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Earnings Components, Accounting Bias and Equity Valuation
Review of Accounting Studies, 2005In this paper we address three issues in accounting-based equity valuation: (i) How are valuation parameters related to earnings persistence and accounting conservatism when earnings components aggregate, or “add up”, in valuation? (ii) What does aggregation of earnings components in valuation imply for abnormal earnings dynamics?
Pope, P F, Wang, P
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Earnings Announcements and the Components of the Bid-Ask Spread
The Journal of Finance, 1996ABSTRACTThis study investigates the behavior of the components of the bid‐ask spread around earnings announcements. We find that the adverse selection cost component significantly increases surrounding the announcements, while the inventory holding and order processing components significantly decline during the same periods.
Krinsky, Itzhak, Lee, Jason
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The persistence of earnings and earnings components after the adoption of IFRS
Managerial Finance, 2010PurposeThis paper seeks to examine the persistence of earnings and earnings components after the adoption of International Financial Reporting Standards (IFRS).Design/methodology/approachThe study analyses two years before and two years after the adoption of IFRS in order to examine whether the adoption of IFRS materially affects the persistence, as ...
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Journal of Accounting and Economics, 1992
Abstract Previous research has generally estimated unexpected earnings as the change relative to the previous year, assuming that shocks to annual earnings are purely permanent. In the presence of transitory components of annual earnings, we predict that using earnings changes as a proxy for unexpected earnings causes earnings response coefficients ...
Ashiq Ali, Paul Zarowin
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Abstract Previous research has generally estimated unexpected earnings as the change relative to the previous year, assuming that shocks to annual earnings are purely permanent. In the presence of transitory components of annual earnings, we predict that using earnings changes as a proxy for unexpected earnings causes earnings response coefficients ...
Ashiq Ali, Paul Zarowin
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The Information Contained in the Components of Earnings
Journal of Accounting Research, 1986This study investigates the relations between components of accounting earnings and stock returns1 by testing two hypotheses. The first is whether six commonly reported components of earnings provide additional information that is not contained in the earnings figure.
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Persistence of earnings and earnings components: Evidence from the emerging capital market of Egypt
International Journal of Disclosure and Governance, 2010The persistence of earnings and earnings components has spawned a growing body of research in developed markets. However, little is empirically known about this fundamental issue in emerging markets. The purpose of the study is to examine the persistence of earnings in Egypt, an emerging capital market, and whether earnings persistence is more ...
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Analystss Earnings Surprise Components and Future Earnings Performance
SSRN Electronic Journal, 2016Our paper examines the association between components of analysts’ earnings surprises and future earnings. We decompose the analysts’ earnings surprise into its revenue, pretax margin, pretax income, and tax components. After controlling for current period earnings and discretionary accruals, we find that each component is positively associated with ...
Michael Calegari, Michael Eames
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Earnings Management Through OCI Components
SSRN Electronic Journal, 2017This study examines whether firms transfer income between the income statement and other comprehensive income (OCI) to manage earnings. The results are consistent with managers opportunistically reclassifying income as OCI and OCI as income. Specifically, we find that firms strategically designate and de-designate derivatives in cash flow hedges to ...
Raluca Chiorean +2 more
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Discretionary Reporting of Earnings Components
SSRN Electronic Journal, 1998This paper provides evidence that in quarterly earnings announcements, managers use discretion to strategically report a large, transitory component of prior-period earnings. Managers are more likely to report separately a prior-period transitory gain from the sale of property, plant, and equipment (PPE) than to report a loss.
Catherine M. Schrand, Beverly R. Walther
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Estimating earnings trend using unobserved components framework
Economics Letters, 2009Regressions for predicting long-term stock returns often use moving averages of earnings to proxy for unobserved future earnings. We show that the earnings trend can be directly estimated using unobserved components models. Valuation ratios based on the estimated trends improve the fit of stock return predictive regressions.
Arabinda Basistha, Alexander Kurov
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