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Journal articles on the topic 'Abnormal earnings growth'

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Published: 4 June 2021

Last updated: 22 June 2024

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1

Sinnadurai, Philip Thiagan. "Unique determinants of abnormal earnings growth in Malaysia." Pacific Accounting Review 28, no. 1 (2016): 16–37. http://dx.doi.org/10.1108/par-09-2013-0093.

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Purpose – This paper aims to use Malaysian data to investigate determinants of the implied growth rate of abnormal earnings. Design/methodology/approach – The sample comprises 340 listed companies. Logistic regressions were conducted. The dependent variables, observed in 2009, distinguish companies with high versus low implied growth rates. The independent variables were observed in 2008. The independent variables of interest capture companies’ status as being Nanyang and politically connected corporations. Findings – The results suggest that in Malaysia, implied growth rates are higher for Na

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2

Shastri, Karen A., and Kuldeep Shastri. "The Information Content of Calls of Convertible Preferreds: The Evidence from Earnings Forecasts." Journal of Accounting, Auditing & Finance 11, no. 4 (1996): 607–22. http://dx.doi.org/10.1177/0148558x9601100405.

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This paper examines the impact of the announcement of convertible preferred calls on earnings forecasts by financial analysts. Our results show that in-the-money calls are associated with no change in either forecasted earnings or forecasted long-term earnings growth. In addition, we find that the abnormal return around the announcement of the call is uncorrected with changes in earnings or long-term growth rates. Similar results are obtained from the analysis of earnings changes around out-of-the-money calls. Out-of-the-money calls, however, are associated with marginally significant increase

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Kusumawati, Eny, Adinda Putri Wahyuningtyas, and Shinta Permata Sari. "The Effect of Growth Opportunity, Profitability, CSR, Firm Size, And Leverage on Earning Response Coefficient." Riset Akuntansi dan Keuangan Indonesia 7, no. 3 (2023): 309–20. http://dx.doi.org/10.23917/reaksi.v7i3.22028.

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The earnings response coefficient (ERC) measures the magnitude of a stock's abnormal return in response to the abnormal earnings components (unexpected earnings) reported by the company that issued the stock. This study, thus, aims to analyze the effect of growth opportunity, profitability, corporate social responsibility (CSR), company size, and leverage on the earnings response coefficient (ERC) in manufacturing companies listed on the Indonesia Stock Exchange for the 2019-2021 period. The sampling technique used in this study was purposive sampling. The sample of this study consisted of 180

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Liu, Min (Shirley). "What Information in Financial Statements Could Be Used to Predict the Risk of Equity Investment?" Journal of Risk and Financial Management 14, no. 8 (2021): 365. http://dx.doi.org/10.3390/jrfm14080365.

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Theoretically, accounting earnings could be used to estimate the intrinsic value of equity. If accounting earnings could be predicted accurately, then, so could be the value of equity, thereby, creating much less risk in equity investment. However, earnings surprises are common, and therefore so is the risk in equity investment. To quantify the risk in the investment implied from accounting earnings, I propose to use financial statements to construct abnormal sales growth rates (ABG) and abnormal changes in profit margins (ABPM) to measure the uncertainty embedded in the accounting earnings. I

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Paramita, Ratna Wijayanti Daniar. "THE WINDOW INFORMATION FOR INVESTOR ON ACCOUNTING PROFIT FORECASTING." JURNAL TERAPAN MANAJEMEN DAN BISNIS 3, no. 2 (2017): 193. http://dx.doi.org/10.26737/jtmb.v3i2.315.

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<p>This study aimed to obtain empirical evidence, examine and explain he factors (leverage, persistence, growth, size and beta) that affect informativeness of earnings and its application in the financial statements at Manufacturing Companies listed in the Indonesia Stock Exchange 2013-2016. Research on the relationship between stock returns within come to determine the extent of their relationship are many who use earnings figures as the dependent variable regressed with stock returns as the independent variables are calculated by different methods. This method measures the magnitude of

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Hollie, Dana, and Shaokun Carol Yu. "Do Reconciliations Of Segment Earnings Affect Stock Prices?" Journal of Applied Business Research (JABR) 28, no. 5 (2012): 1085. http://dx.doi.org/10.19030/jabr.v28i5.7248.

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While SFAS No. 131 is intended to increase the transparency of financial reporting using a management approach, it may reduce shareholders ability to interpret segment disclosures relative to the industry approach employed under SFAS No.14. This study investigates whether segment reconciliation differences affect stock prices and whether abnormal returns can be earned using information about two components of earnings: aggregated segment earnings and segment earnings reconciliations. We compute reconciliations as the difference between firm-level consolidated earnings and aggregated segment-le

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Heninger, William G. "The Association between Auditor Litigation and Abnormal Accruals." Accounting Review 76, no. 1 (2001): 111–26. http://dx.doi.org/10.2308/accr.2001.76.1.111.

