Information value and investor wealth: the case of earnings announcements
Article Abstract:
An empirical investigation is presented for the tie between the wealth of investors and the value of quarterly and annual earnings announcements. Transaction size-stratified trading in periods following the announcements and the behavior of mean stock trade transaction sizes are examined. An above-average size is found for stock trade transactions for the time periods around both quarterly and annual earnings announcements.
Publication Name: Journal of Accounting Research
Subject: Business
ISSN: 0021-8456
Year: 1988
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A five-state financial distress prediction model
Article Abstract:
Previous models for predicting corporate failures are extended in two ways. A model is developed that uses five financial states to approximate continuing corporate health. This is an alternative to the conventional failing - not failing dichotomy. The model estimates the probability that a firm will enter each of the five financial states, rather than classifying firms according to these states.
Publication Name: Journal of Accounting Research
Subject: Business
ISSN: 0021-8456
Year: 1987
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Intertemporal and cross-sectional variation in the association between unexpected accounting rates of returns and abnormal returns
Article Abstract:
An important variation exists in the relationship between unexpected accounting rates of return and abnormal returns during the period 1965-82, and significant intertemporal variation can be explained in part by inflation.
Publication Name: Journal of Accounting Research
Subject: Business
ISSN: 0021-8456
Year: 1990
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