This paper examines earnings changes surrounding firms' decisions to initiate or omit dividend payments. Firms that initiate (omit) dividend payments have positive (negative) earnings changes both before and after the dividend policy change. The subsequent earnings changes arc positively related to the dividend announcement return. Also, the stock price reactions at the announcement of subseque...

We perform specification tests of unbalanced panel data models for stock return prediction using an estimate of the coefficient covariance matrix robust to spatial heteroskedasticity. We apply estimators of individual effects and time effects in unbalanced panel models. For a panel of 1243 US firms for the period 1985–2002 we find that industry effects are significant and interact with firm cha...

This study aims to analyze differences in the company's financial performance before & after merger of PT Holcim Indonesia Tbk. The is measured using ratios: liquidity ratios (current ratio cash ratio), solvency (debt debt equity activity (total assets turn over fixed over), profitability (nett profit margin gross margin), market (earnings per share price earnings ratio). quantitative metho...

Earnings non-synchronicity captures the extent to which firm-specific factors determine a firm’s earnings, and has important implications to a firm’s information environment. Prior research shows that high earnings non-synchronicity impedes corporate outsiders’ information processing. Given managers generally possess superior information about their firms’ unique operating and reporting strateg...

Analysis of the characteristics of agricultural product price volatility and trend forecasting are necessary to formulate and implement agricultural price control policies. Taking wholesale cabbage prices as an example, a multiple test methodology has been adopted to identify the nonlinearity, fractality, and chaos of the data. The approaches used include the R/S analysis, the BDS test, the pow...

This paper examines the relation between smooth past earnings performance and the credibility of voluntary management earnings forecasts. Specifically, using strings of increasing earnings per share as our measure of past performance, we demonstrate that both analyst forecast revisions and stock price reactions around management earnings forecasts are more pronounced when the firm has posted a ...

It is a common wisdom that individual stocks’ returns are difficult to predict, though in many situations it is important to have such estimates at our disposal. In particular, they are needed to determine the cost of capital. Market equilibrium models posit that expected returns are proportional to the sensitivities to systematic risk factors. Fama and French (1993) three-factor model explains...

this paper analyzes the relationship between capital structure and earning management. for analysing we used 119 non-financial companies that listed in tehran stock exchange from 2000 to 2008. the researchers will focus on comparing the jones model and the modified jones model, which are the two most frequently used model in empirical analysis nowadays. earnings management is a kind of manageme...

background: lack of sufficient information on the mechanism of plasma exchange (pe) therapy in multiple sclerosis (ms), has limited this treatment to individual patients with severe relapses who have been refractory to other treatments. this is while pe is used very successfully as a first-line standard treatment in many other neuro-immune disorders. recent data suggest that treg/th17 counterba...