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  • 1
    Online Resource
    Online Resource
    Individual Investors’ Attention to Accounting Information : Evidence from Online Financial Communities (2020)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)179032887X
    Format: 1 Online-Ressource
    Content: Online financial communities provide a unique opportunity to directly examine individual investors' attention to accounting information on a large scale and in great detail. I analyze accounting-related content in large samples of Yahoo! message board posts and StockTwits and find investors pay attention to a range of accounting information, fixating particularly on earnings, cash, and revenues. Consistent with the expectation that investors react to relevant information events, I find accounting-related discussion elevated around the filings of earnings releases and 8-K reports, but the reaction to periodic reports is confined to small firms. I also find investors expand their acquisition of accounting information and processing efforts in poor information environments. Greater attention to accounting information at earnings releases does not appear to be meaningfully associated with better information processing
    Note: In: Contemporary Accounting Research, Forthcoming , Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 24, 2020 erstellt , Volltext nicht verfügbar
    Language: English
    URL: lizenzpflichtig
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  • 2
    Article
    Article
    The new form 8-K disclosures (2010)
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    Details
    UID:
    (DE-627)654051925
    ISSN: 1380-6653
    In: Review of accounting studies, Norwell, Mass. [u.a.] : Springer, 1996, 15(2010), 4 vom: Dez., Seite 752-778, 1380-6653
    In: volume:15
    In: year:2010
    In: number:4
    In: month:12
    In: pages:752-778
    Language: English
    Keywords: Aufsatz in Zeitschrift
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  • 3
    Book
    Book
    To tylko kolor! : Halina Lerman (1928-2013); [wystawa] (2014)
    Katowice : Muzeum Historii Katowic
    Details
    UID:
    (DE-627)1614740623
    Format: 65 S. , überw. Ill. , 27 cm
    ISBN: 9788364356032 , 8364356038
    Note: In Poln. u. Engl
    Language: English , Polish
    Subjects: Art History
    RVK:
    LI 99999
    Keywords: Lerman, Halina 1928-2013 ; Malerei ; Geschichte 1981-2010 ; Ausstellungskatalog
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  • 4
    Online Resource
    Online Resource
    The New Form 8-K Disclosures (2017)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1781033021
    Format: 1 Online-Ressource (39 p)
    Content: The Securities and Exchange Commission (SEC) has mandated new disclosure requirements in Form 8-K, which became effective on August 23, 2004. The SEC expanded the list of items that have to be reported and accelerated the timeliness of these reports. This study examines the market reactions to 8-Ks filed under the new SEC regime and investigates whether periodic reports (10-K/Qs) became less informative under the new 8-K disclosure rules. We observe that the newly required 8-K items constitute over half of all filings and that most firms disclose the required items within the new shortened period (four business days). We find that all disclosed items (old and new) are associated with abnormal volume and return volatility around both the event and the SEC filing dates, and some items have significant return drifts after the SEC filings. Surprisingly, we find that the information content of periodic reports has not diminished by the more expansive and timely 8-K disclosures under the new guidance, possibly indicating that investors may use periodic filings to interpret the effects of material events that had been disclosed earlier
    Note: In: Review of Accounting Studies, Vol. 15, No. 4, 2010 , Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 19, 2008 erstellt
    Language: Undetermined
    DOI: 10.2139/ssrn.1126816
    URL: kostenfrei
    URL: kostenfrei
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  • 5
    Online Resource
    Online Resource
    Rethinking Determinants of Trading Volume at Earnings Announcements (2019)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1790738059
    Format: 1 Online-Ressource (63 p)
    Series Statement: University of Connecticut School of Business Research Paper No. 19-05
    Content: Theory offers three main determinants of informationally driven trading volume at earnings announcements: pre-announcement difference in private information precision, belief divergence or differential interpretation, and signal strength. In this paper, we empirically test which theoretical determinants best explain earnings announcement volume conditional on the level of earnings news. We first document that, consistent with signal strength, there is a strong positive (negative) association between volume and both contemporaneous and immediately preceding returns for good (bad) earnings news. Next, we explicitly test the association between volume and various proxies for its three theorized determinants conditional on earnings news. We find that trading volume is highly associated with upward (downward) contemporaneous analyst revisions in the presence of good (bad) earnings news. It is also associated with future earnings surprises, the F-score, and the change in shares shorted, especially for good news firms. Volume is moderately associated with proxies of belief divergence, particularly for bad and neutral news firms. Finally, proxies for pre-announcement difference in private information precision do not appear to significantly explain trading volume for any level of earnings news. Examining financial press data we document an association between abnormal volume and coverage of a multitude of news items. Taken together, our results suggest that trading volume at earnings announcements is more reflective of the quantity and quality of information released, but its dynamics significantly vary with the nature of the disclosed news
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments January 5, 2019 erstellt
    Language: English
    DOI: 10.2139/ssrn.3310682
    URL: kostenfrei
    URL: kostenfrei
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  • 6
    Article
    Article
    Information transfer and conference calls (2018)
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    Details
    UID:
    (DE-627)103115129X
    ISSN: 1380-6653
    In: Review of accounting studies, Norwell, Mass. [u.a.] : Springer, 1996, 23(2018), 3 vom: Sept., Seite 907-957, 1380-6653
    In: volume:23
    In: year:2018
    In: number:3
    In: month:09
    In: pages:907-957
    Language: English
    Keywords: Aufsatz in Zeitschrift
    DOI: 10.1007/s11142-018-9444-4
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  • 7
    Online Resource
