The influences of financial statement recognition and analyst coverage on the market's valuation of R&D capital
Article Abstract:
The extent to which financial statement recognition of R&D capital and analyst activities lead to public disclosure of the private information present in the R&D fair value estimates is determined by investigating whether financial statement recognition of R&D assets by the target previous to the merger anouncement and/or analyst coverage of a target prior to the merger announcement affect the extent to which the target's pre-merger announcement equity value represent the acquirer's later on disclosed estimate of the fair value of the target's R&D capital. The findings of the investigation are detailed.
Publication Name: Accounting Review
Subject: Business, general
ISSN: 0001-4826
Year: 2007
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The influence of forecast dispersion on the incremental explanatory power of earnings, book value, and analyst forecasts on market prices
Article Abstract:
Annual earnings forecasts from a sample of 27,728 firm-years from firms listed on both Compustat and I/B/E/S from 1984-2003 were studied to test Ohlson's linear information dynamics model. Results validated Ohlson's model and showed that analysts incorporate information from earnings and book value in making forecasts. In poor information environments, analysts are forced to incorporate factors other than earnings and book value in their forecasts.
Publication Name: Accounting Review
Subject: Business, general
ISSN: 0001-4826
Year: 2007
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Information pursuit in financial statement analysis: effects of choice, effort, and reconciliation
Article Abstract:
Two experiments were conducted with MBA students analyzing financial statements from two companies, one with operating leases and the other without. Results show that risk judgments of analysts are affected by effort and reconciliation manipulations, but not by choice manipulation.
Publication Name: Accounting Review
Subject: Business, general
ISSN: 0001-4826
Year: 2007
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