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作者：Bryan, Daniel M.; Tiras, Samuel L.
作者单位：University of Washington; University of Washington Tacoma; Louisiana State University System; Louisiana State University
摘要：This study investigates the influence of analyst forecast dispersion on Ohlson's (2001) proposed linear information dynamics where consensus analyst forecasts are suggested as a proxy for other information. Our results indicate that Ohlson's proposed valuation model is most descriptive of market pricing when forecast dispersion, and hence information asymmetry, is high. Our results also suggest that when analysts are confronted with high information asymmetry, they tend to focus less on accoun...
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作者：Nelson, Mark W.; Tayler, William B.
作者单位：Cornell University
摘要：Prior research provides evidence that information affects financial statement users' judgments less when that information is provided in a less accessible format (e.g., information disclosed in a footnote or less prominent financial statement rather than being recognized on the income statement [Maines and McDaniel 2000]). We provide evidence that, conditional on users performing the analysis necessary to transform the financial statements to appear as if disclosed information had been recogni...
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作者：Bhattacharya, Nilabhra; Black, Ervin L.; Christensen, Theodore E.; Mergenthaler, Richard D.
作者单位：Southern Methodist University; Brigham Young University; University of Washington; University of Washington Seattle
摘要：In recent years, many companies have emphasized adjusted-GAAP earnings numbers in their quarterly press releases. While managers use different names to describe these nonstandard earnings metrics, the financial press frequently refers to them as pro forma earnings. Managers and other advocates of pro forma reporting argue that these disclosures provide a clearer picture of companies' core earnings. On the other hand, regulators, policyrnakers, and the financial press often allege that managers...