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Concern that earnings management erodes the quality of financial reporting has prompted the Securities and Exchange Commission to question the role of the external auditor. To help address that concern, this study examines the relation between earnings management and auditor litigation. While prior research on the relation between auditor litigation and total accruals has yielded inconclusive results, I find that the risk of auditor litigation is positively associated with a sharper measure of earnings management—abnormal accruals. Using a larger and more recent sample, this study provides evi

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Fasola, Idowu Bosede, and Oluseun Paseda. "Earnings Announcement and Stock Prices of Quoted Deposit Money Banks in Nigeria in the Era of COVID-19 Pandemic." Journal of Developing Areas 57, no. 4 (2023): 123–54. http://dx.doi.org/10.1353/jda.2023.a908650.

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ABSTRACT: The study examined the effectiveness of the signaling theory and the efficient market hypothesis in Nigeria during the period of the COVID-19 pandemic which has been an underexplored investigation in the Nigerian capital market. The broad objective of the study was to assess how earning announcements could affect the stock prices of deposit money banks in Nigeria. Specifically, the study sought to analyse the trend of stock prices and examine the reactions of stock prices of quoted DMBs to earnings announcements during a pandemic period in Nigeria. The study employed secondary data f

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Penman, Stephen H., and Julie Lei Zhu. "Accounting Anomalies, Risk, and Return." Accounting Review 89, no. 5 (2014): 1835–66. http://dx.doi.org/10.2308/accr-50799.

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ABSTRACT This paper investigates whether so-called anomalous returns predicted by accounting numbers reflect normal returns for risk or abnormal returns. It does so via a model showing how accounting numbers inform about normal returns if pricing were rational. The model equates expected returns to expectations of earnings and earnings growth, so that any variable that forecasts earnings and earnings growth also indicates the required return if the market prices those outcomes as risky. The empirical results confirm that many accounting anomaly variables (such as accruals, asset growth, and in

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Jennergren, L. Peter, and Kenth Skogsvik. "The Abnormal Earnings Growth Model, Two Exogenous Discount Rates, and Taxes." Journal of Business Finance & Accounting 38, no. 5-6 (2011): 505–35. http://dx.doi.org/10.1111/j.1468-5957.2010.02227.x.

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Ikhsan, Ikhsan, Faisal Faisal, and Cut Sri Firman Hastuti. "PENGARUH KEPEMILIKAN KAS TERHADAP MANAJEMEN LABA RIIL DENGAN KONEKSI POLITIK SEBAGAI VARIABEL MODERASI." Akbis: Media Riset Akuntansi dan Bisnis 5, no. 1 (2021): 51. http://dx.doi.org/10.35308/akbis.v5i1.3652.

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This study aims to provide evidence of the extent of cash holding ability in influencing real earnings management while also calculate the role of political connections as a moderating variable in companies listed on the Indonesia Stock Exchange in 2017 and 2018. This analysis is also supported by several control variables including profitability, company size, sales growth, and leverage. The sample selection method used in this study is purposive sampling in order to get a sample of 710 companies on the Indonesia Stock Exchange in 2017 and 2018. The analysis technique used is a technical anal

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Pacheco Paredes, Angel Arturo, and Clark Wheatley. "Real earnings management or “just business”." Journal of Financial Economic Policy 9, no. 3 (2017): 268–83. http://dx.doi.org/10.1108/jfep-09-2016-0065.

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Purpose The purpose of this study is to refine what is characterized as real earnings management. Research on real earnings management (REM) has expressed concerns that firms deviating from normal business practices may endure a negative impact on future performance. Not all studies have, however, found a negative impact of REM on future performance. As a consequence, a new stream of research is emerging that examines whether actions that would mechanically be identified as REM are truly earnings management or are simply efficient business activities. The authors further this stream of inquiry

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Ballester, Marta, Joshua Livnat, and Chandrakanth Seethamraju. "Individual-Firm Style Loadings, Unrecorded Economic Assets, and Systematic Risk." Journal of Accounting, Auditing & Finance 13, no. 3 (1998): 275–96. http://dx.doi.org/10.1177/0148558x9801300307.

