaneously estimating sample average COE and growth. Our method de...
• Discussion of: The option market's anticipation of information content in earnings announcements AI翻译
  作者：Burks, Jeffrey J.
  作者单位：University of Notre Dame
  摘要：Billings and Jennings (2011) develop a new measure of stock price sensitivity to earnings called anticipated information content (AIC). The main difference between an AIC and an earnings response coefficient (ERC) is that AICs measure expected rather than actual sensitivity. I evaluate the AIC's potential usefulness in future research, and conclude that AICs have several disadvantages relative to ERCs but might be useful in rare circumstances. Estimates of AICs contain considerable measurement...
• Discussion of intangible investment and the importance of firm-specific factors in the determination of earnings AI翻译
  作者：Roulstone, Darren T.
  作者单位：University System of Ohio; Ohio State University
  摘要：Brown and Kimbrough (Review of Accounting Studies, 2011, this issue) examine the effect of intangible assets on the uniqueness of a firm's earnings. The paper represents an important link between the strategy literature on firm organization and the accounting literature on the drivers of firm performance. This discussion reviews the relevant strategy literature and its link to the accounting literature, discusses various aspects of Brown and Kimbrough, and explores implications of Brown and Ki...
• Intangible investment and the importance of firm-specific factors in the determination of earnings AI翻译
  作者：Brown, Nerissa C.; Kimbrough, Michael D.
  作者单位：University System of Maryland; University of Maryland College Park; University System of Georgia; Georgia State University
  摘要：We examine the effect of intangible investment on earnings noncommonality, defined as the extent to which a firm's earnings performance is determined by firm-specific factors versus market and industry factors. Such insight is important in determining the appropriate weighting of these factors when forecasting a firm's earnings. For a sample of US firms over the 1980-2006 period, we find that earnings noncommonality is positively associated with intangible asset intensity. This finding is cons...