the aim of this study is to determine the effect of the income smoothing on the future earnings response coefficient taking into account the effect of the information environment. future earnings response coefficient is used as a measure for evaluation of stock price information content which represents the relationship between current stock returns and future earnings. information environment ...

Recent empirical research has found that when a firm releases its earnings report earlier than expected, its stock price rises, on average, while if the report is late, its stock price declines. The analysis here focuses on two alternative explanations for these findings, each based on the premise that some firms with unfavorable earnings increase their reported income through earnings manageme...

We present strong evidence that high differences of opinion stocks earn lower returns around earnings announcements. The evidence is similar across six different proxies for differences of opinion (earnings volatility, return volatility, dispersion of analysts’ earnings forecasts, number of analysts, firm age, and share turnover). The three-day hedge returns (returns on low minus high differenc...

Article history: Received 30 August 2009 Accepted 15 May 2010 Available online 1 July 2010 In this paper, we examine the pattern of historical evolution of international earnings-to-price ratios for a sample of 17 developed markets over the period 1980–2008. Using a measure of distance between earnings-to-price ratios of international stock markets, we find that earnings-to-price ratios of 17 m...

This study examines the role of pre-IPO discretionary accruals in the valuation and underpricing of IPOs. We find that IPO offer price is unaffected whereas market closing price is positively associated with the levels of pre-IPO discretionary accruals for issuers with aggressively reported earnings. We also find that this relative over-valuation of managed earnings by the markets explains a po...

Abstract Purpose: This study aims to determine how the debt-to-equity ratio, earnings per share, price earning and stock prices are described in consumer goods industry sector companies listed on Indonesia Stock Exchange for period 2016-2018. Also, effect of partially simultaneously debt equity ratio Research Methodology: The research method used this is an explanatory method. explanatory. samp...

We investigate whether stock returns of international markets are predictable from a range of fundamentals including key financial ratios (dividend-price ratio, dividendyield, earnings-price ratio, dividend-payout ratio), technical indicators (price pressure, change in volume), and short-term interest rates. We adopt two new alternative testing and estimation methods: the improved augmented reg...