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This study estimates individual-firm style loadings for classification of individual securities into growth (glamour) and value groups. Style loadings are similar to betas, measuring the comovement of a firm's return with the return on a particular style index. The study examines this classification by comparing the extent of unrecorded economic assets for growth and value firms. The study also examines the systematic-risk characteristics associated with this classification. Using Ohlson's (1995) valuation model, this study estimates the persistence of abnormal earnings for individual firms us

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Kesavan, Saravanan, and Vidya Mani. "The Relationship Between Abnormal Inventory Growth and Future Earnings for U.S. Public Retailers." Manufacturing & Service Operations Management 15, no. 1 (2013): 6–23. http://dx.doi.org/10.1287/msom.1120.0389.

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Myers, James N., Linda A. Myers, and Thomas C. Omer. "Exploring the Term of the Auditor-Client Relationship and the Quality of Earnings: A Case for Mandatory Auditor Rotation?" Accounting Review 78, no. 3 (2003): 779–99. http://dx.doi.org/10.2308/accr.2003.78.3.779.

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In this study, we document evidence on the relation between auditor tenure and earnings quality using the dispersion and sign of both absolute Jones-model abnormal accruals and absolute current accruals as proxies for earnings quality. Our study is motivated by calls for “mandatory auditor rotation,” which are based on concerns that longer auditor tenure reduces earnings quality. Multivariate results, controlling for firm age, size, industry growth, cash flows, auditor type (Big N versus non-Big N), industry, and year, generally suggest higher earnings quality with longer auditor tenure. We in

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Caton, Gary L., and Jeremy Goh. "Corporate Governance, Shareholder Rights, and Shareholder Rights Plans: Poison, Placebo, or Prescription?" Journal of Financial and Quantitative Analysis 43, no. 2 (2008): 381–400. http://dx.doi.org/10.1017/s0022109000003562.

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AbstractWe examine the effect of poison pill adoptions on firm value, controlling for the adopting firm's preexisting corporate governance structure. We find that only companies with the most democratic governance structures, defined as those with the fewest preexisting protective governance provisions, experience significantly positive abnormal stock returns and significantly positive abnormal revisions in five-year earnings growth rate forecasts. Moreover, regression results indicate that abnormal returns and forecast revisions are significantly related to governance structure and not to boa

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Ahlatcioglu, Aykut, and Nesrin Okay. "A longitudinal analysis for informativeness of earnings announcements in Borsa Istanbul." Journal of Capital Markets Studies 3, no. 2 (2019): 179–87. http://dx.doi.org/10.1108/jcms-09-2019-0045.

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Purpose The purpose of this paper is to assess the information value of earnings announcements for the 2007–2017 period in Borsa Istanbul. Design/methodology/approach Abnormal volatility (AVOL) and abnormal absolute return (AAR) in the three-day window around the earnings announcement are used as proxies for information content. A pooled regression of AVOL and AAR is conducted to test for the existence of information content and analyze its time trend along with its determinants. Findings The authors find significantly positive AVOL and AAR which shows that earnings have information content fo

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Chendrawan, Toni S. "PENGARUH LIKUIDITAS, EARNINGS GROWTH, LEVERAGE, DAN UKURAN PERUSAHAAN TERHADAP ABNORMAL RETURN SAHAM INDEKS LQ 45." Jurnal MANAJERIAL 11, no. 2 (2012): 48–67. http://dx.doi.org/10.17509/manajerial.v11i2.2174.

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The Influence of Liquidity, Earnings Growth, Leverage and Firm Size to Abnormal Return. The purposeof this research to analize price response on the market based on firms fundamental information. Theindicator which used at firms value variable is price reaction through abnormal return at financialreport publication date. Verificative and dascriptive methods were used as reseach desaign. Analysisunit is firms who joined on LQ 45. The sampling taking methods is purposive sampling whit criteriathe firms who stayed on LQ 45 group during research periode, so that the sample which use is 24firms. Th

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Pervan, Ivica, Snježana Pivac, and Ana Škorić. "Reakcije ulagača na objave tromjesečne dobiti na Zagrebačkoj burzi." Ekonomski pregled 75, no. 2 (2024): 194–215. http://dx.doi.org/10.32910/ep.75.2.4.

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This study investigates the investors’ reactions to the publication ofquarterly earnings for companies at the Zagreb Stock Exchange. The empiricalresearch based on the event study and 409 firm-year observationsconfirms that investors react to the publication of quarterly earnings, whilethe Friedman test indicates that the reactions are most frequent for earningsannouncements from the second quarter (Q2). The occurrence of abnormalstandardized returns on announcement day suggests that the efficient markethypothesis in semi-strong form does not hold for the Croatian capital market.Moreover, ther

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Moyo, Vusani, and Fidelis Mache. "Inferring The Cost Of Equity: Does The CAPM Consistently Outperform The Income And Multiples Valuation Models?" Journal of Applied Business Research (JABR) 34, no. 3 (2018): 519–32. http://dx.doi.org/10.19030/jabr.v34i3.10174.

