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作者：You, Haifeng; Zhang, Xiao-jun
作者单位：University of California System; University of California Berkeley; Barclays
摘要：We study the immediate and delayed market reaction to U.S. Securities and Exchange Commission (SEC) EDGAR 10-K filings. Unusual trading volumes and stock-price movements are documented during the days around the 10-K filing dates. The abnormal price movements are positively associated with future accounting profitability, indicating that 10-K reports contain useful information about future firm performance. In addition, investors' reaction to 10-K information seems sluggish, as demonstrated by...
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作者：Brown, Lawrence D.; Hugon, Artur
作者单位：University System of Georgia; Georgia State University
摘要：While brokerage houses use both teams of sell-side analysts and individual analysts to conduct earnings research, there is no empirical research examining whether teams and individuals differ with regard to their forecasting performance or purpose. We first examine the most-often researched dimension of forecasting performance, earnings forecast accuracy, and show that teams are less accurate than individual analysts in general and their own individual team members in particular. We conjecture...
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作者：Penman, Stephen H.; Yehuda, Nir
作者单位：Columbia University; Cornell University
摘要：Under accrual accounting, earnings add to shareholders' equity. Cash flow generated by a business has no effect on the book value of shareholders' equity but reduces the book value of net assets employed in business operations. In short, accrual accounting rules prescribe that earnings add to shareholder value, but cash flow is irrelevant to the valuation of equity. This paper documents that the stock market prices equity shares according to this prescription. Earnings are priced positively bu...
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作者：Hafzalla, Nader M.
作者单位：University of Michigan System; University of Michigan
摘要：Managers in management leveraged buyout (MBO) firms prefer to purchase their firms at a low offer price. This motive gives them a clear incentive to make pessimistic discretionary disclosures. Using a sample of press releases, I find that managers involved in their firms' MBO selectively release negative disclosures to denigrate their firm just before the MBO transaction when compared with prior period: they issue more bad news disclosures and more pessimistic quotes. Additionally, they issue ...
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作者：Xu, Ming; Zhang, Chu
作者单位：Hong Kong Polytechnic University; Hong Kong University of Science & Technology
摘要：This paper investigates if bankruptcy of Japanese listed companies can be predicted using data from 1992 to 2005. We find that the traditional measures, such as Altman's (J Finance 23:589-609, 1968) Z-score, Ohlson's (J Accounting Res 18:109-131, 1980) O-score and the option pricing theory-based distance-to-default, previously developed for the U.S. market, are also individually useful for the Japanese market. Moreover, the predictive power is substantially enhanced when these measures are com...
