排序方式: 共有7条查询结果,搜索用时 0 毫秒
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This study investigates the relative roles of bond ratings and financial information in the setting of bond yields. Structural equation modeling techniques are used to learn whether ratings determine yields or whether both ratings and yields are determined by a concurrent set of economic and financial factors. Tests of alternative structural model configurations provide evidence regarding the associations between bond ratings, financial information, and bond yields. Both ratings and financial information are found to play an important role in determining bond yields. In addition, yields are consistent with the higher rating in cases of split ratings. 相似文献
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Gillian Hian Heng Yeo David A. Ziebart 《Review of Quantitative Finance and Accounting》1995,5(1):5-25
This study examines the inferential bias due to the failure to control for self-selection when studying the market's reaction to management earnings forecasts. The analysis is conducted by controlling for self-selection and comparing the results to those obtained when self-selection is not controlled. This comparison suggests that the overall inference of a market reaction to the management forecast issuance does not change. However, the statistical significance declines when self-selection is considered. Since the issuance of a management forecast is an obvious self-selection, the results of this study suggest that self-selection should be considered and evaluated in quasi-experimental studies in accounting and finance. 相似文献
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Jong-Hag Choi Linda A. Myers Yoonseok Zang David A. Ziebart 《Review of Accounting Studies》2011,16(1):143-182
Using 18,253 firm-year observations from 1998 through 2003, we build on literature suggesting that more informative disclosures
allow returns to better reflect future earnings and test whether management earnings per share forecasts and their characteristics
influence the future earnings response coefficient (FERC). We find that FERCs are greater for forecasting firms and when forecasts
are more frequent or precise. We suggest that more frequent and more precise forecasts assist investors in better predicting
future earnings. Importantly, we find that quarterly and short-term forecasts incrementally increase the association between
returns and future earnings beyond annual and long-term forecasts; thus, even short-term, quarterly forecasts allow investors
to form better expectations about future earnings. This suggests a benefit of quarterly earnings forecasts possibly overlooked
in recommendations from the United States Chamber of Commerce, CFA Institute, Business Roundtable Institute for Corporate
Ethics, and The Conference Board to eliminate quarterly earnings guidance. 相似文献
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Ross Jonathan Ziebart David Meder Anthony 《Review of Quantitative Finance and Accounting》2019,52(4):1137-1161
Review of Quantitative Finance and Accounting - In this study we develop a new measure of firm-group accounting similarity which captures co-movement in accounting fundamentals over time. We... 相似文献
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Recent studies document stock price underreactions and overreactions. This evidence is extended by studying open-market stock repurchase announcements. Repurchase announcements were chosen for the study because of the uncertainty regarding the appropriate interpretation of the repurchase announcement. Cross-section regression models are used to test the relation between the reaction to the repurchase announcement and returns in subsequent periods. The results indicate that the market overreacts to repurchase announcements that are deemed to be “good news” by the market. Neither reversal nor drift is observed following repurchase announcements considered to be “bad news” by the market. The results are robust and are not driven by a few influential observations, beta shifts, or bid-ask bounce. 相似文献
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Systematic patterns in returns following earnings announcements are difficult to interpret. This study provides additional insights into the observation of price reversal and drift by examining the effects of both the method used to identify winners and losers and also the length of the subsequent period analyzed. The results show that both drift and reversal can be observed for the same sample and event. This evidence indicates that security price behavior following earnings announcements, especially in the short-term, depends not only on the earnings information, as in the drift studies, but also on the price reaction to the earnings information. 相似文献
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Jong‐Hag Choi Sunhwa Choi Linda A. Myers David Ziebart 《Contemporary Accounting Research》2019,36(1):389-417
We find that financial statement comparability enhances the ability of current period returns to reflect future earnings, as measured by the future earnings response coefficient (FERC). This suggests that comparability improves the informativeness of stock prices and allows investors to better anticipate future firm performance. In addition, using both the FERC and stock price synchronicity tests, we find that comparability increases the amount of firm‐specific information (rather than market/industry‐level information) reflected in stock prices. Analysts play an important role in improving stock price informativeness by producing more firm‐specific information when comparability is high. These findings suggest that comparability lowers the costs of gathering and processing firm‐specific information. 相似文献
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