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The Effects Of Nonlinear Returns Earnings Relation On Empirical Research
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Book Synopsis The Effects of Nonlinear Returns-Earnings Relation on Empirical Research by : Daqing Dave Qi
Download or read book The Effects of Nonlinear Returns-Earnings Relation on Empirical Research written by Daqing Dave Qi and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper first investigates the relation between stock returns and accounting earnings under the assumption that the function that maps unexpected earnings into stock returns is nonlinear and then examines what are the likely effects of not controlling for such non-linearity on empirical studies that assume a linear returns-earnings relation. A parsimonious nonlinear model is developed and used to analyze the effects of the non-linearity in the returns-earnings relation on empirical studies. Annual data are used for hypothesis testing and statistical analysis is based on the intertemporal distribution of coefficients from annual regressions.
Book Synopsis Earnings, Cashflows and Returns by : Peta Stevenson-Clarke
Download or read book Earnings, Cashflows and Returns written by Peta Stevenson-Clarke and published by . This book was released on 2000 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The relation between stock returns, earnings and cashflows is of importance because it directly addresses the issue of whether accounting data provide value relevant information. The empirical evidence to date, however, has documented low explanatory power for earnings and inconclusive incremental information content for cashflows. This research re-evaluates the incremental information content debate using Australian data. Our research is motivated by: recent innovations in research design, including the specification of nonlinear functional relations between accounting variables and prices, and the fact that differences in firm size characteristics may influence the relative information content of the accounting variables. We observe that: (i) a nonlinear functional relation provides greater explanatory power for both earnings and cash flows; (ii) the results are consistent with more transitory earnings components for smaller firms; and (iii) contrary to received theory, cashflows add greater incremental explanatory power for large firms.
Book Synopsis The Impact of Alternative Forms of Earnings Management on the Returns-Earnings Relation by : Mandira Roy Sankar
Download or read book The Impact of Alternative Forms of Earnings Management on the Returns-Earnings Relation written by Mandira Roy Sankar and published by . This book was released on 1999 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the impact of the management of reported earnings on the returns-earnings relationship. Two alternative types of earnings management behavior are modeled: myopic earnings management and income smoothing.In each setting, the manager of a firm privately observes the realized earnings of the firm and issues earnings reports, which may be biased relative to realized earnings. Under myopic earnings management (MEM), the manager has a short term planning horizon and always biases reported earnings upwards by the maximum amount possible. Under income smoothing (IS), on the other hand, the manager has a longer term planning horizon and thus trades off current gains against possible future gains. In this setting the manager underreports when realized earnings are high and over-reports when realized earnings are low.The returns-earnings relationships are characterized under the two type of earnings management setting, and are shown to differ both in average slope and shape. The slope of the returns-earnings relationship, or its earnings response coefficient (ERC) under MEM is, on average, lower than if the earnings report was not managed (UR). Under IS, on the other hand, the ERC is higher, on average, than under UR. Further, under MEM the returns-earnings relationship is convex for positive earnings surprises and concave for negative earnings surprises. In contrast, under IS the returns-earnings relationship is concave for positive earnings surprises and convex for negative earnings surprises.The above characterization of the returns-earnings relationship under IS is consistent with (and provides an alternative explanation for) the S-shape documented in prior empirical studies. However, the returns-earnings relationship characterized under MEM has a lower average slope and a different shape. Thus, the results in this paper highlight the importance of conditioning any specification of the returns-earnings relationship on the type of earnings management in existence. Furthermore, this paper provides explicit non-linear functional forms for the returns-earnings relationship under each type of earnings management.
Book Synopsis Journal of Accounting & Economics by :
Download or read book Journal of Accounting & Economics written by and published by . This book was released on 1997 with total page 932 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Computational Finance by : Jin-Chuan Duan
Download or read book Handbook of Computational Finance written by Jin-Chuan Duan and published by Springer Science & Business Media. This book was released on 2011-10-25 with total page 791 pages. Available in PDF, EPUB and Kindle. Book excerpt: Any financial asset that is openly traded has a market price. Except for extreme market conditions, market price may be more or less than a “fair” value. Fair value is likely to be some complicated function of the current intrinsic value of tangible or intangible assets underlying the claim and our assessment of the characteristics of the underlying assets with respect to the expected rate of growth, future dividends, volatility, and other relevant market factors. Some of these factors that affect the price can be measured at the time of a transaction with reasonably high accuracy. Most factors, however, relate to expectations about the future and to subjective issues, such as current management, corporate policies and market environment, that could affect the future financial performance of the underlying assets. Models are thus needed to describe the stochastic factors and environment, and their implementations inevitably require computational finance tools.
