This study tests assertions that Economic Value Added (EVAt) is more highly associated with stock returns and firm values than accrual earnings, and evaluates which components of EVA, if any, contribute to these associations. Relative information content tests reveal earnings to be more highly associated with returns and firm values than EVA, residual income, or cash flow from operations. Incre...

I review empirical research on the relation between capital markets and financial statements. The principal sources of demand for capital markets research in accounting are fundamental analysis and valuation, tests of market efficiency, and the role of accounting numbers in contracts and the political process. The capital markets research topics of current interest to researchers include tests ...

This paper tests whether traders react more strongly as a series of similar earnings surprises continues, as predicted by several important behavioral finance models. We compile measures of buying and selling from NYSE TAQ data for a large ten-year sample. Results show strong, consistent, evidence that small traders exhibit an increasing reaction – with significant increases in reaction strengt...

This paper develops and analyzes a model in which tax considerations and financial reporting considerations have countervailing effects on a firm’s investments in internally developed intangible assets. It also proposes and estimates a new measure of tax preferences, which we call the economic effective tax rate. This measure reflects both investments in intangible assets and the use of debt fi...

نخستین گام در راستای تحلیل و ارزیابی ریسک‌های زنجیره تأمین شناسایی این ریسک‌ها است. روش‌های مرسوم بر اساس فیلترهای دستی یا خودکار داده‌­محور ارائه شده فیلتر به‌­دلیل محدودیت‌های نمونه‌گیری دارای مشکلات اعتبارسنجی هستند از طرف دیگر مبتنی داده، داده‌های ریسک که پیچیده مبهم هستند، عملکرد ضعیفی دارند. برای پرکرده خلل پژوهشی، پژوهش، چارچوبی تعاملی بین تحلیل‌­گر ماشین حجم وسیعی حوزه مواد غذایی با است...

The sharp distinction drawn between firms rated narrowly above (BBB–) and below (BB+) the investment-grade cutoff provides variation in debt financing availability unrelated to firm fundamentals. We exploit this market segmentation to identify an asymmetric effect of debt capital supply on voluntary disclosure: BB+ firms step up disclosure in response to high-yield bond mutual fund outflows. Th...