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A number of surveys reveal that a large number of analysts, valuation experts, investors, chief financial officers and finance academics employ the capital asset pricing model (CAPM) of Sharpe (1962) and Lintner (1965) to estimate the cost of equity. There are, however, a number of alternative valuation models that can be used to infer the cost of equity. These alternative equity valuation models include the constant growth dividend discount, the earnings and book market multiples, the residual income and the Ohlson and Juettner-Nauroth (2005) abnormal earnings growth (AEG) models. Using four

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Skogsvik, Kenth, and Beate E. Juettner-Nauroth. "A note on accounting conservatism in residual income and abnormal earnings growth equity valuation." British Accounting Review 45, no. 1 (2013): 70–80. http://dx.doi.org/10.1016/j.bar.2012.12.001.

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Hope, Ole-Kristian, and Tony Kang. "The Role of “Other Information” in the Valuation of Foreign Income for U.S. Multinationals." Journal of Accounting, Auditing & Finance 20, no. 4 (2005): 355–77. http://dx.doi.org/10.1177/0148558x0502000403.

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In this paper, we examine investors' valuation of the domestic and foreign components of total earnings after controlling for information beyond current earnings. Our sample consists of U.S. multinationals during the 1985-2002 period. In a prior study, Bodnar and Weintrop (1997) find that investors place a higher weight on foreign earnings than on domestic earnings in valuing securities, and that this finding can be explained in part by the higher growth opportunities in foreign markets. While this explanation is intuitively appealing, other possible explanations include the varying importance

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Easton, Peter D. "PE Ratios, PEG Ratios, and Estimating the Implied Expected Rate of Return on Equity Capital." Accounting Review 79, no. 1 (2004): 73–95. http://dx.doi.org/10.2308/accr.2004.79.1.73.

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I describe a model of earnings and earnings growth and I demonstrate how this model may be used to obtain estimates of the expected rate of return on equity capital. These estimates are compared with estimates of the expected rate of return implied by commonly used heuristics—viz., the PEG ratio and the PE ratio. Proponents of the PEG ratio (which is the price-earnings [PE] ratio divided by the short-term earnings growth rate) argue that this ratio takes account of differences in short-run earnings growth, providing a ranking that is superior to the ranking based on PE ratios. But even though

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Ausloos, Marcel. "Valuation Models Applied to Value-Based Management—Application to the Case of UK Companies with Problems." Forecasting 2, no. 4 (2020): 549–65. http://dx.doi.org/10.3390/forecast2040029.

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Many still rightly wonder whether accounting numbers affect business value. Basic questions are “why?” and “how?” We aim at promoting an objective choice on how optimizing the most suitable valuation methods under a “value-based management” framework through some performance measurement systems. First, we present a comprehensive review of valuation methods. Three valuations methods, (i) Free Cash Flow Valuation Model (FCFVM), (ii) Residual Earning Valuation Model (REVM) and (iii) Abnormal Earning Growth Model (AEGM), are presented. We point out advantages and limitations. As applications, the

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Amelia, Novi, Yurniwati Yurniwati, and Rahmat Febrianto. "Pengumuman Laba Kuartalan dan Respon Investor saat Pandemi Covid-19 di Indonesia: Sebuah Studi Peristiwa." Ekonomis: Journal of Economics and Business 6, no. 1 (2022): 311. http://dx.doi.org/10.33087/ekonomis.v6i1.526.

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This research aims to examine and prove empirically the effect of the announcement of quarterly earnings information during the Covid-19 pandemic on investor responses by using event studies. The dependent variable in this study is the investor's response as measured by cumulative abnormal return (CAR). The observation window used in this study was 7 days, namely three days before the announcement and three days after the announcement. The independent variable is the announcement of quarterly earnings as measured by unexpected earnings (EU). This study also examines the effect of changes in qu

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Rajpurohit, Punita, and Parag Rijwani. "The Impact of Firm Characteristics on Earnings Management: A Study of Firms Listed in India." Journal of Commerce and Accounting Research 13, no. 2 (2024): 38–49. http://dx.doi.org/10.21863/jcar/2024.13.2.004.