Book Synopsis Earnings quality and earnings management by : Sanjay Wikash Bissessur
Download or read book Earnings quality and earnings management written by Sanjay Wikash Bissessur and published by Rozenberg Publishers. This book was released on 2005 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Labor Economics by : Orley Ashenfelter
Download or read book Handbook of Labor Economics written by Orley Ashenfelter and published by Elsevier. This book was released on 1999-11-18 with total page 800 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to the continually evolving field of labour economics.
Book Synopsis A Study of Intertemporal Variation in Earnings Response Coefficients by : Douglas Clifford Cerf
Download or read book A Study of Intertemporal Variation in Earnings Response Coefficients written by Douglas Clifford Cerf and published by . This book was released on 1991 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Stochastic Precision and Market Reactions to Earnings Announcements by : K. R. Subramanyam
Download or read book Stochastic Precision and Market Reactions to Earnings Announcements written by K. R. Subramanyam and published by . This book was released on 1993 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Nonlinear Aggregation on the Relationship Between Inequality and Growth by : Pedro H. Albuquerque
Download or read book The Effects of Nonlinear Aggregation on the Relationship Between Inequality and Growth written by Pedro H. Albuquerque and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known from nonlinear aggregation theory that cross-sectional distributions play a central role in the determination of aggregate relations. This paper establishes a bridge between the aggregation and the inequality and growth literature by applying a log-linear aggregation method to a simple heterogeneous AK growth model. The aggregation effect is explicitly captured in the growth equation by the changes of the mean logarithmic deviation (MLD or Theil's second measure) of the income, implying that increases in income inequality may be unambiguously associated with temporary increases in a country's growth rate. Consequently, empirical studies of the long-run effects of income inequality may suffer from aggregation bias if the temporary effects of the MLD changes are not considered. As an empirical application, it is suggested that Brazil and China exhibited periods during which significant increases in growth rates were temporary and resulted, at least in part, from large increases in inequality.
Book Synopsis Poverty Traps and Nonlinear Income Dynamics with Measurement Error and Individual Heterogeneity by :
Download or read book Poverty Traps and Nonlinear Income Dynamics with Measurement Error and Individual Heterogeneity written by and published by World Bank Publications. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting for Uncertain Educational Outcomes in Estimating the Return to Education by : Joseph G. Altonji
Download or read book Accounting for Uncertain Educational Outcomes in Estimating the Return to Education written by Joseph G. Altonji and published by . This book was released on 1990 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relationship Between Earnings Events and Returns by : Dashin Chou
Download or read book The Relationship Between Earnings Events and Returns written by Dashin Chou and published by . This book was released on 1999 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Encyclopedia of Finance by : Cheng-Few Lee
Download or read book Encyclopedia of Finance written by Cheng-Few Lee and published by Springer Nature. This book was released on 2022-09-12 with total page 2746 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Encyclopedia of Finance comprehensively covers the broad spectrum of terms and topics relating finance from asset pricing models to option pricing models to risk management and beyond. This third edition is comprised of over 1,300 individual definitions, chapters, appendices and is the most comprehensive and up-to-date resource in the field, integrating the most current terminology, research, theory, and practical applications. It includes 200 new terms and essays; 25 new chapters and four new appendices. Showcasing contributions from an international array of experts, the revised edition of this major reference work is unparalleled in the breadth and depth of its coverage.
Book Synopsis Nonlinear Modeling of Economic and Financial Time-Series by : Fredj Jawadi
Download or read book Nonlinear Modeling of Economic and Financial Time-Series written by Fredj Jawadi and published by Emerald Group Publishing. This book was released on 2010-12-17 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents researches in linear and nonlinear modelling of economic and financial time-series. This book provides a comprehensive understanding of financial and economic dynamics in various aspects using modern financial econometric methods. It also presents and discusses research findings and their implications.
Book Synopsis Non-linearity Between Returns and Earnings by : Antti J. Kanto
Download or read book Non-linearity Between Returns and Earnings written by Antti J. Kanto and published by . This book was released on 1994 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Management by : Joshua Ronen
Download or read book Earnings Management written by Joshua Ronen and published by Springer Science & Business Media. This book was released on 2008-08-06 with total page 587 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
