Download or read book How Much New Information is There in Earnings written by Ray Ball and published by . This book was released on 2009 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: We quantify the relative importance of earnings announcements in providing new information to the share market, using the r-squared in a regression of securities' calendar year returns on their four quarterly earnings announcement window returns. The r-squared, which averages approximately five to nine percent, measures the proportion of total information incorporated in share prices over a year that is associated with earnings announcements. We conclude that the average quarterly announcement is associated with approximately one to two percent of total annual information and one quarter of one percent of annual trading volume, thus providing only a modest amount of incremental information to the market. The results are consistent with the view that the primary economic role of reported accounting earnings is not to provide timely new information to the share market, and by inference lies elsewhere, for example in settling contracts (Watts and Zimmerman, 1986) and in disciplining prior expectational information (Gigler and Hemmer, 1998; Ball, 2001). We also report increased information during earnings announcement windows in recent years, particularly in larger firms, due in part to increased concurrent releases of management forecasts. There is a convex relation between relative informativeness during earnings event windows and firm size. There is no evidence of abnormal information arrival in the weeks surrounding earnings announcements. Substantial information is released in analyst forecast revisions prior to earnings announcements, but not after.
Download or read book How Important are Earnings Announcements as an Information Source written by Sudipta Basu and published by . This book was released on 2015 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a competitive information market, a single information source can only dominate other sources individually, not collectively. We explore whether earnings announcements constitute such a dominant source using Ball and Shivakumar's (2008) R2 metric: the proportion of the variation in annual returns explained by the four quarterly earnings announcement returns. We find that the earnings announcement days' R2 is 11 percent -- higher than the corresponding R2 of days with dividend announcements, management forecasts, preannouncements, 10-K and 10-Q filings, and their amendments, and comparable to that of the four days with largest realized absolute return in a year. Additional analysis reveals that earnings announcements convey extreme bad news as often as management forecasts and preannouncements; for any other type of news earnings announcements are much more frequent. We conclude that earnings announcements are an important source of new information in the equity market.
Download or read book Quality of Earnings written by Thornton L. O'glove and published by Simon and Schuster. This book was released on 1987 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: From Simon & Schuster, Quality of Earnings is an investor's guide to how much money a company is really making. From Thornton L. O'glove, Quality of Earnings is an indispensable guide to determining how much money a company is really making and for buying and selling stocks without making costly blunders.
Download or read book Employment and Earnings written by and published by . This book was released on 1985 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Technical Description of the Quarterly Data on Weekly Earnings from the Current Population Survey written by and published by . This book was released on 1982 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Wages and Earnings written by Andrew Dean and published by Elsevier. This book was released on 2014-05-19 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: Wages and Earnings is a review of statistical sources, both official and non-official, on wages and earnings in Britain. The non-official sources of data relate mostly to salary statistics, while most of the official data are produced by the Department of Employment. Topics covered range from wage rates and salary scales to fringe benefits and labor costs. The concepts of incomes, earnings, wages, and salaries are also explained. This book is comprised of eight chapters and begins with an overview of earnings as well as the concepts of wages and salaries. The next chapter examines three official sources of wage rates: Time Rates of Wages and Hours of Work, Changes in Rates of Wages and Hours of Work, and the Gazette. The reader is then introduced to the official and unofficial statistics on salary scales, as well as salary surveys and official sources of earnings. Fringe benefits, with the associated concept of total remuneration, and employers' labor costs are also discussed, along with historical data on earnings and its components. The final chapter evaluates the various statistical sources of wages and earnings and ends with a few recommendations. This monograph will be a valuable resource for economists and economic policymakers as well as government officials.
