Journal ArticleDOI
Financial reporting quality and idiosyncratic return volatility
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TLDR
The authors found that deteriorating earnings quality is associated with higher idiosyncratic return volatility over 1962-2001, and the results are robust to controlling for inter-temporal changes in the disclosure of value-relevant information, sophistication of investors and the possibility that earnings quality can be informative about future cash flows.About:
This article is published in Journal of Accounting and Economics.The article was published on 2011-02-01. It has received 394 citations till now. The article focuses on the topics: Operating cash flow & Price/cash flow ratio.read more
Citations
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Accounting Conservatism and Stock Price Crash Risk: Firm-level Evidence.
Jeong-Bon Kim,Liandong Zhang +1 more
TL;DR: This paper found that conditional conservatism is associated with a lower likelihood of a firm's future stock price crash, and that the relation between conservatism and crash risk is more pronounced for firms with higher information asymmetry.
Journal ArticleDOI
Accounting Conservatism and Stock Price Crash Risk: Firm‐level Evidence
Jeong-Bon Kim,Liandong Zhang +1 more
TL;DR: This paper found that conditional conservatism is associated with a lower likelihood of a firm's future stock price crash, and that the relation between conservatism and crash risk is more pronounced for firms with higher information asymmetry.
Dissertation
Have individual stocks become more volatile : an empirical exploration of idiosyncratic risk
TL;DR: In this paper, the authors examined the volatility of common stocks of the Athens Stock Exchange at the market, industry and firm level and found that all three measures show a countercyclical behaviour relative to GDP growth.
Journal ArticleDOI
Changes in corporate effective tax rates over the past 25 years
TL;DR: In this paper, the authors investigate systematic changes in corporate effective tax rates over the past 25 years and find that the decline in effective tax rate is not concentrated in multinational firms, but occurs at approximately the same rate for both multinational and domestic firms.
References
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Journal ArticleDOI
Common risk factors in the returns on stocks and bonds
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this article, the authors identify five common risk factors in the returns on stocks and bonds, including three stock-market factors: an overall market factor and factors related to firm size and book-to-market equity.
ReportDOI
A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix
Whitney K. Newey,Kenneth D. West +1 more
TL;DR: In this article, a simple method of calculating a heteroskedasticity and autocorrelation consistent covariance matrix that is positive semi-definite by construction is described.
Journal ArticleDOI
Earnings Management During Import Relief Investigations
TL;DR: In this article, the authors test whether firms that would benefit from import relief attempt to decrease earnings through earnings management during import relief investigations by the United States International Trade Commission (ITC).
Journal ArticleDOI
Industry costs of equity
Eugene F. Fama,Kenneth R. French +1 more
TL;DR: In this paper, the authors show that standard errors of more than 3.0% per year are typical for both the CAPM and the three-factor model of Fama and French (1993), and these large standard errors are the result of uncertainty about true factor risk premiums and imprecise estimates of the loadings of industries on the risk factors.
Book
Positive Accounting Theory
TL;DR: In this article, the authors review the theory and methodology underlying the economics-based empirical literature in accounting and discuss the role of theory in empirical work and the extent to which the theories are consistent with those studies' evidence.