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This study examines the impact of firm characteristics on earnings management (EM) using a sample of listed non-financial firms in India. First, we take a comprehensive perspective to estimate EM focusing on total accruals, current accruals and specific accruals. Second, we examine firm characteristics such as size, leverage, performance, growth opportunities and industry membership that are potentially related to accruals EM. We find that: 1) Large firms and firms with high performance have higher accruals quality. 2) Firms with higher growth opportunities have lower accruals quality. 3) Firm

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Ho, Kung-Cheng, Shih-Cheng Lee, Chien-Ting Lin, and Min-Teh Yu. "A Comparative Analysis of Accounting-Based Valuation Models." Journal of Accounting, Auditing & Finance 32, no. 4 (2016): 561–75. http://dx.doi.org/10.1177/0148558x15623043.

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We empirically compare the reliability of the dividend (DIV) model, the residual income valuation (CT, GLS) model, and the abnormal earnings growth (OJ) model. We find that valuation estimates from the OJ model are generally more reliable than those from the other three models, because the residual income valuation model anchored by book value gets off to a poor start when compared with the OJ model led by capitalized next-year earnings. We adopt a 34-year sample covering from 1985 to 2013 to compare the reliability of valuation estimates via their means of absolute pricing errors ( MAPE) and

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Tseng, K. C. "ABNORMAL STOCK RETURNS: EFFECTS OF LOW PRICE, PRICE-EARNINGS RATIO, MARKET VALUE, AND EPS GROWTH RATE." Financial Review 21, no. 3 (1986): 88. http://dx.doi.org/10.1111/j.1540-6288.1986.tb00752.x.

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Desai, Hemang, Shivaram Rajgopal, and Mohan Venkatachalam. "Value-Glamour and Accruals Mispricing: One Anomaly or Two?" Accounting Review 79, no. 2 (2004): 355–85. http://dx.doi.org/10.2308/accr.2004.79.2.355.

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We investigate whether the accruals anomaly is a manifestation of the glamour stock phenomenon documented in the finance literature. Value (glamour) stocks, characterized by low (high) past sales growth, high (low) book-to-market (B/M), high (low) earnings-to-price (E/P), and high (low) cash flow-to-price (C/P), are known to earn positive (negative) future abnormal returns. Note that “C” or cash flow is operationalized in the finance literature as earnings adjusted for depreciation. Sloan (1996) shows that firms with low (high) total accruals earn positive (negative) future abnormal returns. W

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Heggen, Campbell, and Gerard Gannon. "Information leakage and informed trading around unscheduled earnings announcements." Corporate Ownership and Control 6, no. 2 (2008): 143–63. http://dx.doi.org/10.22495/cocv6i2p12.

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While there has been much judicial discussion regarding the competency of Australia’s continuous disclosure regime with reference to contemporaneous international standards, there has to date been limited empirical analysis of the Australian system’s effectiveness in preventing selective disclosure and information leakage. This paper presents an empirical study of information content and trading behavior around unscheduled earnings announcements – comprising of profit upgrades, profit warnings and neutral trading statements – made by ASX-listed companies during 2004. The contention is that inf

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Gan, Christopher, Chao Bian, Damon Wu, and David A. Cohen. "Determinants of share returns following repurchase announcements in China." Investment Management and Financial Innovations 14, no. 2 (2017): 4–18. http://dx.doi.org/10.21511/imfi.14(2).2017.01.

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By combining the market model with the three-factor model, this study investigates firms’ share returns after the announcement of share repurchase. Employing data for China’s A-share market, this study’s sample utilizes 417 share repurchase announcements over the period of 2000 to 2012. Empirical results show that firms with higher sales growth rates are more likely to send a positive signal to the market through their share repurchase efforts. Analysis also shows that the higher a firm’s price-to-earnings ratio (utilized as a measure of overvaluation), the lower the firm’s cumulative abnormal

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Ekawati, Erni. "The Link of Abnormal Accrual Mispricing and Value- Glamour Stock Anomaly: Evidence from the Indonesian Capital Market." Gadjah Mada International Journal of Business 14, no. 1 (2012): 77. http://dx.doi.org/10.22146/gamaijb.5438.

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The purpose of this study is to investigate whether abnormal accrual mispricing acknowledged in accounting literature is a manifestation of documented value-glamour anomaly in finance literature. This study proposes the traditional value-glamour proxies (sales growth, book-to-market, earningprice, cash flows-price, and size) and CFO/P ratio (ratio of operating cash flows and stock price) to explain the mispricing of abnormal accruals. Using a sample of 540 firm-year observations of companies listed on the Jakarta Stock Exchange (JSE) from the period of 1993 to 2003, the study finds that indivi

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Chang, Chia-Lin. "Editorial for Applied Econometrics." Journal of Risk and Financial Management 13, no. 9 (2020): 187. http://dx.doi.org/10.3390/jrfm13090187.