Download or read book Tough Minded Management written by Joe D. Batten and published by Wipf and Stock Publishers. This book was released on 2002-12-26 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sound advice that can be adapted by managers at all levels." 'B/M Book Review' The excellence of the book lies in the basic information it has to give the relatively new manager." 'Personnel Psychology' Must reading for anyone who thinks all management books are just a rehash of planing, organizing, staffing, controlling, etc.... Especially recommended...." 'NRHA Magazine' A totally fresh description of how to turn MBO into a 'living system'...practical and highly motivational. 'Buffalo Law Journal' Many useful suggestions to offer the executive." 'West Coast Review of Books'
Download or read book How Data Quality Affects our Understanding of the Earnings Distribution written by Reza Che Daniels and published by Springer Nature. This book was released on 2022-07-02 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book demonstrates how data quality issues affect all surveys and proposes methods that can be utilised to deal with the observable components of survey error in a statistically sound manner. This book begins by profiling the post-Apartheid period in South Africa's history when the sampling frame and survey methodology for household surveys was undergoing periodic changes due to the changing geopolitical landscape in the country. This book profiles how different components of error had disproportionate magnitudes in different survey years, including coverage error, sampling error, nonresponse error, measurement error, processing error and adjustment error. The parameters of interest concern the earnings distribution, but despite this outcome of interest, the discussion is generalizable to any question in a random sample survey of households or firms. This book then investigates questionnaire design and item nonresponse by building a response propensity model for the employee income question in two South African labour market surveys: the October Household Survey (OHS, 1997-1999) and the Labour Force Survey (LFS, 2000-2003). This time period isolates a period of changing questionnaire design for the income question. Finally, this book is concerned with how to employee income data with a mixture of continuous data, bounded response data and nonresponse. A variable with this mixture of data types is called coarse data. Because the income question consists of two parts -- an initial, exact income question and a bounded income follow-up question -- the resulting statistical distribution of employee income is both continuous and discrete. The book shows researchers how to appropriately deal with coarse income data using multiple imputation. The take-home message from this book is that researchers have a responsibility to treat data quality concerns in a statistically sound manner, rather than making adjustments to public-use data in arbitrary ways, often underpinned by undefensible assumptions about an implicit unobservable loss function in the data. The demonstration of how this can be done provides a replicable concept map with applicable methods that can be utilised in any sample survey.
Download or read book New Information from Earnings Announcements Earnings Quality and Stock Price Informativeness written by 陳彥豪 and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Statist written by and published by . This book was released on 1892 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Handbook of Equity Market Anomalies written by Leonard Zacks and published by John Wiley & Sons. This book was released on 2011-08-24 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investment pioneer Len Zacks presents the latest academic research on how to beat the market using equity anomalies The Handbook of Equity Market Anomalies organizes and summarizes research carried out by hundreds of finance and accounting professors over the last twenty years to identify and measure equity market inefficiencies and provides self-directed individual investors with a framework for incorporating the results of this research into their own investment processes. Edited by Len Zacks, CEO of Zacks Investment Research, and written by leading professors who have performed groundbreaking research on specific anomalies, this book succinctly summarizes the most important anomalies that savvy investors have used for decades to beat the market. Some of the anomalies addressed include the accrual anomaly, net stock anomalies, fundamental anomalies, estimate revisions, changes in and levels of broker recommendations, earnings-per-share surprises, insider trading, price momentum and technical analysis, value and size anomalies, and several seasonal anomalies. This reliable resource also provides insights on how to best use the various anomalies in both market neutral and in long investor portfolios. A treasure trove of investment research and wisdom, the book will save you literally thousands of hours by distilling the essence of twenty years of academic research into eleven clear chapters and providing the framework and conviction to develop market-beating strategies. Strips the academic jargon from the research and highlights the actual returns generated by the anomalies, and documented in the academic literature Provides a theoretical framework within which to understand the concepts of risk adjusted returns and market inefficiencies Anomalies are selected by Len Zacks, a pioneer in the field of investing As the founder of Zacks Investment Research, Len Zacks pioneered the concept of the earnings-per-share surprise in 1982 and developed the Zacks Rank, one of the first anomaly-based stock selection tools. Today, his firm manages U.S. equities for individual and institutional investors and provides investment software and investment data to all types of investors. Now, with his new book, he shows you what it takes to build a quant process to outperform an index based on academically documented market inefficiencies and anomalies.
Download or read book Electric Railway Review written by and published by . This book was released on 1905 with total page 942 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Your Federal Income Tax for Individuals written by United States. Internal Revenue Service and published by . This book was released on 1996 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Electrical Engineer written by and published by . This book was released on 1895 with total page 700 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book College quality and the earnings of recent college graduates written by and published by DIANE Publishing. This book was released on with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book College Quality and the Earnings of Recent College Graduates written by Robert A. Fitzgerald and published by . This book was released on 2000 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Railway News Finance and Joint stock Companies Journal written by and published by . This book was released on 1883 with total page 1012 pages. Available in PDF, EPUB and Kindle. Book excerpt:
