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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.
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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.

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Citations
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Accounting Conservatism and Stock Price Crash Risk: Firm-level Evidence.

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

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

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, +1 more
- 01 May 1987 - 
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

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.
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