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This Editorial evaluates 14 invaluable and interesting articles in the Special Issue “Applied Econometrics” for the Journal of Risk and Financial Management (JRFM). The topics covered include recovering historical inflation data from postage stamps prices, FHA loans in foreclosure proceedings through distinguishing sources of interdependence in competing risks, information in earnings forecasts, nonlinear time series modeling, a systemic approach to management control through determining factors, economic freedom and FDI versus economic growth, efficient cash use of the Taiwan dollar, financia

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Sun, Lan. "Accrual mispricing in the era of corporate governance reforms." Asian Review of Accounting 28, no. 3 (2020): 373–94. http://dx.doi.org/10.1108/ara-08-2019-0143.

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PurposeThis study is primarily motivated by the increasing concern of the academic, practitioners, regulators and standard setters regarding the quality of earnings and financial reporting. The purpose is to investigate whether the accrual anomaly exists in Australia; whether the occurrence of the accrual anomaly is attributed to the discretionary accruals component stemming from managerial discretion; and the impact of corporate governance reforms on accrual mispricing.Design/methodology/approachThis study employs the Mishkin (1983) rational expectations test to examine whether the earnings e

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Patria, Wiyan, and Rossje V. Suryaputri. "ANALYSIS OF THE INFLUENCE OF CORPORATE SOCIAL RESPONSIBILITY ON CORPORATE PERFORMANCE (Empirical Study on Manufacture Companies Listed on Stock Exchanges in Indonesia Periode 2010 - 2012 )." Jurnal Akuntansi Trisakti 1, no. 1 (2014): 78. http://dx.doi.org/10.25105/jat.v1i1.4803.

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<span class="fontstyle0">The purpose of this study is to determine the influence of corporate social responsibility on corporate performance. Samples were taken as much as 252 which consists of 84 companies listed on the Indonesia Stock Exchange in 2010- 2012. The variables used in this study are (ROE (return on equity), CSR (corporate social responsibility), CAR (Cumulative abnormal returns. DER (debt to equity ratio), SG (Sales growth), Beta, EU (Unexpected earnings ) as control variables.The results Showed that CSR does not have a significant influence on Return On Equity (ROE) as a m

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I’Ons, T., and M. Ward. "The use of price-to-earnings-to-growth (PEG) ratios to predict share performance on the JSE." South African Journal of Business Management 43, no. 2 (2012): 1–10. http://dx.doi.org/10.4102/sajbm.v43i2.179.

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The effectiveness of the Price Earnings Growth ratio as a valuation tool has been a topical debate amongst analysts ever since being popularised by Lynch (1989). This study examines the appropriateness of the fair value criteria of a PEG of 1,0, as proposed by Lynch (PEGL), and compares this with the time-series based, share specific model, proposed by Trombley (2008) (PEGT). In addition, the study analyses several factors which influence the accuracy of analyst’s forecasts (viz. the number of analysts’ contributions, the dispersion of forecasts and the forecast horizon), with the objective of

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Lei, Qiuyuan, Muhammad Umer Quddoos Attari, Mustansar Hayat, Muhammad Munir Ahmad, Abdul Haseeb, and Amir Rafique. "Mapping the Themes Underlying the Literature on Cross-Listing of Shares—A Contemporary Corporate Strategy of Sustainable Growth." Sustainability 15, no. 12 (2023): 9316. http://dx.doi.org/10.3390/su15129316.

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In the current era of globalization, cross-listing literature has been growing as a tool to achieve sustainable growth and provide policy implications for multinationals, international investors, and regulators. This research explores the three themes—influential aspects, intellectual structure, and conceptual structure—that underpin the growing cross-listing-based literature published in the Web of Sciences until July 2020. This study used bibliometric coupling to segregate the research front of cross-listing and then studied each theme’s conceptual structure and influential aspects separatel

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Jorgensen, Bjorn N., Yong Gyu Lee, and Yong Keun Yoo. "The Valuation Accuracy of Equity Value Estimates Inferred from Conventional Empirical Implementations of the Abnormal Earnings Growth Model: US Evidence." Journal of Business Finance & Accounting 38, no. 3-4 (2011): 446–71. http://dx.doi.org/10.1111/j.1468-5957.2011.02241.x.

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Luo, Miao, Tao Chen, and Jun Cai. "Stock return predictability when growth and accrual measures are negatively correlated." China Finance Review International 9, no. 3 (2019): 401–22. http://dx.doi.org/10.1108/cfri-04-2018-0032.