    Online Resource
    Information Transfer and Conference Calls (2018)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1791135595
    Format: 1 Online-Ressource (62 p)
    Content: A long-standing literature documents the existence of intra-industry capital market co-movements around earnings releases, yet the dynamics of these information transfers remain largely unexplored. We provide evidence on both the sources and the channels of information transfers by separating two distinct events within the reporting window, and by exploring potential mechanisms of information flows. First, we examine the intra-industry information transfer associated with quarterly earnings conference calls, using intra-day data to decouple their effects from those of the associated earnings announcements. We document that the co-movement of absolute and signed stock returns over the conference call windows of announcing firms and their industry peers are statistically and economically larger than the co-movement over the corresponding earnings announcement windows. Turning to mechanisms, we find that shared analyst coverage, coverage by analysts providing industry recommendations, shared institutional ownership, and joint financial press mentions are each individually and incrementally associated with higher rate of information transfer over both the earnings announcement and conference call windows. Additional analyses reveal that information transfer occurs both to peers that have already announced and those that are yet to announce, and that peer mentions and macroeconomic discussions are both significant contributors to the conference call information transfers
    Note: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments December 22, 2017 erstellt
    Language: English
    DOI: 10.2139/ssrn.2867031
    URL: kostenfrei
    URL: kostenfrei
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  • 8
    Online Resource
    Online Resource
    Anticipatory and Implementation Effects of FIN 46 on the Behavior of Different Market Participants (2017)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1781032912
    Format: 1 Online-Ressource
    Content: We examine whether FASB-mandated modifications of the consolidation rules (FIN 46 and FIN 46R) resulted in perceptible changes in market participants' decisions as manifested in a variety of financial indicia. We find that financial analysts' idiosyncratic precision of information decreased and equity market participants acted as if they perceived higher information risk, as evidenced by reduced earnings response coefficients, in anticipation of the guidance. We attribute these effects to a perceived increase in information risk and decrease in accounting information quality. We find that the actual implementation of the new rules reversed some of these effects. On the other hand, we find that information users that likely had access to information regarding the off-balance-sheet debt structures prior to 2001 did not exhibit a similar reaction to the apparent change in information risk either in anticipation or upon implementation of the new guidance. Specifically, we find that banks did not increase the loan spreads for FIN 46 firms and credit rating agencies lowered the ratings of these firms only marginally more than those of other firms. This finding is consistent with our conjecture that these entities were aware of the fundamentals of FIN 46 firms even under the prior limited disclosure regime. Overall, we conclude that the perceived information risk of firms that have previously structured a part of their operations in separate entities increased significantly with the expected promulgation of accounting guidance requiring them to bring in the previously off-balance-sheet assets, liabilities and results of operations into their financial statements. We interpret these results as evidence that these firms previously were assessed as having lower information risk relative to their peers within the equity market
    Note: In: Asia-Pacific Journal of Accounting and Economics, Vol. 19, No. 1, 2012 , Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 15, 2009 erstellt , Volltext nicht verfügbar
    Language: Undetermined
    URL: lizenzpflichtig
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  • 9
    Online Resource
    Online Resource
    The Changing Landscape of Accrual Accounting (2015)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)1791875041
    Format: 1 Online-Ressource (55 p)
    Content: A fundamental property of accrual accounting is to smooth temporary timing fluctuations in operating cash flows, indicating an inherent negative correlation between accruals and cash flows. We show that the overall correlation between accruals and cash flows has dramatically declined in magnitude over the past half century and has largely disappeared in more recent years. The adjusted R2 from regressing (changes in) accruals on (changes in) cash flows drops from about 70% (90%) in the 1960s to near zero (under 20%) in more recent years. In exploring potential reasons for the observed attenuation, we find that increases in non-timing-related accrual recognition, as proxied by one-time and non-operating items and the frequency of loss firm-years, explain the majority of the overall decline. On the other hand, temporal changes in the matching between revenues and expenses, and the growth of intangible-intensive industries play only a limited role in explaining the observed attenuation. Lastly, the relative decline of the timing role of accruals does not appear to be associated with an increase in the asymmetrically timely loss recognition role
    Note: In: Journal of Accounting Research, Forthcoming , Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments November 28, 2015 erstellt
    Language: English
    URL: kostenfrei
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  • 10
    Online Resource
    Online Resource
    Double Surprise into Higher Future Returns (2008)
    [S.l.] : SSRN
    Details
    UID:
    (DE-627)178149746X
    Format: 1 Online-Ressource
    Content: Post-earnings-announcement drift is the well-documented ability of earnings surprises to predict future stock returns. Despite nearly four decades of research, little has been written about the importance of how earnings surprise is actually measured. We compare the magnitude of the drift when historical time-series data are used to estimate earnings surprise with the magnitude when analyst forecasts are used. We show that the drift is significantly larger when analyst forecasts are used. Furthermore, we show that using the two models together does a better job of predicting future stock returns than using either model alone
    Note: In: Financial Analysts Journal, Vol. 63, No. 4, pp. 63-71, July/August 2007 , Volltext nicht verfügbar
    Language: Undetermined
    URL: lizenzpflichtig
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