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Mandatory Earnings Disaggregation and the Persistence and Pricing of Earnings Components
The International Journal of Accounting, 2013We investigate whether the special item anomaly in the U.S. exists in an environment where the separation of non-recurring items from earnings is mandated. We use South African data, as the separate disclosure of specific non-recurring items has been mandatory since 2000.
Elmar R. Venter +2 more
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Journal of Accounting, Auditing & Finance, 1993
This study proposes the unobservable components (UC) model as a conceptually and statistically superior approach to modeling the stochastic properties of accounting earnings. Based on the UC model, accounting earnings are decomposed into permanent and transitory components and the earnings-return relation using these components is reexamined. Once the
K. Ramesh, S. Ramu Thiagarajan
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This study proposes the unobservable components (UC) model as a conceptually and statistically superior approach to modeling the stochastic properties of accounting earnings. Based on the UC model, accounting earnings are decomposed into permanent and transitory components and the earnings-return relation using these components is reexamined. Once the
K. Ramesh, S. Ramu Thiagarajan
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Audit quality and market pricing of earnings and earnings components in China
Asian Review of Accounting, 2014Purpose – The purpose of this paper is to investigate the effect of audit quality on the market pricing of earnings and earnings components in China. Design/methodology/approach – The paper measures audit quality using three tiers of audit firm designation, namely
Ahsan Habib, Haiyan Jiang, Donghua Zhou
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Persistence of Earnings Components and Price Momentum
SSRN Electronic Journal, 2018This study investigates whether the performance of stock price momentum is affected by factors associated with the persistence of earnings components. We find that stocks with high accruals (or low cash flows) generate higher momentum payoffs than low accruals (or high cash flows) stocks, and the additional momentum payoffs are mostly attributable to ...
Fangming Xu, Cheng Zeng, Liyi Zheng
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Evidence on the Management of Earnings Components
Journal of Accounting, Auditing & Finance, 2001Although recent studies provide convincing evidence that firms manage earnings to achieve certain reporting objectives, there is only limited evidence on what steps firms take to manage their earnings. This paper presents evidence as to which components firms use to manage bottom-line, reported earnings.
Elizabeth Plummer, David P. Mest
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Implications of the cash component of earnings for earnings persistence and stock returns
The British Accounting Review, 2016Abstract The main objective of this paper is to examine the persistence, pricing and economic significance of the cash component of earnings in U.K. listed firms from 1981 to 2013. In so doing, we break down the cash component of earnings into changes in the cash balance and into issuances/distributions to debtholders and equity holders. We find that
Panagiotis G. Artikis +1 more
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The Accounting Review, 2000
This paper provides evidence that managers strategically select the prior-period earnings amount that is used as a benchmark to evaluate current-period earnings in quarterly earnings announcements. Managers are more likely to separately announce a prior-period gain from the sale of property, plant, and equipment (PPE) than a loss.
Catherine M. Schrand, Beverly R. Walther
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This paper provides evidence that managers strategically select the prior-period earnings amount that is used as a benchmark to evaluate current-period earnings in quarterly earnings announcements. Managers are more likely to separately announce a prior-period gain from the sale of property, plant, and equipment (PPE) than a loss.
Catherine M. Schrand, Beverly R. Walther
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Inferring Analysts' Information about Changes in Earnings Components*
SSRN Electronic Journal, 2004This paper develops a technique to infer the accuracy of analysts' forecasts of different components of earnings when databases contain forecasts of only bottom line (or limited component) earnings forecasts. We focus our analysis on three components - sales, operating profit percentage, and effective tax rates - and find that larger changes in all ...
David A. Guenther +2 more
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Stationary Components of Earnings and Stock Prices
SSRN Electronic Journal, 2001I estimate a model for earnings containing a cyclical (stationary) component, in addition to a random walk trend modeled in extant studies, and investigate the extent to which the earnings cycle is capitalized in stock price. I estimate the cyclical component utilizing the Kalman filter.
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Tax Aggressiveness and Earnings Persistence and Its Components
SSRN Electronic Journal, 2019The objective of this research is to analyze if companies with higher tax aggressiveness have different levels of earnings persistence components, specifically: i) book-tax differences and ii) tax profit. The study period was from 2010 to 2016, involving Brazilian companies listed on B3.
Ederaldo Lima +2 more
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