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Purpose For most companies, growth measures such as asset growth are positively correlated with accrual measures. Just like investment in fixed assets, current accrual represents one form of investment and is an integral part of a firm’s business growth. This makes it difficult to distinguish between the growth-based and earnings quality-based interpretations of the accrual effects, because high accruals can represent both high growth and inflated earnings. The purpose of this paper is to add to the literature by examining an issue that has not received much attention: the correlation between

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Chi, Sabrina S., Morton Pincus, and Siew Hong Teoh. "Mispricing of Book-Tax Differences and the Trading Behavior of Short Sellers and Insiders." Accounting Review 89, no. 2 (2013): 511–43. http://dx.doi.org/10.2308/accr-50644.

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ABSTRACT We find evidence that investors misprice information contained in book-tax differences (BTDs), measured as the ratio of taxable income to book income, TI/BI. Low TI/BI predicts worse earnings growth and abnormal stock returns than high TI/BI. We find that short sellers and insiders arbitrage BTD mispricing, but the arbitrage is imperfect because of constraints on short selling and insider trading. Under SFAS No. 109 the predictability is stronger for TEMP/BI, the temporary component of TI/BI, which reflects greater managerial discretion. The results are incremental to a large set of k

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Ferreira, Eric Serrano, Valcemiro Nossa, Bruno Cesar Aurichio Ledo, Arilda Magna Campanharo Teixeira, and Alexsandro Broedel Lopes. "Comparison of the Residual Income Valuation, Abnormal Earnings Growth and Free Cash Flow Models: An empirical study of the Brazilian capital market." Brazilian Business Review 5, no. 2 (2008): 143–62. http://dx.doi.org/10.15728/bbr.2008.5.2.5.

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Satria, Hendy, and Jeni Jeni. "PENGARUH KONVERGENSI IFRS TERHADAP MANAJEMEN LABA PADA PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BURSA EFEK INDONESIA." Jurnal Benefita 5, no. 2 (2020): 275. http://dx.doi.org/10.22216/jbe.v5i2.4645.

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<p><em>This research was conducted to determine the influence of IFRS convergence on earnings management. The main variable in this research is IFRS convergence. This research also use variable control to get other different influences such as size, growth, leverage and return on equity. The objects selected for this research are 32 samples of manufacture companies listed in Indonesia Stock Exchange with observation for 4 years totaling 128 observation samples, but because the data shows abnormal so researcher have done a data reduction using outliers test and the total sample obta

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Aldo, Nikolas, and Ratnawati Kurnia. "Right Issue: The Impact to Abnormal Return, Share Liquidity and Company's Financial Performance (Empirical Study at Companies listed at Indonesia Stock Exchange)." Global Journal of Business and Social Science Review Vol. 2(4) 2014 2, no. 4 (2014): 01–08. http://dx.doi.org/10.35609/gjbssr.2014.2.4(1).

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Objective - The aim of this research is to analyse the difference of abnormal returns, shares liquidity proxies by trading volume activity and a company financial performance proxies by current ratio and price earnings ratio before and after the rights issue. Methodology/Technique - Samples were taken by purposive sampling. Number of samples are 26 companies listed on the Indonesia Stock Exchange that take the right issue for the year 2006 -2012. Testing of the hypothesis was done by using paired sample t-test for normally distributed data and Wilcoxon signed rank test for data that are not no

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Bergner, Jason, Marcus R. Brooks, and Binod Guragai. "Examining the Decision to Opt In versus Opt Out of Section 107 of the JOBS Act of 2012: Determinants and Consequences." Accounting and Finance Research 8, no. 2 (2019): 108. http://dx.doi.org/10.5430/afr.v8n2p108.

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The Jumpstart Our Business Startups Act of 2012 (hereafter, JOBS Act) creates a new category of firms, referred to as “Emerging Growth Companies” (hereafter, EGCs). Section 107 of the JOBS Act, titled “Opt-In Right for EGCs,” gives EGCs the choice to take advantage of an extended transition period for complying with new or revised accounting standards. In other words, an EGC can choose to delay the adoption of new or revised accounting standards until those standards would otherwise apply to private companies. Using a logistic regression approach with hand-collected data, we examine the underl

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Ahmed, Anwer S., Richard M. Morton, and Thomas F. Schaefer. "Accounting Conservatism and the Valuation of Accounting Numbers: Evidence on the Feltham-Ohlson (1996) Model." Journal of Accounting, Auditing & Finance 15, no. 3 (2000): 271–92. http://dx.doi.org/10.1177/0148558x0001500305.

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We empirically investigate the effects of accounting conservatism on (1) the stock market valuation of operating assets in the context of the Feltham-Ohlson (1996) model and (2) the weight on operating assets in the Feltham-Ohlson abnormal operating earnings dynamics (hereafter referred to as the LIM conservatism parameter). Consistent with the Feltham-Ohlson (1996) model, we find that accounting-based conservatism proxies are positively related to the valuation weight on operating assets. Furthermore, the accounting-based conservatism proxies have incremental explanatory power even after cont

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Ghani, WaQar, and Samuel Szewczyk. "Impact of EVA Adoption on Long-Term Shareholder Value: An Empirical Investigation." Journal of Finance Issues 10, no. 2 (2012): 40–57. http://dx.doi.org/10.58886/jfi.v10i2.2308.

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Our study examines Economic Value Added metric’s link to long term shareholder value creation. We assume that EVA adoption directs a positive change in managerial behavior that in turn affects long-term value generation. Unlike most prior research that uses only one sample, we employ two samples. The first sample is based on 57 U.S. firms that Stern Stewart & Company has posted on its website. They report that these firms have achieved superior financialperformance as a consequence of the adoption of EVA for the 1994-98 periods. The second sample is based on 178 U.S. firms’ proxy statement

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Fedyk, Tatiana, and Natalya Khimich. "R&D investment decisions of IPO firms and long-term future performance." Review of Accounting and Finance 17, no. 1 (2018): 78–108. http://dx.doi.org/10.1108/raf-09-2016-0147.

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Purpose The purpose of this paper is to link valuation of different accounting items to research and development (R&D) investment decisions and investigate how suboptimal R&D choices during initial public offering (IPO) are linked to future operating and market underperformance. Design/methodology/approach For firms with substantial growth opportunities, accounting net income is a poor measure of the firm’s performance (Smith and Watts, 1992). Therefore, other metrics such as R&D intensity are used by investors to evaluate firms’ performance. This leads to a coexistence of two stra

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Ningsih, Suhesti, and Johny Subarkah. "Aplikasi Real Earning Management Melalui Faktor-Faktor Internal pada Perusahaan Go Public yang Terindeks Di JII." Jurnal Akuntansi dan Pajak 19, no. 1 (2018): 89. http://dx.doi.org/10.29040/jap.v19i1.225.

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Penelitian ini bertujuan untuk untuk mengetahui pengaruh faktor Internal perusahaan terhadap real earning management pada perusahaan go public yang terdaftar di Jakarta Islamic Indeks (JII). Proksi faktor internal yang digunakan adalah ROA, pertumbuhan penjualan (growth) dan ukuran perusahaan (size). Sedangkan proksi manajemen laba riil menggunakan abnormal cash flow operations (CFO), abnormal production cost dan Abnornal discretionary expenses. Metode analisis yang digunakan dalam penelitian ini analisis regresi linear berganda. Hasil penelitian ini menunjukkan bahwa faktor profitabilitas (RO

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Dudney, Donna M., Benjamas Jirasakuldech, Thomas Zorn, and Riza Emekter. "Do residual earnings price ratios explain cross-sectional variations in stock returns?" Managerial Finance 41, no. 7 (2015): 692–713. http://dx.doi.org/10.1108/mf-07-2013-0179.

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Purpose – Variations in price/earnings (P/E) ratios are explained in a rational expectations framework by a number of fundamental factors, such as differences in growth expectations and risk. The purpose of this paper is to use a regression model and data from four sample periods (1996, 2000, 2001, and 2008) to separate the earnings/price (E/P) ratio into two parts – the portion of E/P that is related to fundamental determinants and a residual portion that cannot be explained by fundamentals. The authors use the residual portion as an indicator of over or undervaluation; a large negative resid

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Raifur Kos, Sonia, Jorge Eduardo Scarpin, and Pedro João Kabucussa. "Relevância da informação contábil em empresas dos Brics e EUA." Enfoque: Reflexão Contábil 36, no. 3 (2017): 101. http://dx.doi.org/10.4025/enfoque.v36i3.34470.

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A busca por informações contábeis relevantes tem sido intensa pelos órgãos normalizadores nos últimos anos, os quais têm buscado estabelecer normas que tornem a informação contábil relevante e possa ser utilizada de forma segura no processo decisório, principalmente considerando as decisões relacionadas ao mercado de capitais. Nessa linha, James Ohlson propôs modelos de avaliação de empresas baseados em números contábeis. O objetivo deste estudo é verificar as diferenças na Relevância da Informação Contábil no mercado de capitais dos países Brasil, Rússia, Índia, China e África do Sul (BRICS)

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